Billing/Finance Charges

In the Main Menu, click Tools, Billing/Finance Charges.

The Billing and Finance Charges tool is used to apply finance or billing charges to an Account. The charges will be applied to all guarantors that meet the filtering criteria entered on this window.

Note: Aging runs when opening the tool, again after billing/finance charges post, and after undoing previous charges.

Required Setup:

Date

Date Last Run: Date the Billing/Finances charge tool was last run.

Date of New Charges: Enter the date the new charges should be applied. Billing or finance charge will be posted to patient accounts with this adjustment date.

Billing/Finance Charges

Billing Charge: Add a flat charge to the account. The charge will be added to the account as an Adjustment .

Finance Charge: Apply a percentage charge (APR) to the account balance. This charge is calculated against the patient portion of the entire family. It is recommended that you run it every month for an accurate APR. An adjustment will be added that equals one month (1/12) of APR charges.

Billing Types

Only Apply to these Billing Types: Select which Definitions: Billing Types should have the charge added. Billing type is based on the guarantor, regardless of the billing type of family members with the account balance.

Balances Aged

Calculate on balances aged: Select the age of the accounts that should have the charge added. When calculating finance charges, only the balances over the selected age is considered (e.g., if Over 90 Days is selected, outstanding balances aged less than 90 days would not affect the finance charge that is calculated)

Billing/Finance Filters

Select options to have to exclude accounts from being billed finance or billing charges.

Undo Billing/Finance Charges

Use the Undo button to undo the most recent charge (finance or billing). All adjustments made on the same date, which have the same adjustment type, will be deleted. To undo finance charges for a different date, you must manually go into each account and delete the individual adjustment. Use the Finance Charge Report to identify the adjustments made on that date.

Billing and finance charge adjustments attached to a payment cannot be deleted with this tool. To view a list of patients with these adjustment types attached to pay splits, click Yes when prompted.

Go to each patient on the list and manually detach the adjustment from the pay splits to delete the adjustment, if needed.

Assign Charges

Assign Charges To: Determine which provider billing or finance charge adjustments are assigned to. This provider's production will be affected.

Run Billing or Finance Charges

Run: Click to process billing or finance charges to all families meeting the filter criteria.

Follow the steps below to set up and run billing or finance charges:

  1. Verify the Date of new charges. This defaults to the current day and does not normally need to be changed.
  2. Select a charge type:
    • If selecting Billing Charge, enter charge amount.
    • If selecting Finance Charge, enter APR % and other charge criteria.
  3. Select affected Billing Types.
  4. Select an option for Calculate on balances aged.
  5. Set preferred Billing/Finance Filters.
  6. Select the provider to Assign charges to.
  7. Click Run.

Once the tool is complete, a message will indicate how many charges were applied. To see all the finance charges that were applied, run the Finance Charge Report.

Apply Both Billing and Finance Charges

To apply both billing and finance charges to an account, you will run the billing/finance charge tool twice on the same day, once per month. You will still do daily billing.

  1. Run the tool to apply the APR finance charge (e.g., 18%) to accounts over 30 days.
  2. Run the tool to apply billing charge (e.g., $4) to accounts over 60 days.
  3. Send statements.