Post by totalvisioncare on Jun 17, 2019 10:19:19 GMT -6
We recently had to send some patients to our local collection agency and after receiving the documentation, they brought to my attention that we are charging interest incorrectly on our patient invoice. We are located in California and according to the collection agency we are not allowed to charge "compounded" interest (meaning that the interest is charging interest on top of itself). Is there a way to be able to charge a "simple" interest rate where it only charges based on the original amount due only? I know there is the option of having a flat rate but the doctors don't want to change what they have always done which is a 2% finance charge.