Practices often come across third-party financiers who may charge a small fee for the processing and handling of charges. In such instances, CareStack makes it possible to track these fees and manage them as you process payments using special Payment Types.
Dive deep with this detailed walkthrough video.
Topics Covered
- Add a New Third Party Financing Payment Type
- Process a Third Party Financing Payment
- Manage Unadjusted Transaction Charges
Add a New Third Party Financing Payment Type
To add a Payment Type, perform the following steps:
Navigate to the System Menu > select Practice Settings > Payments & Billing > General.
Under the Payment Types tab, click + Add Payment Type.
- Enter the necessary information for the Payment Type on the right-hand side.
- Enter a relevant Payment Type Name based on the Category you are choosing.
- Select the Category.
- Enable the Reference Number toggle so that the payment is applied to patients, insurance companies, or collection payments.
- Enable the Include Payment Type In toggle button for
- Payment
- Refund
- Click Save.
Note: If selecting THIRD PARTY FINANCING for the Category, add the percentage that is charged as Transaction Charges. |
To Edit Payment Type:
- Select the intended payment type from the left and click Edit.
Make the necessary changes and click Save.
| Note: CareStack will only calculate the transaction charges for Patient Payments. |
Once your Payment Type is established, you can select it to process payments.
Process a Third Party Financing Payment
Let's explore how to process a payment:
Search for the patient using the Global Search Bar.
Hover over Billing > select Payments.
To process a Third Party Financing payment with a transaction fee:
- Review or update the Payment Amount, Payment Location, and Payment Date as needed.
- Select the required THIRD PARTY FINANCING Payment Type.
- CareStack will calculate the Transaction Charge based on the set-up Payment Type and the payment amount.
- To edit the transaction charges, click Edit Trans. Charges (Transaction Charges).
- You can update the Transaction Charges percentage or the dollar amount.
- Once done, click on the Tick icon to proceed.
- Review or update the selected Procedure Code(s).
- Click Add Receipt & Apply.
Manage Unadjusted Transaction Charges
If the patient has unadjusted transaction charges, you can apply them in a payment receipt and clear them off.
To apply unadjusted transaction charges to a payment, click Apply UnAdj. Trans. Charges (Apply Unadjusted Transaction Charges).
- Once you have clicked 'Apply UnAdj. Trans. Charges', CareStack will automatically add the TRNCH adjustment code to the codes and apply the adjustment amount in your selected application order (oldest to newest or newest to oldest).
- Click Add Receipt & Apply when you are ready to finish posting a payment.
Practices can use this comprehensive guide to gain clear insight into third-party financing transaction charges.