Improve Practice Profitability
Medical Invoicing Systems Can Improve the Profitability of Your Practice
There can be no doubt regarding the humanitarian role of doctors and others engaged in caring for the health of their communities. However, while such pursuits tend to be considered by most as of a vocational nature when operating independently of the state-funded healthcare sector, general practitioners, specialists, dentists, physiotherapists, and allied professionals must also assume the role of business people. In reality, unless they are able to ensure their practices remain profitable, these healthcare professionals would soon be in need of alternative employment. Fortunately, the use of specialised medical invoicing systems can go a long way towards helping independent practitioners to protect and to expand their income, and thus to ensure the long-term security of their practices.
Outside of the retail market, most independent businesses must depend on their ability to collect the fees due to them to remain viable. For the plumber and the builder, this often involves taking a substantial deposit up-front, in order to meet initial costs, as well as billing the client for the balance upon completion. By contrast, a doctor is often required to treat his or her patients first, and then to claim full reimbursement from one of the nation’s many medical aid funds. Without recourse to dedicated medical invoicing systems, this is a task that can not only occupy a lot of valuable time, but one that, because of the stringent submission requirements imposed by medical aids, also tends to be prone to human error.
Unlike the case of the plumber or the builder, however, there is a finite time period during which medical aids agree to accept and to settle the claims received from both patients and healthcare professionals. In addition, even when a claim is submitted on time, any inaccuracies could still result in underpayment or repudiation.
For a variety of reasons, practitioners often prefer to handle the payment process in person. To do so, however, requires either limiting patient numbers or working after hours. The use of medical invoicing systems offers a means to streamline the process, reducing the total time required while ensuring to eliminate human errors. The benefits are clear. The immediate effect of spending less time on billing and collections is to provide more time to devote to core activities. This creates the opportunity to see more patients in a day, thus providing a welcome boost to the income of a practice.
In some instances, members of a scheme may be required to contribute a portion of the total cost of their treatment, so the practitioner may need to bill patients directly for these contributions. To ensure compliance, it requires constant monitoring, a task best conducted with the aid of medical invoicing systems. The software runs regular searches to identify non-payments, issuing polite reminders where necessary. Should a patient still fail to meet the payment request, the next step will be to initiate legal steps to complete the collection. This facility alone has the potential to save a practice thousands of Rands that might otherwise be lost, over the course of a year.
When planning to purchase medical invoicing systems, there are perhaps four main points that will need to be considered. Naturally, one of the most important of these will be the cost of their acquisition and operation. Equally significant, of course, will be the features of the chosen package. For example, will it be able to handle both digital and paper-based claims, and how secure will your financial records be? In addition, most practices will need a solution that works across multiple operating systems, and can be accessed on a variety of devices, such as smartphones and tablets, as well as the usual laptops and desktop PCs? Finally, how user-friendly is the system, and is mastering its operation likely to require a prolonged learning curve
Firstly, it is not necessary for a practice to purchase or maintain medical invoicing systems in South Africa, as V Professional Services offers remote access to its world-class software as a service whilst offering the choice of in-house operation by the practice staff or off-site management on the service provider’s premises. In either case, technical support for the facility, including backups and upgrades, resides with V Professional Services.
This full-featured medical invoicing system is simple to operate, and offers secure access from multiple devices via a web browser. If efficiency and profitability are important to your practice, contact V Professional Services.