How outsourcing can fit your bills
The ‘Big Five’ common questions private consultants are asking about medical billing and collection are answered here by Findlay Fyfe
These queries kept arising when my company exhibited at two conferences recently in Liverpool: the annual congresses of the British Orthopaedic Association and the Association of Anaesthetists of Great Britain and Ireland. And they cropped up again when Medical Billing and Collection presented at two seminars for doctors setting up in private practice. So I thought I’d share the answers with a wider audience.
1. What is the set-up process?
We use a software package which has been designed specifically for our business where we create the practice by name and structure 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 the practice
The AXA process now involves online registration; however, with the correct information to hand, it can be done fairly quickly. Once our contract and forms are signed, we can start working on behalf of the practice. How long this can take is mainly down to the practice, but can be as short as a few days.
Once the practice is ready, then 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 all parties.
2. Will you chase any backlog?
Almost all of the individual consultants and group practices, clinics or hospitals that join us have a backlog of debts owed, so we are very experienced at dealing with them. And we are proving very successful in collecting the outstanding amounts.
We have an established process in place to deal with all the outstanding invoices and chasing them in an appropriate and sensitive manner.
For example, we have taken on many clients in the past with several hundreds of thousands of pounds-worth of unpaid bills. And that’s something we are very comfortable taking on.
3. How does the billing and collection process work?
The billing information can be sent to us by a variety of ways: these include Dropbox or scanned and emailed with preferably encrypted password or posted, as well as pictures of patients’ details taken and emailed, with any additional information added.
We raise the invoice the same day that we receive the billing information or who will be responsible certainly within 24 hours.
Each payment company – insurer, embassy, solicitor, selfpayer, sponsor, hospital group – has different payment terms, which are preset in our bespoke medical billing software. In turn, this means that we can chase any late payment of the money as quickly as possible.
The pricing is again preset 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. This ensures nothing is missed.
We aim to get all insurance payments made directly to the practice bank account by automatic bank transfer (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 we collect on behalf of the client (credit/debit card payments) will be transferred electronically to the practice bank account on a Monday morning.
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.
4. So what reports do I get?
Our practice management module allows the client to have online access to a wide range of financial and management data relating to the practice.
- Aged debt information;
- Bank reconciliation information;
- Billing and payment analysis;
- Patient activity data;
- Referral analysis;
- Location breakdown:
- Insurance break
- Fee analysis.
This data can be viewed online as well as downloaded into a spreadsheet. And some reports can even be set up to be sent directly to you by text (SMS) and/ or email on a weekly basis.
5. What other services do I get from MBC?
With over 25 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 emails to keep our clients up to date with what is happening within the private medical market as well as providing one-to-one advice as required.
- 01494 763 999
- Medical Billing & Collection
Buckinghamshire HP7 9LP
More than Just a Billing Company