These are generic answers to the frequently asked questions as we offer a tailored service that we match to the specific requirements of each practice.
MBC has been established since 1992 and since its inception it has grown every year through achieving exceptional billing outcomes for its clients. We also offer medical billing services unique in the industry. As a result our growth has come through word of mouth and has resulted in a client base numbered in the hundreds with our clients spread across the entire country with the majority based in London.
At a high level the three main benefits that we achieve for our clients are as follows:
- Bad debts reduced to less than 0.5%
- Increase in net income of up to 25%
- The consultant-patient relationship is kept at a purely medical level, which ensures that the relationship is not tainted in any way with the commercial aspects of their medical condition
We use a software package which has been designed specifically for our business where we create the practice and set up the appropriate rules applied to that practice. We have a contract and a set of forms to notify the Insurance companies that we act as the billing provider for that particular practice. Once these are signed then we can start working on behalf of the practice, the length of time this can take is down to the practice but can be as short as one day.
When a client joins us we place them in “Intensive care” to ensure that we capture all the nuances of the way that the practice operates and where the communication between our organisations is monitored very closely. Our approach is a pro-active one in order to ensure that the billing runs as smoothly as possible for the practice and we put procedures in place to stop problems occurring.
Once the practice is ready to come out of “intensive care” an Account Manager is assigned to the practice who will be responsible for all aspects of the billing and collection. This means that they get to understand the business of the practice, ensuring both continuity and good communication between both parties.
As almost all of the consultants that join us have a backlog we are very experienced at dealing with any backlogs that a practice has and are very successful in collecting the outstanding monies. We have an established process in place to deal with all the outstanding invoices and chasing them in an appropriate and sensitive manner.
The billing information can be sent to us by a variety of ways, these include e-mail, post and fax and we aim to raise the invoice the same day that we receive the billing information. Each payment company (Insurer, Embassy, Solicitor, Self Pay etc) has different payment terms which are pre-set in our bespoke medical billing software which in turn means that we can chase any late payment of the money as soon as possible.
The pricing is pre-set into the software per payment company as per the instructions of the practice so that it is priced correctly, any billing information which cannot be converted into an invoice for any reason is stored on our software until we receive the correct information ensuring that nothing is missed.
We aim to get all Insurance payments made directly to the practice bank account by BACS with the remittance advice being sent to us where it is reconciled on our software. Any cheques we receive made out to the practice from any payment company or self payer are accurately recorded before sending the money direct to the client or their bank account. Any money that we collect on behalf of the client (credit/debit card payments, etc) will be transferred electronically to the practice bank account.
We have a range of clinics as part of our client base so we have experience of how they operate and the way that the facility fee works so we are in a position to offer billing advice in this area.
We have achieved bad debts of less than 0.5% across all our clients throughout the life of the company. We will always consult with the practice on a case by case basis before sending anything to the debt collectors or writing an amount off. Using debt collectors is included in our fees and does not cost the practice any more.
One of the reasons we achieve such low rates is that we have a very efficient and robust process in place for chasing unpaid invoices, following up on shortfalls and problems with claims combined with our ability to accept payments by debit/credit cards 24/7.
Where possible all monies paid to the client will be by BACS, direct to the practice account from the Insurers and money received by MBC on behalf of the practice will transferred direct to the practice. Any cheques received made out to the practice can either be sent direct to the practice or their bank.
Our Practice Management module allows the client 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 breakdown, Insurance breakdown and fee analysis. This data can be viewed on line as well as downloaded into a spreadsheet and some reports can even be set up to be sent directly to you by SMS and or e-mail.
With our 29 years experience we are in a position to offer advice on all commercial aspects of the practice as well as the billing process, including medico legal terms, patient registration forms and many other aspects. We send out periodic e-mails to keep our client base up to date with what is happening within the private medical market as well as providing one to one advice as required.
We have a setup fee of £250 and our fees are charged as a percentage but are based only on what we collect and not what we invoice, our fees are variable based on the way a particular practice operates and takes into account the size of the practice.
We have dealt with Group practices for many years and we have over 20 Groups as part of our client base so we are very familiar with the administrative problems that they have. Our service removes an enormous administrative overhead that groups have to deal with relating to ensuring that all monies received end up in the right bank accounts. A large part of this is due to the Insurance companies only paying into one account so when a Consultant works inside a group as well as having a practice outside the group then it can be an administrative nightmare for the group and the consultant.