Using Medical Billing and Collection creates many operational benefits for the practice with the main ones outlined below:
We have an efficient process in place for medical debt collection. This includes chasing unpaid invoices, following up on shortfalls and problems with claims which results in vastly improved cash flow and also leads to greatly reduced bad debts to an average of less than 0.5%.
We will maximise your billing revenue which can lead to an increase in your net income by up to 25%. This is achieved by ensuring that your clinic/theatre data is billed in the correct way taking into account the nuances of each insurance company.
Where appropriate we will liaise with the Insurers to obtain the appropriate contribution for complex procedures in a pre and post op situation.
The relationship between the Practice and the patient is kept purely at the medical level which ensures that the relationship is not tainted in any way regarding the commercial aspects of the practice.
When a consultant decides to join us we place them in “Intensive Care”, this is the induction phase where we get to understand the particular way that practice works so that we can tailor our service to the exact needs of the practice.
We allocate each consultant an Account Manager who is then responsible for all aspects of that practice which means that they get to know the practice ensuring both continuity and good communication between us and the practice.
Our expertise in ensuring that all the relevant information is present and correct when raising the invoice meaning there are no delays in the acceptance of the invoice.
We always ensure our medical claims processing is carried out efficiently. To do this we aim to bill the same day that we receive the clinic/theatre data which means that there are no delays in the billing which in turn means that we can chase the money in a timely manner.
Once we receive the money from the Insurer or self payer payments are accurately reconciled before sending the money direct to the practice or consultant’s bank account.
Our Practice Management module allows you to have online access to a wide range of financial and management data relating to the practice. This includes aged debt information, Bank reconciliation information, billing and payment analysis, patient activity data, Referral analysis, location analysis, Insurance and fee analysis.
Some reports can be set up to be sent directly to your phone either by SMS or e-mail on a weekly basis.
Another advantage of using our dedicated billing and clinical debt collection service is that any disruption in a consultants practice such as secretarial absence for sickness or holiday, does not affect the all important billing and payment collection, and therefore continuity in that vital area is assured.
Our fees are only charged on what we collect and are commonly offset by maximising the billing revenue, greatly improved cash flow and with vastly reduced bad debts; this coupled with the fact that our fees are tax deductible means that we offer an extremely cost effective service.
- 01494 763 999
- Medical Billing & Collection
Buckinghamshire HP7 9LP
More than Just a Billing Company