Choice Pay - Patient Payment Plan FAQ
- How much does the Choice Pay cost?
- Will my patients actually consent to having their accounts drafted every
month… and paying the service charge?
- How do you collect your 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 Choice Pay cost?
There is only an initial setup fee with no ongoing cost. The way we make money is by charging the patient a percentage of their monthly payment. Please contact a representative to discuss these fees for your practice.
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Will my patients actually consent to having their accounts drafted every
month… and paying the 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 checking or credit card account every month, which virtually assures you of payment.
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How do you collect your service fees from me, the doctor?
It is a simple process. We automatically draft the medical providers account the day after the patient payments 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.
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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.
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What about paperwork? Is it complicated and time-consuming?
What about paperwork? Is it complicated and time-consuming?
NO, it could not be simpler. We will provide you with professionally designed literature that describes the Choice Pay to your patients and lets them know exactly how it works. Then we provide you with application forms in electronic format so that you can easily print copies for your patients. The patient fills out this easy, one page form with all of the pertinent information and their credit card or banking information. Then Medicus Reimbursement, LLC will process this information and start the billings process There is nothing more to it than that.
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