A Promissory Note For Medical Bill is commonly used in the Philippines when patients require an extended payment plan for medical services already rendered. This document becomes necessary when immediate full payment isn't possible, but the healthcare provider is willing to accept payments over time. The note, governed by Philippine law, particularly the Civil Code and Negotiable Instruments Law, must include specific elements such as the principal amount, payment terms, interest rates (if any), and clear identification of both parties. It protects the healthcare provider's right to receive payment while giving patients a formal structure for managing their medical debt. The document is especially relevant in private healthcare settings and can be crucial for both routine medical procedures and emergency treatments where costs exceed immediate patient resources.
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Key Requirements PROMPT example:
Promissory Note For Medical Bill
"I need a Promissory Note For Medical Bill to be paid in 12 monthly installments for a heart surgery bill of PHP 500,000, with a 2% monthly interest rate and first payment starting March 1, 2025."
1. Header and Date: Title of document as 'Promissory Note for Medical Bill' and date of execution
2. Parties: Full legal names and addresses of the Maker (debtor/patient) and Payee (healthcare provider/hospital)
3. Promise to Pay: Clear statement of unconditional promise to pay, specifying the principal amount in both numbers and words
4. Medical Services Reference: Brief description of medical services rendered and date(s) of service
5. Payment Terms: Detailed payment schedule, including installment amounts, due dates, and payment method
6. Interest Rate: Specified interest rate (if any) and calculation method, complying with Philippine usury laws
7. Default Provisions: Consequences of missed payments and acceleration clause
8. Governing Law: Statement that the note is governed by Philippine law
9. Signatures: Signature lines for maker, witness(es), and notary if required
1. Collateral: Used when specific assets are pledged as security for the medical bill payment
2. Co-Maker/Guarantor: Include when there is a third party guaranteeing the payment
3. Prepayment Clause: Optional clause allowing early payment without penalty
4. Attorney's Fees: Provision for legal fees in case of default and collection
5. Insurance Coverage: Include when partial payment may come from insurance
6. Waiver Clause: Waiver of presentment, notice of dishonor, and protest
7. Force Majeure: Include when maker wants protection against unforeseen circumstances affecting payment ability
1. Schedule A - Itemized Medical Bill: Detailed breakdown of medical services and corresponding charges
2. Schedule B - Payment Schedule: Detailed amortization table showing payment dates, amounts, and balance
3. Schedule C - Evidence of Medical Services: Copies of relevant medical bills, receipts, or service documentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Healthcare
Medical Services
Banking & Finance
Insurance
Legal Services
Healthcare Administration
Debt Collection
Medical Tourism
Relevant Teams
Legal
Finance
Billing
Patient Financial Services
Collections
Compliance
Risk Management
Patient Relations
Medical Records
Administrative Services
Relevant Roles
Hospital Administrator
Finance Manager
Medical Director
Billing Coordinator
Credit Manager
Legal Counsel
Healthcare Collections Specialist
Patient Financial Services Manager
Accounts Receivable Manager
Medical Office Manager
Compliance Officer
Risk Manager
Patient Relations Manager
Financial Counselor
Healthcare Finance Director
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