Finance Charges

tcdc · Post by **tcdc** » Wed Jan 23, 2008 7:20 pm

What's a reasonable finance charge %? Just curious what % you all are using. Usually, we don't charge an interest rate for balances, but we have a couple of accounts with overdue balances and need to start charging, hopefully that'll encourage them to pay. Thank you

alexei · Post by **alexei** » Wed Jan 23, 2008 11:25 pm

I wonder if you're technically allowed to start charging interest if you haven't made the patient aware of that before you extended him credit. I suspect not. Might be something to think about.

tcdc · Post by **tcdc** » Fri Jan 25, 2008 6:16 am

alexei wrote:I wonder if you're technically allowed to start charging interest if you haven't made the patient aware of that before you extended him credit. I suspect not. Might be something to think about.

Thank you for your input. Our financial agreement states that we will be charging a finance fee to any balance over 30 days, but doesn't specify the %.

klinlv · Post by **klinlv** » Fri Jan 25, 2008 3:54 pm

In my state, if you charge a finance charge then you have to have the patient sign a separate financial disclosure form that blist the interest charged. Instead they allow a billing charge. Ours is $15 per statement.