adding a finance charge to overdue ins collections?

[Guest guest]

Hi LIstmates,

I'm having a first time occurance of a stange collection problem. I have several fees sent to insurance companies - both PI and private - where the amount is undisputed and past the 90 days. They seem to be ignoring my office manager's collection attempts. She's good and has been with me for 6 yrs so I know she's on top of this. We have a regular practice of $5 rebilling fees that we charge everyone after 30 days , when they don't make a payment, don't contact us with reasons for lack of payment. We have an interest we charge for anything past 60 days. I know the insurance companies have 90 days to pay or dispute a billl. My questions for everyone are:

1. Does anyone out there charge interest on past due accounts? If so, how much and when do you start acruing interest?

2. How often do you compound the interest?

3. Has anyone noticed an insurance company with collection agency? interest? re-billing fees?

II've never had to do this with an insurance agency. But I'm very close to doing so. I gave my office manager permission to contact our collection agency and ask them if they collect from ins companies.

You may respond to me off list if you prefer, however, this may be a good topic for others as well.

Minga Guerrero DC

abowoman@...

[Guest guest]

You can probably set those with your fee agreement/office policies, which will create a payment obligation in contract for the patient. If the agreement is silent, the statutory 9% per annum is available: “82.010 Legal rate of interest; effect of violation. (1) The rate of interest for the following transactions, if the parties have not otherwise agreed to a rate of interest, is nine percent per annum and is payable on: (a) All moneys after they become due; but open accounts bear interest from the date of the last item thereof. ( Money received to the use of another and retained beyond a reasonable time without the owner’s express or implied consent. © Money due or to become due where there is a contract to pay interest and no rate specified.” T. Hill, PC520 SW Sixth Avenue, Suite 1250Portland, OR 97204(503) 227-4330chill@...http://www.portlandinjurylaw.com From: [mailto: ] On Behalf Of AboWoman@...Sent: Tuesday, January 10, 2012 1:12 PM Subject: adding a finance charge to overdue ins collections? Hi LIstmates,I'm having a first time occurance of a stange collection problem. I have several fees sent to insurance companies - both PI and private - where the amount is undisputed and past the 90 days. They seem to be ignoring my office manager's collection attempts. She's good and has been with me for 6 yrs so I know she's on top of this. We have a regular practice of $5 rebilling fees that we charge everyone after 30 days , when they don't make a payment, don't contact us with reasons for lack of payment. We have an interest we charge for anything past 60 days. I know the insurance companies have 90 days to pay or dispute a billl. My questions for everyone are: 1. Does anyone out there charge interest on past due accounts? If so, how much and when do you start acruing interest? 2. How often do you compound the interest? 3. Has anyone noticed an insurance company with collection agency? interest? re-billing fees? II've never had to do this with an insurance agency. But I'm very close to doing so. I gave my office manager permission to contact our collection agency and ask them if they collect from ins companies. You may respond to me off list if you prefer, however, this may be a good topic for others as well. Minga Guerrero DCabowoman@...