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Questions Regarding Your Self-Pay Collection Policies and Procedures
- Settlement limits – How much and when can agents or vendors offer discounts relative to the balance due?
- Payment plans – How long and what minimum/maximum plan is allowable by balance? What happens if a payment is missed? How many missed payments before the plan is terminated? At what point does the balance default to bad debt?
- Interest charged – Does interest accrue, and if so, when and at what level? Can interest be waived based on patient payment?
- Extension limits – Under what situations can an account be kept as active accounts receivable beyond standard timing? How long should the extension be?
- Account holds – Under what situations can an account collection process be suspended? How long can an account be suspended before some action must be taken?
- Dispute resolution – What is the standard process for resolving disputes with patients?
- Deceased – How are accounts handled when the guarantor dies after discharge? Do you pursue the estate and at what balance levels?
- Bankruptcy – Do you pursue households that declare bankruptcy after discharge? What are your guidelines?
- Liens – At what time and under what situations do you pursue legal action?
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