Calculating interest on patient accounts...

There is a real cost to healthcare providers when patients are allowed to pay their balances over time.  Too often patients are not charged interest because the staff simply don't know how to calculate the interest charge.  Therefore, we created a tool to make it easy for them.

Download the Interest Calculator to your Collector's desktop so that they can quickly pull it up.  They simply have to enter in the patient's outstanding balance, the interest rate (should be the same for all patients) and number of months (1 month for most), the Calculator will do the rest.  If you come across an account that has slipped thru the cracks, the Calculator can be used to calculate the interest due for several months.  If Collectors are posting more than one month of interest to an account at a time, we recommend they put a note in the patient's account with the number of months included in the interest charge.  When patients see increases in their account balance, many call and most pay.

If you have questions, post a Comment to this topic and we will be sure that you get the answers that you need.