Process CareCredit Invoices

CareCredit is a Finance product specifically for financing patients elective Medical and Dental costs.

It is tailored for patients' Medical/Dental expenses.

A CareCredit loan is applied for by the patient online at the Dental Surgery where the treatment is to be done.

• The surgery will quote the full price for the whole course of treatment.

• The loan will be approved or declined there and then.

If approved, treatment can begin.

• When the treatment (or portions of it) are done, the Surgery completes the CareCredit paperwork and sends this off for payment.

• Payment for that invoice will be direct credited to the surgery’s bank account after a few days.

The amount CareCredit pays the dentist will always be less than the invoice as they deduct their Merchant Service Fee (MSF) from each invoice amount directly.

• The Merchant Service fees vary according to the term and type of credit the patient applies for.

Create Third Party

It's recommended a Third Party be created for CareCredit to be set as the Main Responsible Party of the Invoice.

Click the navigation menu > Patients > Patients page

View toolbar > Third Parties list

Create new Item

Create a new item

Create Invoice

1. Enter Treatment items

2. Create the invoice as usual process (ensure the Main Responsible Party is:  CareCredit)

3. Then complete the CareCredit paperwork with the full amount as per the D4Web Invoice.

Receive Payment using Item Number

1. When payment is received from CareCredit, delete the Invoice created above.

2. Add item MSF and enter the merchant service fee as a negative figure
   

3. Create the invoice and select the MSF item. This will reduce the invoice total to match the payment received from CareCredit
   

4. Using this method, the MSF item number can be reported using the Items Performance Report.

   1. As the Surgery is paying GST on this fee it is important to keep track of how much has been spent in order to claim it back

Receive Payment using Discount

If the above is not required, the Receipt can be created with the merchant service fee entered as a discount.

Applying this discount to a new Discount Category is recommended.

Setup Fees

To cover the cost of the Merchant Service Fees, the fees may need to be increased. CareCredit doesn’t allow surgeries who use the service to charge patients a surcharge directly so the treatment fees themselves will have to increase.

The best way to do this would be to set up separate fee levels for CareCredit patients. The way CareCredit charges depends on the finance terms e.g. a 3 month Interest free plan attracts a different percentage fee than a 6 month plan.

Depending on what finance options the surgery is offering, (e.g not all offer the 12 month credit option) a new fee level would be created for each of those options. e.g CareCredit 6 Month, copy the fees from the standard level and then increase these fees by the percentage charged. Any patient using the CareCredit service should have this fee level selected when the treatment plans are created