Prompt Pay Discount in Medical Billing
A prompt pay discount is a reduction in the billed amount offered to patients who pay their medical bills quickly, usually within a specific time frame.
Prompt Pay Discount in Medical Billing Explained
In medical billing, prompt pay discounts encourage patients to pay their bills promptly, reducing the risk of unpaid balances. These discounts are typically offered as a percentage off the total bill if paid within a certain period.
For example, a provider offers a 10% prompt pay discount if the patient pays their bill within 30 days of receiving the invoice.
Explore acronyms and abbreviations in Medical billing glossary.
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