Tips on getting the money in
Heed these memos to make your billing more efficient – and your bank account healthier.
- The average new client to MBC has debts up to 20% of the practice size when it takes over the billing and collection. MBC’s bad debt expectation is 0.5% and it can increase fees by up to 20%.
- Consider how you are going to chase and collect self-pay debt. This is by far and away both the fastest-growing area of private healthcare and also the one with most payment issues if not managed well.
- Understand what time-scale each payment company works to. Some can be within two weeks. But some embassies are closer to two years. This will help you avoid making decisions that could lead to cash flow issues.
- Why you should consider a billing company:
- Firstly, your expertise and knowledge can earn more money for you through seeing more patients than dealing with the invoicing.
- You can maintain a doctor-patient relationship knowing that you need not have conversations about finances with your patients.
- You can spend the time growing your practice while leaving the finances to a trusted partner.
- When seeing an overseas patient, consider whether you should collect the payment up front.
- Make sure you have time allocated to reconcile the payments regularly, so you always have an accurate reflection of outstanding debt.
- Make sure you understand the CCSD coding system and check the updates and changes monthly. Put the wrong code on an invoice or break an unbundling rule and an insurer will not pay you.
- Understand how each insurer wants its invoices sent. Portal, email, post? They all differ in how they work.
- Register with all the main private medical insurers.
- Make sure your patient registration form has all the information you may need to both raise an invoice and to correctly chase the debt.
- When setting up in private practice, don’t forget to consider how you will invoice and collect the money. You don’t want all that hard work, building your practice and getting known in the market being diluted by poor collection of your money.
- Make sure your invoice regularly; daily is best. Weekly is OK. Monthly is not.
- Make sure you benchmark your professional fees. You need to pitch a new practice at the right level. Too high and you risk limiting your practice; too low and you risk affecting your finances.
- See that you know what to charge each insurer, because fees can differ by 100% for the same code.
- Warning: Failure to follow these pointers or failure to properly chase the debt will result in a growing backlog of unpaid invoices.
- 01494 763 999
- Medical Billing & Collection
Buckinghamshire HP7 9LP
More than Just a Billing Company