MEDICAL OFFICE FINANCIAL POLICY

Medical Office Financial Policy



Medical Office Financial Policy

Introduction

The study is related to the financial policy of medical office, for the achievement of any successful health care facility based on the efficient financial policy of medical office. It is the duty of the team of patient's financial services is to make sure that the appropriate business practices are being followed by the business. Developing the financial policy for medical office guarantees the capability of the organization to keep on making available the admirable health care facilities to the patients.

Discussion

Financial policy in relation to the medical office is a set of targeted actions with the use of financial relationships. Financial policy involves setting goals and means to achieve their goals. Financial policy is a set of measures on the use of financial relations for the functions.

Evaluation of the results of financial policy of the medical office based on its conformity with the interests of patients and most of its staff, as well as on results derived from the goals and objectives (Guerard, 2005). An important part for the establishment of a financial mechanism through which exercise takes place throughout the business in the field of finance (Banjerjee, 2005).

Strategic Plan

There are factors in any medical office which can affect the achievement of the organization in the financial policy. It is important to identify the factors whether the factors are in the control or cannot be controlled. It is also important to develop a plan that will show the way to the attainment of the future goals of the organization (2008, Sidney).

This process of identifying the medical office goals and developing plans to achieve those goals referred to as strategic planning. Every medical office need to develop a strategic plan whether for a new start-up or when re-evaluating an existing one. There are five areas of focus on the strategic planning process.

- Perform an assessment.

- Identify a strategy.

- Plan the strategy.

- Implement the strategy.

- Monitor the results.

Contracts

The negotiation of contract includes the making the financial relationship with managed health care businesses. Managed health care businesses correspond to fifty percent of the total revenue of most of the medical offices which helps in making the financial policy.

Negotiating managed health care contracts have need of complete awareness of the process of contracting. In general, this includes termination and effective dates, rates of reimbursement, payment terms, guidelines for claim filing and ...