A Hospital Financial Counselor assists patients with medical billing, helping them understand costs, navigate insurance plans, and access financial assistance programs. Key duties include verifying insurance, explaining payment options, developing payment plans for uninsured patients, coordinating with the billing department, and maintaining accurate financial records to ensure both patient financial clarity and hospital revenue collection.
Key Responsibilities
Patient Financial Counseling:
Provide guidance to patients on medical bills, insurance coverage, and available payment options and plans.
Insurance Verification:
Verify patients' insurance eligibility and benefits, coordinating with insurance companies to resolve coverage issues and process claims.
Financial Assistance:
Identify and help patients apply for financial assistance programs and other aid to cover healthcare costs.
Payment Arrangements:
Develop and negotiate affordable payment plans for patients who are self-paying or underinsured.
Record Management:
Maintain accurate patient financial records, updating accounts, processing forms, and ensuring proper documentation for billing.
Revenue Cycle Management:
Collaborate with the billing and business office to support timely claims processing, ensure reimbursement, and manage outstanding accounts.
Communication:
Act as a liaison between patients, physicians, insurance companies, and the hospital's administrative and billing teams.
Essential Skills
Communication Skills:
Strong interpersonal and communication abilities to explain complex financial information empathetically and professionally.
Organizational Skills:
Meticulous attention to detail for managing financial documentation, patient data, and administrative processes.
Analytical Skills:
Ability to analyze financial data and contribute to process improvements for better financial performance.
Empathy:
The ability to provide calm and compassionate support to patients during stressful financial situations.