Patient Payment Plan ™ - FAQ
- How much does the Patient Payment Plan™ cost?
- Will my patients actually consent to having their accounts drafted every month… and paying the 5% service charge?
- How do you collect your 5% service fee from me, the doctor?
- Does the monthly payment have to be the same amount for each patient?
- What about paperwork? Is it complicated and time-consuming?
How much does the Patient Payment Plan™ cost?
For you, the doctor, there is no charge whatsoever. It’s absolutely free to
you. The way we make money is by charging the patient a 5% service
charge to his or her bill, plus a one-time $5.00 set up fee. This is added
ON TOP of your normal charges on his or her bill. It’s simply a service
charge.
Will my patients actually consent to having their accounts drafted every
month… and paying the 5% service charge?
Generally, the answer is YES. Think about it. If a patient has a bill of $500
to pay out of pocket, you can now offer him to make smaller monthly
payments instead of paying in one lump sum. You can choose the amount
of the payments, but let’s say for this example that you decide let the
patient pay $50 a month for 10 months. That’s $500 dollars, right? Then if
you add our 5% service charge to that $50 payment, the patient now has
to pay $2.50 for the service fee, bringing his total monthly payment to
$52.50. Do you think that for an extra $2.50 a month that the customer is
going to turn you down? Of course not! In essence, you’ve just extended
him credit at just 5% interest…without a credit check or additional hassles.
Try finding a credit card that is so generous! And remember, the important
thing is that the money will be automatically drafted out of his or her
account every month, which virtually assures that you’ll be paid.
How do you collect your 5% service fee from me, the doctor?
It’s a simple process. We automatically draft your account the next day
after the monthly deposit for the amount of the service fees. For example,
if you have 20 patients on the plan who pay you $50 a month, they would
each incur a $2.50 service fee. So each month, we would be depositing
$1,000 worth of payments into your account, plus the $50 worth of service
fees. What you will see deposited into your account will be 20 checks for
$52.50 each, for a total of $1,050. Then we simply draft your account and
collect our $50 fee. It is hassle free for you.
Does the monthly payment have to be the same amount for each
patient?
No, the program is completely flexible. You can assign whatever payment
you want to each individual patient depending on their circumstances. You
may have a patient who owes you $2,200, and you could put him on a plan
to draft $220 out of his account for 10 months. Or you could draft $100 for
22 months. Or $22 for 100 months. It’s completely up to you. You just need
to take a look at each patient and decide how much they will be willing and
able to pay and set your payments accordingly.
What about paperwork? Is it complicated and time-consuming?
NO, it couldn’t be simpler…. And we provide you with everything you need.
First of all, we will provide you with literature that describes the Patient
Payment Plan™ to your patients and lets them know exactly how it works
as far as costs and so forth. Then we provide you with application forms
(on diskette so you can easily print as many as you like) that the patient
fills out with all of the pertinent information about himself and his banking
information. It’s just one page, and it’s extremely simple to understand….
For both you and your patients. That’s it. It really is a piece of cake.
There’s nothing more to it than that. The only thing you or your office staff
have to do is breathe a sigh of relief that you’re finally out of the banking
business, once and for all!
