Home Practice Standards Record-Keeping & Documentation 5.5 Financial Records
Financial Records

Standard 5.5: Financial Records

The Professional Practice Standards regarding financial records. This includes the standard, examples in demonstrating the standard, and related resources.


Record-Keeping & Documentation
Financial Records

Standard 5.5: Financial Records

The Professional Practice Standards regarding financial records. This includes the standard, examples in demonstrating the standard, and related resources.

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The Standard

 

5.5.1 Registrants keep a financial record for all clients for whom a fee is charged for therapeutic services.

Standard 5.5

Demonstrating the Standard

  • Standard 5.5

    • Ensuring financial records include a clear identification of the person(s) providing the service, their title, and a clear identification of the client or clients to whom the service was provided, including the client’s full name and address, and unique identifier (if applicable).
    • Identifying or describing the service provided, the cost of the service, and the date and method of payment received.
    • Identifying fees charged for services provided by supervised personnel.

  • Standard 5.5

    • Indicating the reason or reasons why a fee may have been reduced or waived.
    • Ensuring that if fees were charged to a third party, the full name and address of that party is included in the record.
    • Indicating any balance due or owing.
    • Including (if applicable) information documenting the retention of an agency for the collection of any outstanding balance.
Standard 5.5

Commentary

Most registrants engage in financial transactions with clients or third-party payers such as insurance companies. Financial records contain the details of these transactions, including invoicing, payments, and supporting documents (e.g., insurance forms).

 

Financial records should be retained for at least ten years from the last interaction with the client or from the client’s 18th birthday, whichever is later. They may be kept separately from clinical records but must be maintained with due regard for security and should be easily retrievable.

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