Set Up Late Fee Policies

Use the Late Fee editor to define the rules for applying late fees to contract and miscellaneous charges. You can base the fee on either an annual percentage rate applied to the amount that is past due, or a flat dollar amount. Because you might calculate late fees differently in different situations, you can define and select a late fee policy appropriate for each situation.

How to Get Here

• Home ribbon bar > Editors > Financial > Late Fee. (You can also search for the editor you want to work with.)

   

  Click Editors from the Tools section of the Home ribbon bar.

  

  Select Financial in the list at the left and select the Late Fee option.

  

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Setup

• Choose Record to Work With - Your list of existing records appears at the left. Click the record to work with. The details for that record appear at the right.

   

  

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• Create new record - Type a description in the Create New Late Fee portion of the window, then click Add. You can then complete the details, described below.

   

  

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• Edit record - Select a record to work with.

   

  

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  • Description - You can change the name of your late fee policy in this field.

  • Flat rate or percentage - You can enter a flat dollar amount to charge any account that is older than your specified days past due, or enter an annual percentage rate to apply to the late charges.

  • Days past due - Specify the number of days past due a charge must be before you apply a late fee. If you base the late fee on a percentage, any charges that are not past due are not used to calculate the penalty. If the late fee is a flat dollar amount, the total penalty is applied if any of the amount due is past your specified number of days.

  • Minimum - If your late fee is based on a percentage, you can enter the minimum amount to charge, regardless of the calculated fee.

  • Minimum past due (Floor ) - You may choose not to apply your late fee to accounts that have insignificant past due amounts. For example, if your floor is $50, and an account's past due amount is only $35, the late fee will not be applied to the account.

  • Inactive / active toggle - Once you create a record, you cannot delete it. You can, however, flag it Inactive. Inactive records cannot be selected for your patients. You can, however, include inactive records in your list of records, and change them back to Active if needed.

Save Changes Click Save in your Quick Access toolbar or File ribbon bar (or press Ctrl+S on your keyboard) to save any changes you have made.

Notice!

• Assign late fees - You set up your default late fee policies in your Financial User Options. Of course, you can change the late fee policy for individual contracts with the Contract Details editing feature, and choose a late fee for miscellaneous charges on the Responsible Party page of the patient folder.

• Set Up Financials
  • Contract Class Editor
  • Contract Fee Adjustments Editor
  • Contract Templates Editor
  • Late Fee Editor
  • Financial User Options
  • Miscellaneous Charge Types Editor
  • Payment Accounts Editor
  • System Financial Settings Editor
  • Transaction Adjustments Editor

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