Payment Plan Best Practices

We've identified 5 Best Practices that are meant to be used as guidelines when creating Payment Plans.

  1. Create a Standard Operating Procedure (SOP) that outlines how to manage Payment Plans for your practice. Be sure to include information such as what type of patients/balances qualify for a payment plan (e.g., balances greater than $500.00), who the payment plan has to be approved by (e.g., must be approved and signed by Office Manager), forms that need to be completed and where they’re saved (e.g., Credit Card Authorization forms, uploaded to patient’s record via CMD), as well as step by step instructions on how to create the payment plan in the application (feel free to use this Help Page as a resource when creating your SOPs).

  2. For reporting purposes, update the account Type for the patient to Payment Plan or Payment Plan Collection.

  3. Have an agreement in place with your patient. CollaborateMD offers customizable form-based superbills, which can be created for payment plan agreement letters. Download and customize our Sample Payment Plan Installment Agreement.docx form. This form can be uploaded to CollaborateMD as a Form-Based Superbill so that you can easily print it from the application.

  4. Set up statements for patients with payment plans using any one of CollaborateMD’s statement options. Having statements in place will ensure an easy transition for staff to focus on collecting payment plan balances.

  5. Manage payment plans using CollaborateMD’s new Dashboard gadget called Payment Plan BalancesThis gadget can be added to your dashboard and shared between necessary staff members.