Statement Finance Charges
Statement Finance charges are additional fees billed to the patient with their statements. These fees are usually between $3.00 and $5.00 per statement and help cover the costs of sending patient statements. Some Medical offices are completely against these additional fees while other providers finds that it helps off set their statement submission fees.
If your medical office uses electronic statement options you are usually charged $0.59 - $1.00 per statement by the Clearinghouse or outside statement submission software. Most medical claim clearinghouses will offer the option of sending patient statements on behalf of your medical practice.
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Our Free training videos will walk you through the steps of setting up the Finance charges at the Statement Account Types screen which is specific to this Practice Management Software..
First indicate whether you want Finance charges to be billed or not. If you select yes, you get to choose the start period of when you want patients to receive these additional fees i.e. 30, 60, 90 or 120 days of outstanding balances. Enter the annual % which most offices will bill 18%. |
In this practice management software system Finance charges are assessed only after the number of statement days has passed since the last finance charge was recorded on the patients billing history.
To learn more about Statement Finance Charges please Watch our FREE Medical training video series.
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