It’s late. You’re reviewing your monthly accounts but the figures don’t balance and it’s going to take ages to track back line by line and find the discrepancy.
Unfortunately, this error might’ve happened at several points in the invoicing, payment or reconciliation process. Perhaps a paper invoice was raised for a self-pay patient and incorrectly recorded, an insurer’s bulk payment could have been wrongly allocated, or maybe a shortfall was missed.
These problems are more likely when practices are trying to manage and reconcile different systems and processes. Whenever you re-enter data manually onto another system, it increases the chance that inaccuracies will creep in, making it harder to balance the books. Such duplication also takes up valuable time and diverts members of your team from more productive tasks.
With an integrated invoicing and payment system, you’ll have a single, consistent source of truth about your finances at each stage in the invoicing cycle so you can see at a glance what you’ve invoiced, what’s been paid and what’s outstanding. This is essential for running your practice day-to-day but it also means you have the data required to plan ahead and make informed business decisions.
ePractice Lite and Pro give you the tools you need to manage your practice finances efficiently, starting with accurate invoicing with help from unique features like our Pricing Matrix and Membership Enquiry. You can then send electronic invoices securely to both insurers and self-pay patients from one place thanks to the seamless integration with the Clearing Service and Online Payments solution with insurer invoices automatically validated so they enter the payment cycle on receipt.
Once you’ve submitted your invoices, the payment allocation and debt reallocation features help you keep on top of bulk payments, shortfalls and other credit control tasks without swallowing up time and resource. You can even automate this process with our Electronic Remittances service with participating insurers and Online Payments.
Finally, you have complete oversight of your practice’s current financial position with access to real-time financial reporting options which can be easily exported to other software for accounting purposes.
If the scenario at the start of the blog sounds familiar, we recommend you audit the strengths and weaknesses of your back-office set-up. Ask yourself:
- How much manual intervention and duplication of effort is required?
- How much time do my team spend detecting and correcting errors?
- Can I get an accurate view of our current financial position?
- Will it support or hinder your practice as it grows?
- Is there scope for improved automation of some of the practice’s accounting tasks?
- Could I save money and increase productivity?