Implementing Payment Plans

It is recommended that the practice/office set up the following standard operating procedures based on personnel, current procedures, and preferences.

  • Eligibility Criteria: Define the types of patients (e.g., those with high deductibles) and/or procedures (e.g., those not covered by most insurance payers) that are eligible for a payment plan.

  • Administrative Fees: Determine if patients will incur any administrative fees opting into a payment plan.

  • Multiple Plans: Determine if patients may have multiple payment plans on file.

  • Plan Options: Define plan limitations, such as, payments must be made at least monthly, each payment must be a minimum of $10.00, payment plans cannot exceed one year in length, etc.

  • Patient Agreements: It is highly recommended that patients that opt into a payment plan sign an agreement with the office. Please feel free to reference and/or use the Payment Plan Agreement form offered by CollaborateMD.

  • Payment Options: Determine the types of acceptable payments for payment plans.

  • Payment Plan Statements: Determine which type of statement the office will use and configure messages for patients. Note: Automated and Enhanced User Print statements may incur additional fees on your account with CollaborateMD.

  • Late Payments: Determine if there will be penalties for late payments. If needed, create a debit code to be used for this purpose.

  • Non-payment: Determine if there will be penalties for non-payments and/or if payment plan balances will be sent to collections and if so, when. Please reference the steps below for detailed steps on setting balances to collections.