Author Topic: late fee's  (Read 1714 times)

margemib

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late fee's
« on: March 24, 2010, 11:40:45 AM »
Hi Michele,
Do you find that alot of providers charge a late fee if so is it based on a % or a standard rate?
margemib
Margie Finlay CMRS

medauthor

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Re: late fee's
« Reply #1 on: March 24, 2010, 09:42:08 PM »
A late fee for what Margie? 
Michelle Rimmer, CHI, CPMB
President-Professional Medical Billers Association
Owner-ABA Therapy Billing Services
Author, 'Medical Billing 101' and 'Coding Basics: Understanding Medical Collections

margemib

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Re: late fee's
« Reply #2 on: March 25, 2010, 08:55:47 AM »
I'm sorry, what I mean is if a patient owes a provider money that is say 60 days late, do many providers charge a %, or a standard late charge?
Margie
Margie Finlay CMRS

Anand

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Re: late fee's
« Reply #3 on: March 25, 2010, 11:05:56 AM »
I'm sorry, what I mean is if a patient owes a provider money that is say 60 days late, do many providers charge a %, or a standard late charge?
Margie
first & foremost collecting the outstanding bills from the pt is not that easy - collecting with interest  i personally think its really really difficult.. but this is my personal view. Hope Med author would give you a better answer.

Pay_My_Claims

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Re: late fee's
« Reply #4 on: March 25, 2010, 03:34:50 PM »
I'm sorry, what I mean is if a patient owes a provider money that is say 60 days late, do many providers charge a %, or a standard late charge?
Margie

i have never had any charge that, but i have had some charge the patient the collection fee into their bill.

Michele

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Re: late fee's
« Reply #5 on: March 26, 2010, 01:16:14 PM »
I have seen providers that charge the patient 2% on any balance after 30 days.  Sometimes the interest makes the patient pay because they don't like getting charged, but others don't like it.  Most of my providers don't charge interest.  If they are going to they must have an office rule that they follow on all patients, and patients need to be notified.

Michele
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margemib

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Re: late fee's
« Reply #6 on: March 26, 2010, 02:42:13 PM »
Thanks Michele!
Margie Finlay CMRS

medauthor

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Re: late fee's
« Reply #7 on: March 29, 2010, 06:25:21 PM »
Like Michele said.....the patient must be aware of this policy.  The provider should have it listed in the office's "Financial Policy Statement".....I recommend this be posted on the wall in the waiting room, and also have the patient sign a copy and keep in the back of the pt's chart.  Each state has guidelines on the percentage amount that can be charged.
Michelle Rimmer, CHI, CPMB
President-Professional Medical Billers Association
Owner-ABA Therapy Billing Services
Author, 'Medical Billing 101' and 'Coding Basics: Understanding Medical Collections

PMRNC

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Re: late fee's
« Reply #8 on: April 03, 2010, 01:38:18 PM »
Late fees, interest and penalties are a a part of the Fair Debt Collections Practices Act. Each state has guidelines on interest/penalties
You need to check your state laws.
Linda Walker
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