NCMS Member Resource Center FAQ of the Week: Finance Charges on Unpaid Balances

Due to a high volume of questions coming in through the Member Resource Center, the NCMS will provide a Frequently-Asked-Question (FAQ) for its members each week to make them more aware of current medical and health care issues that their colleagues are having.

Q: I am thinking of adding a finance charge to my patients’ unpaid balance. What is the maximum rate in which I can charge my patients?

A: According to North Carolina law, physicians can implement a finance or interest charge of 16 percent or less for services rendered in the amount of $25,000 or less. Any service that amounts to more than $25,000 requires a contract between involved parties and must include an agreed rate. Please refer to the North Carolina General Statute 24-1.1 for additional information.

Click here for guidelines pertaining to finance and interest charges. Please remember that your patients should be notified of the charge before it is implemented.

Have a question? Contact the NCMS Member Resource Center at (919) 833-3836 or kfreeman@ncmedsoc.org.

 
 

More Posts in Bulletins

 
 

Share this Post