This is a brief overview of the Contracts reports, which allows providers to see all Contracts within their provider organization. This report is by request only and is delivered via email at the requester’s desired frequency.
What is a Contract?
A Contract is an activated payment plan. Contracts are created when patients finish the application process, pay their down payment if applicable, and receive treatment.
Common Use Cases:
- Analyzing volume – With this report, you can easily see how many contracts have been created over a period. This can be segmented by location, state, etc.
- Reviewing delinquency – This report includes Payment Status, which tells providers which patients are on schedule or behind on payments.
- Credit Mix – Using the Credit Grade column, providers can see where their patients are being grouped within HFDs credit bucketing.
Glossary
| Field | Description | Example |
| HFD ID | The unique identifier for the Contract. | 123456 |
| Client ID | An open text field that can be used by the Provider to enter their systems unique identifier for the customer or order. | ProviderCustomer1234 |
| Provider ID | The unique identifier for the Provider. | 123456 |
| Parent Provider ID | The unique identifier for the Parent Provider, if applicable. | 123456 |
| Parent Provider Name | The name of the Parent Provider, if applicable. | Joe’s Corporate |
| Legal Name | The legal business name of the Provider. | Joe’s Practice |
| DBA / Practice Name | The Doing Business As (DBA) name of the Provider. This is the name patients would know. | Joe’s Dental Studio |
| Company ID | An open text field that providers can use to help identify the Provider. | JoesLocation23 |
| Created On | The date the application was submitted for this Contract. | 01/01/2024 |
| Submitted On | The date the Contracts application was submitted through underwriting. | 01/01/2024 |
| Activated On | The date the application turned into an activated Contract. | 01/01/2024 |
| Financial Instrument | The type of payment plan that was originated. Providers can either utilize Retail Installment Contracts (RIC) or Bank Loans. | RIC BankLoan |
| Borrower Name | The name of the patient that applied for financing. | Jane Doe |
| Borrower DOB | The date of birth of the patient that applied for financing. | 01/01/1990 |
| Payment Status | The status of the payment plan, which identifies if the patient is on track or behind on payments. | Current Late Delinquent |
| Past Due Amount | The amount the patient is past due on their Contract. This will be greater than 0 if their Payment Status is Late, Delinquent, or Pending Collections. | $120.00 |
| Patient Name | The name of the patient if different from the borrower. | Jeanie Doe |
| Credit Grade | The grade that HFD assigned to the patient’s credit profile when they were underwritten. | A |
| Term | The total term length of the payment schedule for this Contract. | 24 |
| Program Code | The unique program ID for the financing program that the patient applied for. | UNIQUE-PROGRAM-CODE |
| Amount Financed | The amount the patient financed, which does not include the down payment. | $1,000.00 |
| Plan Type | Whether or not the patient chose a standard installment offer or a 0% promotional offer. | Installment Promo |
| APR | The APR for the Contract. | 19.99% |
| Down Payment | The down payment that was charged on Activated Date. | $250.00 |
| Max Finance Amount | The maximum amount the patient was approved for under this financing program. | $2,500.00 |
| Doc Stamp Tax | A documentation tax, only relevant for Retail Installment Contracts originated in the state of Florida. | $3.50 |
| Funded Date | The date HFD funded the Provider. | 01/01/2024 |
| Funded Amount | The amount HFD funded the Provider for the Contract. | $950.00 |
| Merchant Discount Rate | The discount rate the provider pays to receive their money up front. | 5% |
| Merchant Discount | The dollar amount the provider pays the investor to receive their money up front. | $62.50 |
| Refund Amount | The amount refunded if applicable. | ($100.00) |