Have you ever had that conversation where you sit down with your accountant, and you struggle to reconcile the gaps between your invoicing, your payments received and your actual private practice income?
If so, then you need to outsource your billing.
As a rapidly growing organisation with both and invoicing and billing division, and a debt collection team we are fully aware of the pitfalls that occur within many practices who are currently managing their own billing. So here are 5 reasons why you should outsource your billing.
Reason 1: Better book keeping
In reality one of the biggest challenges that consultants face is keeping up to date with payments received. Keeping track, and actively taking remittances off your system seems to be an area where consultants and secretaries regularly let things slide. As an experienced billing company we ensure that your accounts are up to date – and when remittances are not received from Insurance companies we ensure that we chase them down and take them off.
This means patients are not incorrectly chased, and your accounts are up to date.
Reason 2: Better collection rates
Patients need to pay and whilst that journey can often be simple - When it is complicated it is very complicated. Insurance companies, embassies and over sea’s patients are not always straight forward to extricate money from. By outsourcing your billing you can guarantee that we will be working on your behalf to make sure that you get paid. It is our number one focus. And of course – we always record the payments when they come in.
Reason 3: More flexible payment options and faster invoicing!
Do you want to offer credit card payments? Would you like to accept payments online? Unfortunately as a sole practioner or LLP the costs for handling and managing these can be expensive. Any good invoicing and billing will provide these services for you and your patients.
DO you want your invoices raised the next day, and sent electronically to the main insurers – ensuring you are paid quickly
Reason 4: Working with your Practice Management System.
At Professional Medical Management Services we work closely with DGL Solutions who provide an excellent platform for both managing your patients , and managing your billing. With both billing firm and consultant working within the same practice we provide a complete and fully transparent billing process.
Reason 5: Better Cashflow
All the above results in better cash flow. You bill faster for your patients, and ensure that the money is collected more quickly, and your accounts are reconciled.
Author profile: Adrian Summerson
Adrian Summerson is the Director of Professional Medical Management Services Ltd.