How to get paid quick.
24 Jun 2009 by M Reeves
Electronic patient billing will dramatically improve your private practice cash flow by making your patient billing more efficient and effective, allowing you to focus on patients.
Electronic Patient Billing reduces your back office expenses, increase cash flow and improves the financial health of your private practice. Full computer back-up of your practice accounts always held on a secure server.
Dr Chris Jenner is a Consultant Anaesthetist at St Mary's Hospital, London, W2. He experienced significant problems relating to invoicing and payments in his private medical practice, leading to impaired cash flow and bad debt. He started working with Mr Mark Reeves at Credittel in 2003 and recovered a substantial amount of the overdue medical accounts.
Mr Reeves introduced new bookeeping practices, including flexible pre-payment for self-funding patients for all consultations and treatments.
Paper based billing was replaced by Healthcode Electronic Patient Billing. The results were startling, with a reduction in the time to payment of invoices and a dramatic increase in cash flow for the practice.
Following discussions with Consultant colleagues, it was found that such billing problem were commonplace and found companies offering doctors medical billing and charging in excess of 5% plus VAT for each invoice and using out of date paper based billing.
Insurance companies are now promoting electronic patient billing through Healthcode and other providers. Paper based billing will eventually become obsolete.
Financial Medical Partnership was formed to provide fixed price patient billing solutions to private practitioners and their businesses, using Healthcode, the state of the art electronic patient billing system.
Healthcode is owned by the major UK healthcare insurers including BUPA, AXA PPP, Norwich Union, Standard Life, First Direct, BUPA International, First Assist, WPA, BCWA, Exeter, Friendly, HAS and CIGNA.
Electronic Patient Billing allows accurate, rapid and secure patient billing, with a significant reduction in time to invoice payment, improving your cash flow.
Financial Medical Partnership offers a range of complimentary financial services including:
Accounting and Bookkeeping
Tax
Self-pay payment management
Patient finance packages
Independent financial advice
Medical account recovery
For further information please visit
www.fmplimited.com
or telephone 0845 846 0036 to discuss your requirements
Mr Mark Reeves MICM, Dr Chris Jenner MB BS, FRCA
