01 How much does the Patient Payment Plan™ cost?
There is only an initial setup fee with no ongoing cost to you. The way we make money is by charging the patient a percentage of their monthly payment, plus a one-time set up fee to enter them into the system.
02 Will my patients actually consent to having thei accounts drafted every month…and paying a service charge?
YES. Think about it. If a patient has a bill of $500 to pay out of pocket, you can now offer them the ability to make smaller monthly payments instead of paying in one lump sum. You can choose the amount of the payments, but let us say for this example that you decide to have the patient pay $50 a month for 10 months. That is $500 dollars, right? To keep the math easy let us add a 5% service charge to their $50 payment. The patient now has to pay $2.50 for the service fee to use the service that month, bringing their total monthly payment to $52.50. Do you think that for an extra $2.50 a month the patient is going to turn you down? Generally the answer is no. In essence, you have just extended them credit at an extremely low 5% interest, without a credit check or additional hassles. Try finding a credit card that is so generous! And remember, the important thing here is that the money will be automatically drafted out of their account every month, which virtually assures you of payment.
03 How do you collect your service fee from me, the doctor?
It is a simple process. We automatically draft your account the day after the patient checks are deposited for the total amount of the combined service fees. For example, we will use a 5% service fee. If you have 20 patients on the plan who pay you $50 a month, they would each incur a $2.50 service fee, making their total payment $52.50. So each month, we would be depositing $1,000 worth of payments into your account, plus the $50 worth of service fees for a total of $1,050. We simply draft your account and collect our $50 fee. It is completely hassle free for you and does not cost a thing.
04 Does the monthly payment have to be the same amount for each patient?
NO, our program is completely flexible. Payment amounts can be different for each 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. You could also draft $100 for 22 months, or $22 for 100 months. It is 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.
05 What about paperwork? Is it complicated and time-consuming?