Financial policy

[Kinlaw30]

I have a question(s). New Client that doesn’t have a financial policy. Doctor is still trying to establish the practice. As Medical biller could I offer to help create the financial policy? I know how important it is to have one. Could the attorney review the policy once it has been created? Any suggestions on what to do?

Thank you.

[Michele]

When you say "financial policy" are you referring to the charges for his services?  Or how they handle payments, self pays, no shows, etc?

You certainly as a medical biller can assist in determining a fee schedule for the practice.

[Kinlaw30]

Yes for services.

[Michele]

We do help providers calculate a fee schedule if they need it.  We usually suggest that they go somewhere between 125% - 150% of the Medicare fee schedule.  We let them tell us where they want to fall and then we do the calculations.  Then we give it to them for approval.

Medicare fee schedules are available on line at the website for the MAC for the provider's area.  Plug in the information, take the allowed amount and multiply.  For example:

99213  Medicare allowed amount for the area is $75.62 and provider wants to be at 130%.  $75.62 x 1.30 = $98.31 so we would suggest $100 for the fee schedule amount.

We usually round up to the nearest whole dollar.