MEDICAL FINANCIAL POLICY

Designing Medical Financial Policy



Designing Medical Financial Policy

Introduction

Every organization has a financial policy that involves the process of collecting payments, as well as the payment methods. The financial policy of the organization is also known as the financial management policy of that organization. A financial management of a company is understood in the whole process planning and control regarding the use of financial resources. The main task consists in, revenues and expenses whenever possible, to bring in cover, that the use of debt financing (e.g. loans) are required. In order to exert its full effect, the financial management, it is necessary to create a large number of analyses (Gitman, Lawrence, 2003). These analyses are then substantiated in the planning process. The plan here includes periods of a few days to long-term periods, which - depending on the company - can extend to several years. An example is the development of a new car is called, which usually takes two to three years (Gitman, Lawrence, 2003).

This paper would focus on the study of the financial policy of a medical organization. The paper would present the different payment and collection of the payment methods adopted by the medical organization. Furthermore, the paper would also present a review on the financial policy of the medical organization, suggesting the reasons why the adopted policy is suitable for the medical organization (Gitman, Lawrence, 2003).

Collection of payments

With its circular no. 13 of 15.3.2007, the Inland Revenue has provided some clarification regarding the collection of fees of Doctors and Paramedics (Employed) rendered in a "private health". The provisions laid down in the 2007 Budget include the collection of fees due for the professional activities rendered in a health facility should be done in a unified manner by healthcare facilities that are required to collect the fee "in the name and provider's account of self-employment (doctor or paramedic) and pay it to the same. These provisions affect structures that provide professionals that allow them to rent the premises of the business structure for the exercise of self-employed medical or paramedical services (Hordes, Mark, et al, 2000). Following are the ways that the collection is done:

Centralized collection

The hospital takes care of the collection acting as a liaison between the physician (or paramedic) and the patient.

The practitioner who performed the service is required to issue an invoice to the patient; The structure that is collecting the cash for the payment alternative to cash, will ensure its recovery by providing the grant or revoke the document proving payment (receipt of credit card or debit card, bank transfer receipt, check, bank accounts, etc).

The structure pours or delivery to the professional in question amounts received (cash) or documents issued or withdrawn (for cashless payments).

The facility shall deliver to the patient (ensuring that the confidentiality of data processed) special receipt certifying the payment of the fee collected (or managed on behalf and on behalf of the practitioner), using an annotation at the bottom of the invoice issued by the professional ...