Working with Contracts

Using the Financial Estimator Setup Window

You can present contract proposals to responsible parties to increase same day starts and signed contracts. Click the Financial Estimator Setup  button to view an interactive display of fee presentation and contract information. Enter financial data and use slider controls to instantly update contract details.

To access the Financial Estimator Setup window:

1. From the patient chart, click the Financial Functions button. The Financial Functions window is displayed.

2. Click the Financial Estimator Setup button. The Financial Estimator Setup window is displayed.

3. Select options from the following sections:

4. Responsible Party—This section displays responsible party information as assigned in the Patient Information section of the chart. Although the Financial Estimator Setup window only includes fields for RP1 and RP2, you can select any responsible party that is associated with the account.
   
   Select options from the following fields:
   
   RP1—Use the drop-down list to select a responsible party for the contract payments.
   
   RP2—Use the drop-down list to select a second responsible party for the contract payments. If the account has multiple responsible parties, but makes payments only on the contract, select None. If the account only has one responsible party assigned, this field is inaccessible.
   
   Maximum Finance Duration (Months)—Use the drop-down list to select how many months the contract lasts.

5. Total Cost—Enter or update the entire amount due for the contract. This field is required.

6. Discounts—This section displays discounts that can be applied to the total amount. You can rename these discounts as appropriate for your practice.
   
   Select options from the following fields:
   
   Courtesy Discount—Enter or update a discount approved for this contract.
   
   Prof/Staff Discount—Enter or update a discount approved for this contract.
   
   Student Discount—Enter or update a discount approved for this contract.
   
   Family Discount—Enter or update a discount approved for this contract.

7. Insurance Coverage—This section displays insurance information that is associated with RP1 and, optionally, RP2, as assigned in the Patient Information section of the chart.
   
   Select options from the following fields:
   
   Insurance RP1—Enter or update the amount that the insurance associated with RP1 will pay on the contract.
   
   Insurance RP2—Enter or update the amount that the insurance associated with RP2 will pay on the contract. If the account only has one responsible party assigned, this field is not displayed.
   
   After selecting options in these sections, the amount for the Patient's Total Responsibility is displayed. This amount updates dynamically when changes are made to other financial fields in the window.

8. RP Payment—Select options from the following fields:
   
   RP1 Total—Displays the total amount that the responsible party selected as RP1 will pay. You can type a new amount in this field to update the total.
   
   Existing Balance—If a balance is present on the account, this field displays the current amount for which RP1 is responsible. You can type a new amount in this field to update the balance. If you attempt to increase the existing balance, a message indicates that the amount entered should be less than the existing balance.
   
   Preferred Down Payment—Displays the amount that the responsible party selected as RP1 has agreed to as a down payment on the total. You can type a new amount in this field to update the down payment.
   
   Minimum Down Payment—Displays the minimum amount that the responsible party selected as RP1 must submit as a down payment on the total. You can type a new amount in this field to update the down payment.
   
   RP2 Total—Displays the total amount that the responsible party selected as RP2 will pay. You can type a new amount in this field to update the total. If the account only has one responsible party, this field is not visible.
   
   Existing Balance—If a balance is present on the account, this field displays the current amount for which RP2 is responsible. You can type a new amount in this field to update the balance. If you attempt to increase the existing balance, a message indicates that the amount entered should be less than the existing balance. If the account only has one responsible party, this field is not visible.
   
   Preferred Down Payment—Displays the amount that the responsible party selected as RP2 has agreed to as a down payment on the total. You can type a new amount in this field to update the down payment. If the account only has one responsible party, this field is not visible.
   
   Minimum Down Payment—Displays the minimum amount that the responsible party selected as RP2 must submit as a down payment on the total. You can type a new amount in this field to update the down payment. If the account only has one responsible party, this field is not visible.

4. You can select one of the following:

• Cancel—Exits the Financial Estimator Setup window without retaining changes.

• Reset—Restores the default amounts for the account to the Financial Estimator Setup window.

• Save—Confirms the information and exits the Financial Estimator Setup window.

OR

5. To visualize and adjust financial details, click Financial Estimator. The Financial Estimator window for the selected responsible party is displayed.

6. Use the sliders to adjust the following:

7. Down Payment—The top of the Down Payment slider displays the total payment due from the selected responsible party. The slider adjusts the preferred down payment amount. The minimum down payment required is displayed at the bottom of the slider. Use the slider to update this value.

8. Monthly Payment—The top of the Monthly Payment slider displays the total amount due minus the initial down payment. The slider adjusts what the responsible party needs to remit each month to pay off the remaining balance. The minimum amount necessary is displayed at the bottom of the slider. Use the slider to update this value.

9. # of Months—The top of the # of Months slider displays the length of the contract. The slider adjusts the number of months it will take to pay off the remaining balance. The minimum length of time needed is displayed at the bottom of the slider. Use the slider to update this value.

7. Verify that the following amounts are correct:

8. Total Treatment Cost—The total amount of the contract is displayed.

9. Discounts—A line item for each discount approved by your practice is displayed.

10. Estimated Insurance Coverage—The total estimate of what insurance is expected to pay is displayed.

11. Other Party's Responsibility—If an additional responsible party is selected, the amount that will be paid by that responsible party is displayed.

12. Total Responsibility—The total amount due for the contract from the selected responsible party is displayed.

13. Existing Balance—If a balance is present on the account, the amount the selected responsible party has agreed to pay is displayed.

14. Final Responsibility—The total amount the selected responsible party has agreed to pay is displayed.

15. RP Down Payment—The amount the selected responsible party has agreed to pay is displayed. Use the Down Payment slider to adjust this amount.

16. Estimated Fee Schedule—The monthly payment amount, length of the contract, and final payment amount are displayed. Use the sliders to adjust these variables.

8. To select the day that payments are due, click the Payments due on day of the month drop-down list.

9. After confirming the amounts, select one of the following:

10. Print—Select an option. Click OK or Cancel.

11. Cancel—Closes the Financial Estimator RP window.

12. Save—Saves the contract information. The Financial Estimator Accepted Amounts window is displayed. Close the window or click Print.

The Financial Functions window is displayed.

Related Topics

Setting Up Contracts

Setting Up Contracts with Insurance or Multiple Responsible Parties

Skill Sharpeners