Custom «Medicare Financial Policy» Essay Paper

Appointment Policies

This policy deals with how the patients conduct themselves when coming for their appointments. It entails how the patients should be reminded or setting the times they should come and see the medics. In case of necessity it also includes the mode to be used in informing the patients where by the appointments have to be rescheduled. For the smooth running of the organization it must also include the penalties that are to be paid by the patients whereby they do not appear for their appointments and no prior communication has been made to the office. The penalty helps in instilling discipline in the clients as constant rescheduling of appointments is not done. Time also which is a critical factor to any organization is saved and can be used to carry out other duties in the organization. Appointments also enable the organization to know the expected number of patients in a day and also help the medics in preparing the files for the patients, have the equipment ready in cases where the patients with a specific condition are to visit the hospital.

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Privacy Policy

Confidentiality is a crucial policy that should be adhered to by the medical staff to the highest level possible. The staff should follow whatever standards and levels have been set by the state laws and should only reveal the information when they are required to. Privacy ensures that the personal life of the patients is not displayed in such a way that anybody can easily access the information. The policy should include the process that will be used in cases where the medical information is required by a person outside the organization and the persons who should authorize for such information to be released. This policy helps in creating client confidence as the clients know that they are safe while providing their information to the medics in that of organization and will not face any stigma in cases where the information is of very sensitive in nature.

New Patient Policy

This is a policy that entails how the new patients should be handled in the office. It contains details and the requirements for them to have a medical file in the office and whatever charges they have to pay maybe to be included in the hospital records. The payment may include a one lump sum that is to be paid on joining and maybe as a charge for including them in the medical chart, setting for them an account in the hospital systems and also providing a medical card that they will be using whenever they attend the hospital. The policy also may entail how the new patients should be provided with information to do with the set up regulations, various services, period or days when special services are offered and also procedure of setting up an appointment if it as a requirement for one to be set up whereby there are no emergencies. It may also include the various activities to be offered to the client as an incentive as a means of trying to create customer royalty and have the patient coming back.

Revenue Policy

The office should come up with a favorable revenue policy that should entail periods when the payments should be made. This includes funds that will come from the medical funds scheme and also funds coming from the patients as individuals. The policy should be such a way that the organization will at all times remain afloat. This is so as to help in keeping the set up in a stable ground. This enables the hospital to carry out its activities efficiently and be able to pay its operational costs on time. The policy also provides details of how the hospital is going to maximize on its income and also reduce the costs in terms of salary payments and administrative costs. By maximizing we mean that when the funds are collected at the same time some funds such as collection costs will be reduced thus an advantage to the hospital (Arestis, 2005).

Collection of Co-Payments Deductibles and Past-Due Balances

The hospital will be collecting co-payments within sixty days, while it will be making payments for deductibles to the relevant offices within twenty days. The past-due balances will be made within sixty days. These policies will be best for the company as it will enable it to meet its debt obligations on time and enhance its liquidation position.

Arrangement for Handling of Unpaid Balances

The company will have a policy of handling unpaid balances in place. The company will be making payment for any item that is unpaid for especially on supply of the medical supplies thirty days after incurring the cost. This will enable the company to manage its debt obligations to be within manageable limits.

Handling Payments for Non-Covered Balances

There are those patients who are not covered by health insurance policies. The hospital will have policies in place aimed at handling payments for non-covered services. The patients will be supposed to make payments for the services before they are given medication after treatment. This policy will help the company reduce cases of bad debts that may arise out of huge amount of debts arising from non-covered services.

Prepayment Policies

There are those cases that may make the hospital to buy medical supplies in advance. In order to handle such kind of cases the hospital will have policy in place to handle prepayments. The hospital finance department will be expected to make payment for such supplies thirty days before their delivery. This will help the hospital to always have enough medical supplies.

Policies for accepting cash, checks, Money orders and credit or debit card

The hospital will not be accepting cash exceeding one hundred dollars. Checks and money orders will be acceptable upon verification by finance department. This will ensure that the hospital does not lose finances as a result of carelessness in handling cash payments and payments made through checks, debit or credit cards and money orders.

Arrangement for sliding scales and low income payments

There those patients who come from low income earning families. The hospital will have policies in place that will enable them to acquire health care services at lower prices compared to other categories of patients. The policy will ensure that the hospital take care of all the interests of all categories of patients (Chandrasekhar and Ray, 2005).

Market Policy

Every organization has to make known its activities to the general public. Through the provision of this information it helps to bring more clients to the organization and this means increase in the number of clients and thus revenue to them. This policy contains details of how the organization is going to put into action so as to increase the number of clients that is handling in the organization. The more the number of clients that the organization has means that it has a growing footage in the sector and also it is going to benefit from the economies of scales. The policy should also provide details of how the organization will advertise it services, promotions that it has to carry out so as to grow its market base and the modes of service so as to retain the number for customers that it already has. These promotional offers may include free medical checkups and discounts on the patient bills (Chandrasekhar and Sujit, 2005). 

Importance of the Finances Policy

This financial policy will be of importance to the hospital. It will help the hospital management to plan for utilization of financial resources available to the hospital effectively. The financial policy will outline policies that the hospital will use in collecting debts and paying for accounts payable. The financial policy will enable the hospital to set up the fair prices that it will be charging patients. The hospital will have policies in place that will enable them to acquire health care services at lower prices compared to other categories of patients. The policy will ensure that the hospital take care of all the interests of all categories of patients. The finance policies will enable the hospital to always have enough medical supplies (Amsden, 1999). Checks and money orders will be acceptable upon verification by finance department as outlined in the financial policy of the hospital. This will ensure that the hospital does not lose finances as a result of carelessness I n handling cash payments and payments made through checks, debit or credit cards and money orders. The finance policy on debt management will help the hospital reduce cases of bad debts that may arise out of huge amount of debts arising from non-covered services.