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Q: Why is collecting balances from patients at the time of service an important part of revenue cycle management?
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What is the purpose of a medical practices financial policy?

It is important to have a financial policy at a medical practice. With a policy, all patients can be treated exactly the same.


Why is necessary to collect estimated payments from patients during check-in?

While physician practices have always expected patients to pay co-payments when they come in for care, some medical offices are now asking patients for partial payment of the office visit charges during check-in.


What are three methods of collecting insurance payments?

Three methods for collecting payments: 1. Patient pays in full and fi les an insurance claim. Some medical offices require patients to pay the full amount of their bill at the time of the visit. These offices provide the patient with an encounter form that includes the information required in order to fi le a claim with an insurance plan. 2. Patient pays, but the medical office fi les the claim form. Some medical offices file claims for patients. In this case, the patient may be required to pay at the time of the visit, and the insurance plan reimburses the patient. This idea is gaining in popularity because billing errors are reduced, and physicians may be paid sooner for their services. 3. Insurance plan pays medical office; the patient pays remainder. Most medical offices fi le the insurance claims, accepting "assignment of benefits" for at least some of the insurance plans. Payment is then sent directly to the doctor. When the insurance check arrives, the patient is responsible for any portion not covered by the insurance plan.


What is the purpose of the patient ledger?

To track accounts receivables for each doctor when multiple doctors treat the same patients.


What is the purpose of the company Lincare?

The purpose of the company Lincare is for providing respiratory care, infusion therapy, clinical support and medical equipment to patients in their home.

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