How much does the Patient Payment Plan cost?For you, there’s only an initial setup fee, no ongoing cost. For the patient, there’s a one-time setup fee, plus a percentage added to the monthly payment. Will my patients actually consent to having their accounts drafted every month? and paying the service fee? Yes. Just think about it. If a patient has a bill of $500 to pay out of pocket, you can offer to let the patient make monthly payments instead of paying the lump sum. Let’s say for this example that you want the patient to pay $50 a month for 10 months, to reach the $500 owed to you. To keep the math easy here, let’s add a 5% service fee to the $50 monthly payment, so the patient pays a $2.50 fee to use the service that month, bringing the total monthly payment to $52.50. That $2.50 monthly fee is not likely to make the patient turn down the offer. In essence, you extend credit to the patient at an extremely low 5% interest, with no credit check or hassles. Try finding a credit card that generous! And remember, the important thing is that the money is automatically drafted from the patient’s bank account every month, which virtually assures you of receiving payments that you’ve earned. How do you collect the service fees that the patients pay?It’s a simple process. For example, again assume a 5% service fee. If 20 patients pay $50 a month, each would incur a $2.50 service fee, making the total payment $52.50. So each month, we’d deposit $1,000 of patient payments into your account, plus the $50 in service fees, for a total of $1,050. Then, the day after the patient checks are deposited, we’d automatically draft your account to collect the $50 in fees. The process is completely hassle-free for you and doesn’t cost you a cent. Does the monthly payment have to be the same amount for each patient?No, our program is quite flexible. Payment amounts can be different for different patients, depending on circumstances. Let’s assume a patient owes you $2,200. You could set up the plan to draft $220 from the patient’s account for 10 months, or $100 for 22 months, or $22 for 100 months. You set the payment amount, based on how much the patient is willing and able to pay. What about paperwork? Is it complicated and time-consuming?No, it couldn’t be simpler. We give you professional literature that describes the Patient Payment Plan to your patients and explains exactly how it works, and we give you the application form in an electronic format so you can easily print copies for your patients. The patient fills out the easy, one-page form with all the pertinent information, and attaches a check for the one-time setup fee. You send the application form and check to our office. That’s all there is to it.
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