The Medical Promissory Note serves as a critical financial instrument in Malaysia's healthcare sector, bridging the gap between medical service delivery and payment obligations. This document is typically used when patients require formal documentation of their commitment to pay for medical services already rendered, often in cases of substantial medical expenses or when installment payments are arranged. The note must comply with Malaysian legislation, including the Contracts Act 1950, Bills of Exchange Act 1949, and healthcare regulations. It provides legal protection for healthcare providers while offering patients a structured payment commitment framework. The document includes essential details such as the parties involved, specific medical services provided, payment terms, and any applicable interest rates or penalties.
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1. Identification of Parties: Details of the medical provider (promisee) and the patient/debtor (promisor), including full legal names, addresses, and identification numbers
2. Amount Promised: The specific sum of money owed, stated both in numbers and words
3. Medical Services Rendered: Brief description of the medical services provided that created this debt
4. Promise to Pay: The formal promise to pay, including the complete payment terms and due date
5. Interest Rate: Specification of any applicable interest rate and how it is calculated
6. Default Provisions: Consequences of failing to pay as agreed, including any penalties or additional charges
7. Governing Law: Statement that the note is governed by Malaysian law
1. Guarantor Details: Used when a third party guarantees the payment, including their details and obligations
2. Installment Payment Terms: Required when payment is to be made in installments rather than as a lump sum
3. Prepayment Provisions: Terms regarding early payment options and any associated penalties or benefits
4. Insurance Coverage: Details of any insurance coverage related to the medical services and payment
5. Security Interest: Used when specific assets are pledged as security for the payment
6. Assignment Clause: Terms regarding the ability to assign or transfer the promissory note to another party
1. Schedule A - Payment Plan: Detailed breakdown of installment payments including dates and amounts, if applicable
2. Schedule B - Medical Services Detail: Itemized list of medical services rendered with corresponding costs
3. Schedule C - Supporting Documents: List of attached supporting documents such as medical bills or insurance claims
4. Appendix 1 - Witness Attestation: Formal attestation by witnesses, if required
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Healthcare
Medical Services
Financial Services
Insurance
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Healthcare Administration
Relevant Teams
Legal
Finance
Healthcare Administration
Billing and Collections
Compliance
Risk Management
Patient Accounts
Insurance Coordination
Relevant Roles
Healthcare Administrator
Finance Manager
Legal Counsel
Medical Director
Billing Coordinator
Credit Controller
Compliance Officer
Patient Accounts Manager
Insurance Coordinator
Risk Manager
Collections Specialist
Healthcare Finance Director
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