Financial Class Defaults
Financial Class is simply a way of telling the software how the patient medical claims will be billed. Setting up the Financial Classes correctly takes some time but once it is setup you will save the billing department a lot of time from having to modify a patient's charge. Financial classes are defaulted at the patient demographic level and ties to the charge.
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Once tied to the charge the Financial Class defaults your settings which can include; if you should bill the claim with accept assignment checked or not, who needs to be billed initially for the charge, if this charge is a capitation, and attaching an allowable fee schedule.
It includes other options but this will help you understand the purpose for using Financial Classes correctly. |
Each practice management software will call this feature something differently. The importance of understanding financial classes are important though. Once you are trained on how to use this feature you will be able to setup a Financial Class for each insurance type including Self Pay patients, Workers Compensation, Auto Accidents and more.
If you are interested in learning more about setting up the Financial Class Defaults please visit our FREE Medical training video series.
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