Tuesday, July 12, 2016

Pass Along that Extra Collection Cost: Assessing Finance Charges and Late Charges

Did you know Dentrix allows you to charge additional fees to patients with whom you have made payment agreements or to whom you have extended credit? These fees are divided into two groups: finance charges and late charges.

A finance charge is a fee that represents the cost of credit, or the cost of borrowing, and is similar to the interest charge you might receive on a home or car loan. Finance charges are typically used for patients with payment agreements.

A late charge is a fee used for accounts that are late in making payments towards an existing balance.

As part of your month end procedures you can apply finance and late charges to all applicable accounts at once. Dentrix only applies late charges to accounts with payment agreements, while finance charges can be applied regardless of whether an account has a payment agreement. See the Dentrix Help for information on how to apply late charges and finance charges monthly.

In addition to applying finance charges at month end, you can also apply finance and late charges for individual patients manually.

To manually post finance or late charges:
  1. With a patient selected in the Ledger, from the Transaction menu, click Enter Finance Charge or Late Charge. The Enter Finance Charge or Late Charge dialog box appears.


  2. Do the following:
    • Date - Enter the charge date in the Date field. The date defaults to the current date.
    • Type - Select Finance Charge or Late Charge.
    • Amount - Enter the amount to charge to the account.
    • Provider - Click the provider search button and select the patient's provider (by default, Dentrix selects the patient's primary provider).
  3. To provide clarification for the charge, type an explanation in the Note field. Click the spell check button to check the spelling of the note text.
  4. Click OK to save any changes and apply the finance or late charge.
The finance or late charge will appear in patient's Ledger and on their next billing statement, and their account balance will include this new charge.

For information on clearing finance charges or clearing late charges, see the Dentrix Help.

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