Are there any special laws we have to follow before we offer financing to our patients? Does the state publish suggested notification language for a late charge? Once a late charge has been added to a patient’s account, do they have the right to take as long as they want to pay their balance? Why would a patient complain or sue us if we overlook the late charge law and allow them to continue to add to their account even when it is past due? What is the maximum amount we may add to a patient’s account as a late charge? We set an interest rate below 12%. May we raise the rate? What are the major differences between finance and late charges? What is the potential problem when a doctor offers a “cash discount”? Are there any special requirements before we add finance charges? May finance or late charges be charged to a patient with an overdue worker’s compensation account? Does the state require us to have anything in writing before we charge interest or finance charges? May we add a late fee to the patient’s bill without notifying them? Does a monthly statement that include interest charges meet the states disclosure law? May we add interest to overdue personal injury cases? Are there penalties for doctors that violate the interest/finance charge laws? Can I charge the WC carrier interest if they are late in paying my claims?
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