Cash flow boost for Harley Street ENT Clinic
A huge boost to cash flow at Harley Street ENT Clinic has been brought about by the implementation of electronic billing at the practice.
Just a few months after the implementation of Healthcode's electronic billing system, the amount of time spent by the practice management team administering invoices and chasing bad debt has been reduced and invoices are settled significantly faster.
Desné Marston, Practice Manager, says: "It is amazing how long the invoicing process can take. We produce invoices for diagnostic tests, procedures and therapy sessions on a daily basis. Before the arrival of electronic billing, a considerable amount of time was spent printing paper invoices before they were folded into envelopes and franked." Today, though, the majority of these invoices are processed through the Healthcode system. "Desné Marston adds: "It is a huge advantage to know that once the invoices have passed through the Healthcode system you know that they are with the insurer. There is no longer any worry that they have been delayed in the postal system."
With invoices going astray a thing of the past, considerable time is saved in chasing bad debt. What's more the practice has benefited hugely from regular BACS payments from insurers. Desné Marston says: "Some insurers pay us weekly by BACS while we receive a fortnightly BACS payment from another. Often we receive payments in the same month that our invoices are issued."
Even when insurers do not pay by BACS payments come through much more quickly. Because the invoices go directly from the practice onto insurer systems, the need for scanning and inputting is removed and cheques are issued in a more timely manner. Following implementation of the new system a Healthcode Account Manager continues to be on hand to answer any queries. Desné Marston concludes: "Electronic billing has been a huge success as far as I am concerned and we're planning roll it out for consultants fees in the near future. With increasing workloads, every practice manager should work smarter not harder to keep the practice running efficiently and this is one excellent step in the right direction."