We know that it’s quicker and easier to submit bills electronically but e-billing is not always possible: a new report from respected healthcare analysts Laing Buisson (LB) suggests that a significant proportion of your patients might still require a paper invoice.
The latest edition of LB’s Private Acute Medical Care1 estimates that the UK’s self-pay market increased by 2.5% in 2013, and pointed to strong growth in spending by overseas clients (up almost 20% to be worth 5.6% of total revenues for hospitals and clinics).
Of course, e-billing is increasingly accepted practice for PMIs – the number of e-bills submitted to PMIs through Healthcode’s clearing system last year increased by nearly 20% on 2013 – but you may still need to raise paper bills for self-paying patients. This process must be efficient and properly integrated with your practice’s billing and financial management systems so you can keep track of outstanding amounts and allocate payments..
Raising paper bills
As with e-bills, your paper bills should include all the information the recipient needs to pay the outstanding amount.
Healthcode published industry billing standards for medical professionals which have been endorsed by all the main PMIs and contain details about the required information in any invoice. The standards include an invoice template for self-paying patients which you can access here.
Paper invoices with ePractice
With Healthcode’s ePractice manager software, generating paper bills that meet industry standards is quick and easy, helping to minimise queries and expedite payment.
The billing function enables you to manage both electronic and paper billing from one place. An on-screen paper icon indicates that you are generating a paper bill. After selecting the patient details from your contacts list and entering the services and charges, simply click save and print.
When the bill is printed, it is automatically recorded in the accounts system in the same way as e-bills. This means you can effectively track payments from both self-paying patients and PMIs and that your aged debtor reports will accurately reflect your financial position.
To find out more about how Healthcode can streamline your billing administration, This email address is being protected from spambots. You need JavaScript enabled to view it.
Reference
1 UK independent hospitals in good enough health…with a little help from overseas, LB, 12 March 2015 https://www.laingbuisson.co.uk/MediaCentre/PressReleases/PrivateAcute.aspx