Practice Management Alert

Using a standard form can help you set up patient payment plans. When you're setting up patient payment arrangements, keep in mind that a signed payment agreement is not the same as a promissory note, says Peter Pommersheim, Esq., with The Rogers Law Firm in Braintree, Mass. Know the Difference Between Tools A payment agreement "essentially is a contract pursuant to which the patient promises to pay the provider for the services rendered," Pommersheim explains. "The agreement, however, is not a negotiable instrument on its own and only would be enforceable by bringing a breachof-contract action, which generally is more difficult and time consuming than enforcing a negotiable instrument." Alternative: A "negotiable instrument," on the other hand, is "negotiable within the general realms of commerce; i.e., the payee or holder of the note can assign or transfer the note to a third party for consideration, and then the third party [...]