Late Fees Tab
- Cathy Allison
Late Fees Tab
The Late Fees Tab is where you define the values and durations for your hospital's late fee patterns. This tab is divided into multiple sections for clarity.
Clients not on the Payroll Deduction Plan
At this time, clients not on the Payroll Deduction Plan are treated according to the rules defined in this column.
Minimum Payment (the greater of)
This section defines what the minimum accepted payment is, based on an amount greater of two different options. If the percentage of the late balance is greater, that will be charged, but if your hospital or organization has a flat fee and the percentage is lower, that will be charged instead. For example, if the minimum payment is $50 and the client owes $1000, but your percentage is set to $10, the minimum due will be $100 instead.
Delinquent Payment Penalty
This section defines the penalties for clients who make late payments.
| Field | Description |
|---|---|
| Penalty Type | The type of monetary penalty applied. Choices are no penalties, a flat fee (defined below), an accrued interest charge, or a flat amount plus the accrued interest. |
| Delinquency Time Frame | The missed duration of time that counts as a delinquent payment. Choices included 1-4 billing periods. |
| Adjustment Type for Flat Amount | The adjustment type that will be saved in the database for flat fee amounts. These are selected from the pre-defined Late Fee adjustment types from the Accounting Setup tab. |
| Adjustment Reason for Flat Amount | A text line that will be stored in the database for flat fee amounts as the Reason. May help clarify amounts balances on certain reports. |
| Adjustment Type for Interest | The adjustment type that will be saved in the database for interest charges. These are selected from the pre-defined Interest charge adjustment types from the Accounting Setup tab. |
| Adjustment Reason for Interest | A text line that will be stored in the database for interest charges as the Reason. May help clarify balances owed on certain reports. |
| Flat Amount | The flat fee amount that will be charged for penalty types that include a flat fee. No penalty or interest only charges will ignore this field. |
No-Payment Penalty
This section defines the penalties for non-payment when the client is not on a payment plan.
| Field | Description |
|---|---|
| Active Flag | Indicates that this option will be turned on. |
| No-Payment Time Frame | The number of billing periods for which a missed payment is considered a non-payment. Choices between 1-4 billing periods. |
| Interest Rate | The rate of interest that will be charged for non payments. |
| Redemption Time Frame | The number of billing periods for a person to remit missed payments and cancel the additional charges. Choices between 1-4 billing periods. |
Clients on the Payroll Deduction Plan
This section defines the interest rate for clients who are participating in a payroll deduction plan. This rate can be left at 0% if your institution does not want to charge interest.
Other rules defined in this column apply to the clients on this plan as well.
Minimum Payment (the greater of)
This section defines what the minimum accepted payment is, based on an amount greater of two different options. If the percentage of the late balance is greater, that will be charged, but if your hospital or organization has a flat fee and the percentage is lower, that will be charged instead. For example, if the minimum payment is $50 and the client owes $1000, but your percentage is set to $10, the minimum due will be $100 instead.
Delinquent Payment Penalty
This section defines the penalties for clients who have not met their minimum payments for the payment plan.
| Field | Description |
|---|---|
| Penalty Type | The type of monetary penalty applied. Choices are no penalties, a flat fee (defined below), an accrued interest charge, or a flat amount plus the accrued interest. |
| Delinquency Time Frame | The missed duration of time that counts as a delinquent payment. Choices included 1-4 billing periods. |
| Adjustment Type for Flat Amount | The adjustment type that will be saved in the database for flat fee amounts. These are selected from the pre-defined Late Fee adjustment types from the Accounting Setup tab. |
| Adjustment Reason for Flat Amount | A text line that will be stored in the database for flat fee amounts as the Reason. May help clarify amounts balances on certain reports. |
| Adjustment Type for Interest | The adjustment type that will be saved in the database for interest charges. These are selected from the pre-defined Interest charge adjustment types from the Accounting Setup tab. |
| Adjustment Reason for Interest | A text line that will be stored in the database for interest charges as the Reason. May help clarify balances owed on certain reports. |
| Flat Amount | The flat fee amount that will be charged for penalty types that include a flat fee. No penalty or interest only charges will ignore this field. |
No-Payment Penalty
This section defines the penalties for non-payment when the client is on a payment plan.
| Field | Description |
|---|---|
| Active Flag | Indicates that this option will be turned on. |
| No-Payment Time Frame | The number of billing periods for which a missed payment is considered a non-payment. Choices between 1-4 billing periods. |
| Interest Rate | The rate of interest that will be charged for non payments. |
| Redemption Time Frame | The number of billing periods for a person to remit missed payments and cancel the additional charges. Choices between 1-4 billing periods. |
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