It's probably safe to say no one chooses medical school or embarks on a healthcare profession in order to focus on doctor revenue management. But in virtually every medical practice in 2017, accounting and revenue management is crucial to running a healthy practice.
Common Billing Problems Cause Stress and Lead Medical Practices to Operate Inefficiently
The sheer volume of transactions, the need to split billings and manage facilities, and the complexity of accounting for a variety of methods to release payments has resulted in a convoluted system of accounting practices that is labour intensive and in many medical practices, error-prone.
A truly integrated system that simplifies and streamlines the use of many different practice management systems used by doctors’ offices (GPs), surgeons and specialists, addressing some of the most common revenue problems that medical practices face, is long overdue. Surgical Partners was developed in response to these problems.
Streamlining Billing Processes to Smooth Practice Management
Surgical Partners integrates data from different practice management systems into a practice’s preferred choice of cloud accounting software and improves transaction processes across a variety of practice types, including GPs, Day Surgeries, Dentists, and some Allied Health professionals. Thanks to automated management, reconciling payments and bank deposits (including batch payments from Medicare, DVA, and managing Health Fund payments) is a much easier and less time-consuming process.
- Eliminate the need to manually enter practice revenue and balance sheet data into your accounting system
- Improve accounting practices, make reconciling bank accounts and receipts easier
- Reduce headaches (and errors) when splitting doctor billings into practice share and Doctor share.
Integrating Systems Saves Time, Improves Doctor Revenue Management
By integrating transaction data (from Pracsoft and Bluechip), offices can accurately replicate practice revenue and debtor balances, automatically journaling those values into the accounting system, and eliminate the need for data entry, which can slow processing and introduce costly errors into the process.
Surgical Partners’ Doctor Revenue Management solution uses transaction data to split Doctor payments into practice share and Doctor share in real time. Different percentage retentions or amounts can be established for different service items and different providers within the same practice. At the end of a payment period, the Surgical Partners solution generates required tax invoices and will email individual receipts to each Doctor, while simultaneously creating all the necessary journals in the accounting system.
The automated process delivers a daily balance of Practice share of Billings, and posts it to the Practice’s revenue account. What’s more, Doctors can access their share data in real-time using the Surgical Partners iOS app.
Real Numbers = Improved Doctor Revenue Management
The obvious and immediate payoff of having better billing and accounting practices is that managers and office staff have fewer headaches and more confidence, knowing that reports are accurate. But the longer-term benefits are also obvious, and practices typically see those benefits soon after implementing Surgical Partners’ solutions.
Streamlining office accounting procedures obviously improves workload in the office and reduces accounting problems. Just as importantly, it leaves more time for doctors and clinical managers to devote to their primary responsibilities – taking care of patients and growing the practice.
Using Surgical Partners in conjunction with other cloud-based applications, practices can quickly and cost-effectively move to activity-based costing, by allocating expenses and wages against classifications of revenue (such as procedure type or location). Such powerful reporting options give managers the numbers they need to make the best decisions to grow a practice.
In addition to helping practices operate in a more efficient, stable, and profitable manner, Surgical Partners also gives doctors the ability the peace of mind to know their practice and revenue are well-managed.
Put Helpful Info in Your Doctors’ Hands
Because Surgical Partners continuously accounts for facility fee retentions, your doctors and specialists can quickly see their billings shares, thereby reducing end-of–month anxiety and aggravation throughout the office. And they can see it virtually anywhere, because they can check their share of billings in real-time with a secure, easy-to-use mobile app.
If it’s time to streamline your accounting processes and improve your practice’s profitability, find out how Surgical Partners has been helping other doctors:
- Reduce data entry, associated errors, and risk of internal fraud
- Improve office efficiency, and
- Increase Practice profitability
Contact us to learn how Surgical Partners can make your office staff more efficient, free up your doctors’ time to take care of patients, and help you grow your practice.
