Finance Charges
Initial Setup:
Go into System \ Setup Company \ Receivable and fill in the appropriate options, IE.......
Customers are normally charged Finance Fees...: (Y or N)**
Last date Finance Fees were posted.................: (The software will take care of this date)
Monthly Finance Fee Percentage......................: (Annual percentage divided by 12)
Minimum Finance Fee....................................: (If finance fees are due, any lessor finance
fee will be rounded up to this amount.)
Running:
Go into System \ Receivable \ Finance \ Calculate Finance Fees
Billing Period From : (Statement Date) To.: (Statement Date)
Finance fee posting Date ................: (Post Date)
Monthly Finance fee percentage........: (Finance fee is entered from Setup)
Minimum finance fee.......................: (Entered from Setup)
Enter the current billing period:
For item to qualify.....
It must have been billed to the patient more than 30 days ago.
(Confirm this by looking at the "LastSub3" field in Alter Claims.)
It must have an amount in the patient responsible field in payments on claims.
Patients must be marked to get finance fees.
Patient must not have sent a payment during the statement date range.
This does not choose claims in this date range, it qualifies those claims that are aged thru
this date.
Enter the Posting date.
This will be the date the finance charge is recognized.
A report will be generated showing who gets finance charges and for how much.
Go into System \ Receivable \ Finance \Post Finance Fees
Answer "Y" or select "Yes" to post these fees. When the fees are posted, they create their own separate invoices for the patients to pay.
Note:
A: Finance charges are assessed on the Total Open Patient Balance, not by individual invoices.
B: Finance charges are considered submitted on the date it is posted .
Frequently Asked Questions!!