of money they borrowed has to be completely paid off within the
timeframe designated by the financial company in order to avoid
interest payments. In our case, we inform patients who opt for the
interest-free financing plan that their balance must be paid in full
within six months. It's essentially an interest-free loan for six months
if they pay on time and in full. If they miss a payment, high interest
rates will kick in.
A quick warning: Make sure you're constantly monitoring your
online account with the patient financing company. The payment
plans they make available to patients, but that you don't offer, should
be blocked to prevent the possibility of a patient taking advantage of
low interest plans that include exorbitant processing fees for your
facility.
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