Improve collections by setting up compliant patient payment plans
Effective Mar 26, 2012
Published Mar 26, 2012
When your practice offers payment plans to patients, make sure those plans don’t run afoul of the federal Truth in Lending Act.
You’ve likely been getting more patient requests than ever to set up a payment plan, particularly in the first quarter because of high-deductible health plans. In fact, 54% of 284 respondents to a January Part B News deductibles survey said more patients have asked about payment plans in the last few months. While some practices have opted to outsource the plans to a third-party credit card processing company, you still must take steps to ensure your plan is legal (PBN 2/6/12).
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