1. "Please just cut to the chase. How much does DOCPAY cost?"
DOCPAYplus payment plans are totally free to the practice, with all fees being paid by the patient. ($3 per ACH payment. The fee for card payments is higher and is dependent on the size of the payment).
It's a really simple system. For example if a patient needs to pay off $1000 using 10 $100 ACH payments, then each month the patient will be debited $100.00 plus the $3 DOCPAY fee. DOCPAY keeps the $3 fee and pays $100 to the practice.
2. "How does a patient qualify for a DOCPAY Payment Plan?"
All that DOCPAY requires is a signed authorization from the patient and a U.S. Bank Account (or credit card if the office has added the card payment option). Any other requirements are totally up to the discretion of the doctor's office. Most offices do require a substantial down payment and some offices use our optional ConfiCheck Account Verification Service to pre-screen patient's bank accounts before setting up an ACH based payment plan.
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5. How much of the Payment Plan do I receive?
"Unlike with a patient finance company plan, on all DOCPAYplus payments (both card & ACH), you receive 100% of what the patient pays against the principal balance! The only exception to that is if you elect to have a card based payment plan guaranteed. The fee for a guarantee is only 1% of the payment amount plus $1 (less than you would pay to run the payment through a card processing terminal).
6. "These are checks drawn on the patient's bank account (or credit card). Can they possibly bounce or be declined?"
Yes, and on the non-guaranteed payment plans some will do just that. However, the patient has agreed to allow your office to deduct payments from their bank account or card account until you are fully paid. If one does bounce, the transaction will be resubmitted as an additional payment at the end of the payment plan. There is nothing your office has to do when a payment bounces! So when a monthly payment is returned for "Insufficient Funds", you have not lost money. The payment plan completion is just delayed a bit.
On Guaranteed Pay payment plans though, the payments cannot bounce! The payments are secured by a pre-authorization so the plan will be collected successfully even if your client closes their credit card account!
7. "Is there any fee that is charged if my patient's payment is returned uncollectable?"
The practice is never charged a return handling fee! However the patient is charged a $15 Late fee for each missed payment.
8. "What can be done to reduce the risk involved with this type of payment plan?"
Although you can offer a payment plan to any patient with a checking account or credit card, there are several things we recommend to reduce risk. First, require clients to make a down payment equal to at least 1/3 of the patient's balance. Second, match the payment amount to the patient's ability to pay. Obviously someone who makes less than $2000 per month will have difficulty with a $500 per month payment. Third, if you do not have previous payment experience with a patient and the payment is to be made by ACH, pre-qualify them by using our optional ConfiCheck Account Verification service.
On credit card payments, use our unique "Guaranteed Pay" option to assure that payments will not be declined.
9. "What happens if the patient closes their bank account on an ACH based plan?"
DOCPAY processes thousands of payments every month for hundreds of offices across the country. We closely track the number of payments returned because of closed accounts and have found the average rate of this type of return is only about 1.5%. So, although, it does occasionally happen, the occurrence rate is so low that it becomes inconsequential. We have also found that about half of the time an account is closed it's because the patient changed banks and simply forgot to notify the doctor's office. In that case we restart the payment plan with the new account number and keep collecting payments.
10. "What about payments that are declined month after month?"
When a patient's payment is declined or returned for three consecutive months, you will receive an "excessive returns" notice, encouraging you to modify the terms of the pay plan or change the account it is drawn from. If it is declined or returned a fourth consecutive month, then the plan is canceled so you can pursue other collection options before the account becomes too old to easily collect. Although this does occasionally happen, we have found it occurs very rarely. For instance in the period of the 12 months before this sales material was written (in 2014), less than 2/10 of 1% had to be cancelled due to excessive returned payments!
11. "On what days of the month can patient payments be made?"
Payments can be processed on the 3rd, 10th, 18th and 25th. Any combination of these dates can be used. For example, the payments could either be once per month on the 25th or twice a month with one on the 3rd and one on the 10th. If the payment date falls on a weekend or bank holiday, the payment will be collected on the next banking day.
12. "How often does the practice receive payments from DOCPAY?"
All DOCPAYplus payments (both ACH & credit card) are paid to the practice a week after they are collected, on the 3rd, 10th, 18th or 25th. For example all payments debited on the 3rd are paid on the 10th, all payments from the 10th are paid on the 18th, etc. On each of the settlement dates, the practice will receive a detailed settlement report showing which patients payments were received from and how much each payment was.
13. Can I get a discount on ConfiCheck Account Verification service and DOCPAY online, the web patient payment portal if I am a client of DOCPAYplus Payment Plans?"
YES! If you subscribe to individual services... DOCPAYplus payment plans are FREE, ConfiCheck is $10 per month and DOCPAY online is $10 per month. If you sign up for the DOCPAYplus bundle (which includes all three), you get a 25% discount. (Only $15 per month instead of $20 per month!)
14. How do "Guaranteed Pay" payment plans work?"
If a patient has a MasterCard or VISA branded credit card (debit cards can't be used for guaranteed plans) and the card has at least as much spending limit remaining as the total amount of the payment plan, then the payment plan can be guaranteed. DOCPAY will reserve a portion of the patient's credit line on their card account to be used only for your payment plan. This prevents the patient from spending money promised to your practice on other card purchases. As each monthly card payment is charged, the amount of the credit limit reserved for your plan is reduced by the amount they pay.