Author: Ray Foxworth, DC, FICC, MCS-P

Person standing with hands over a dollar sign

Financial Policies: A Growing Area of Risk in Practice

As health care providers, we have enough to worry about with billing properly, coding, and documentation, but financial and collection policies in our clinics should also be an area of concern. Why? I am convinced that how we explain our fees can be one of the greatest tools for the financial success of our practices. Our financial policies and how we present payment options for our patients can also be one of our greatest areas of RISK in practice.

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If your household is anything like mine, late spring and early summer is prime time for getting the house in order. Windows are flung open, closets and drawers cleared of clutter, seasonal clothing swapped out, and everything else dusted, swept, vacuumed, and polished to a shine. It feels like utter chaos while it’s happening, but oh, the peace of mind that follows! I know that all the cobwebs, both real and metaphorical, have been swept out, and I am renewed…and a bit exhausted.

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