Frequently Asked Questions
How is Preferred Payment Plans different from traditional patient financing?
Preferred Payment Plans is not a finance company. Preferred Payment Plans is a payment plan management system. We do not offer third-party financing. We manage your patient's payment plans which gives you control of your practice financial policy. Click to compare Preferred Payment Plans vs Dental Credit Cards.
CAn I demo the Preferred Payment Plans system?
Will Preferred Payment Plans train my office?
Yes! Preferred Payment Plans provides comprehensive training on how to use our services. This training includes presentation skills for your staff to ensure the best management of all your payments.
How do payments get to my bank account?
Preferred Payment Plans sets you up with an online Merchant Account so your client funds are transferred directly into your bank account. We email and upload a payment summary of your Client Funds weekly
Does Preferred Payment Plans collect insurance?
No. Your practice will collect insurance payments following your existing procedures. If you schedule a payment plan through Preferred Payment Plans, you can do a balance increase or decrease anytime based on insurance adjustments or treatment plan changes
Do I Need to Purchase Equipment?
No. There is no software to buy or additional equipment needed. Once enrolled, your practice is given access to our Client Portal on our website to create and manage your payment plans
How do I decide who to offer a payment plan?
Make solid decisions with the TransUnion Patient Financial Summary. P3 has partnered with TransUnion, one of the 3 largest credit reporting agencies. The Patient Financial Summary provides you with three important tools. The NEW ACCOUNT SCORE is a proprietary credit evaluation tool similar to the FICO score. AVAILABLE CREDIT shows you how much the patient has remaining on Visa/MC credit limits. IDENTITY VERIFICATION verifies patient information such as address, social security number, and birthdate
How secure is Preferred Payment Plans for handling online payments?
How do I make changes to an active payment plan?
The Preferred Payment Plans website has a Change Payment Plan page that you can use to:
- Change bank account number
- Change credit/debit card number and expiration date
- Delete a payment plan
- Decrease balance/make a partial payment
- Add treatment to the payment plan
- Change the terms of the payment plan
- Change the scheduled payment amount
- Change the scheduled payment date
What reports does preferred payment plans provide?
Every Wednesday you receive a report by email detailing all payments collected on your behalf the previous week. Use this report to enter the principal and interest for each payment on the patient’s ledger in your practice management software. This batch entry process saves lots of administrative time while more accurately posting payments. Monthly, a statement is sent also via email with details of payments collected plus a summary of all principal and interest collected on your behalf. Also, these reports and statements are available online for download anytime.