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With the billing option, there is no set up fee or
monthly fee. Each account is billed by Key Billing Service as requested by the client.
A. For $5 per statement, Key Billing Service will send a statement to the patient. After two consecutive months of inactivity, the account is turned over to the credit bureau (for a $5 fee) where their credit file is blemished. In the case where there is no activity, the patient is sent two statements and then turned over to the credit bureau for a total fee of $15.
B. For a fee of $10 per account, Key Billing Service will send a warning letter that instructs the patient to contact your office and pay the account or their credit file will be blemished.
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MEMBERSHIP RESOURCES:
* YOU ARE IN CONTROL
You can send simple, non-threatening Statements, that will encourage payment without the negative public relations backlash of creditors by billing patients monthly. The statement will advise the patient that Key Billing Service reports to the credit bureau if the account is not paid. However, there are no threats or warnings that may destroy a relationship with a patient.
You can send Strong Warning Letters. The letter will instruct the patient to contact your office to pay the account in full or make arrangements to pay. If no contact is made within 30 days, a report will be made to the credit bureau that will blemish their credit file for 7 years. That blemish will have a negative impact on future applications for mortgages, vehicle loans, credit cards, and may even effect their ability to obtain insurance or certain jobs. The goal of the letter is not to ruin a patient's credit status, but rather to get you paid.
* THE CREDIT BLEMISH
The debt owed you will appear on the patient's credit file for 7 years. This is the strongest tool in the collection business. The credit file can not only hinder a patient's ability to get credit, but also can make them pay higher insurance premiums and be eliminated from employment opportunities. The problem is that doctors cannot blemish a file to the same degree a collection agency or billing service can. Even patients that don't pay immediately, often pay three, four, or five years later when they need additional credit.
* COLLECTION NEWSLETTER
In additional to the other benefits, you will periodically receive an informative newsletter to keep you up to date on collection issues.
* PERSONAL CONSULTANT
Want help with procedures, policies, or other collection issues? We have consultants that will assist and support you with collection issues.
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