This is part 9 of our 10-part checklist to make sure your charitable hospital can remain tax-exempt. Today’s topic concerns notifying the CEO and board of directors of your financial assistance policies and procedures.
This is part 9 of our 10-part checklist to make sure your charitable hospital can remain tax-exempt. Today’s topic concerns notifying the CEO and board of directors of your financial assistance policies and procedures.
Topics: 501r
This blog is one of a 10-part series on how charitable hospitals can retain their tax-exempt status. Today, we have arrived at part 8 - “We provide written notifications to individuals 30 days before making extraordinary collections actions.”
Topics: 501r
Continuing in our 10-Step Checklist To Maintain Your Tax-exempt Status, we arrive at point number seven: “Provide a Plain Language Summary of Your Financial Assistance Policy.”
While it is not technically necessary to provide this plain language summary to patient's you feel would be in need of financial assistance, you should consider doing this anyway, in an effort to demonstrate your compliance with the new 501(r) regulations.
Topics: 501r
If you’ve been following our blogs recently, you are aware that we have been providing additional education that was included in our “10-Step Checklist To Maintain Your Tax Exempt Status”. This week, we are focusing on item #5 in the checklist that states: “We have refrained from engaging in extraordinary collections actions.” There is a lot to decipher in that verbiage, so let’s look at a few aspects of this requirement.
Topics: 501r
In the previous blog, we focused on defining the Financial Assistance Policy (FAP), which will outline how your patients can get help, if they need it. The next step is to make sure your patients know that financial help is available. How? Well, according to the 501r, you are required to take measures to widely publicize the FAP. Here’s what that means:
Topics: 501r
