Medical Records Driven Billing Systems
Medical records are the foundation of equine practice, and the care of animals is often the driving factor for people choosing the veterinary profession. Immediately after vet school, the reality of the business aspect of practice becomes front and center.
Medical records driven software with billing enabled automation will keep the focus on the animal, not invoicing. Not all software is created with this in mind. The time factor and extra workload to create invoices AFTER appointments and then MORE time for collection of receivables is not a good use of resources and should be avoided at all costs.
We all hear the industry chatter that finding staff is hard and some people do not want to work long hours like has been done in the past. For practice owners, finding software that facilitates billing at time of service and automatically attaches billing codes to medical records is one easy fix that saves time, alleviates extra steps in billing cycles and lets vets get home to their families quicker.
Time-of-service billing stands as a foundation for practice that offers multifaceted benefits.
Better Medical Records
Medical records are perhaps the most important administrative task a vet has. Accurate, complete medical records are the foundation for great care, great follow up and a great customer experience.
Audits: Governing bodies serve an important role in ensuring medical standards are met and veterinarians are working in the best interest of the horse. Practice audits are a by-product of these regulations and strong medical records are a foundation to performing well under audit.
Lawsuits: Many veterinarians will undergo a lawsuit or two over their career, whether legitimate or not. Proper medical records make the discovery process much easier on the vet and reduce legal expenses. Every vet that has been sued likely questions their own record keeping and asks themselves if they documented everything properly. The billing of an item may not be under investigation but if they medical record is tied to a legitimate billable item automatically, it might eliminate the question by an astute lawyer whether a drug or treatment was prescribed.
Patient Convenience: The immediacy of billing at time of service showcases an organizational commitment to transparency and accountability. Clients are presented with a clear, real-time financial report, promoting trust and engagement The convenience of settling expenses promptly also enhances client satisfaction and reduces post-service billing inquiries, therefore reducing administrative time.
Administrative Efficiency: The implementation of time-of-service billing reduced the likelihood of accumulating bad debt due to uncollected accounts. Clients are more likely to settle their financial responsibilities when presented with accurate, timely information, resulting in fewer delinquent accounts and a healthier financial bottom line.
The proactive approach of medical records driving billing helps mitigate delayed or forgotten billing events, resulting in reduced administrative overhead.
Gain in Revenue
The financial implications of adopting time-of-service billing are profound, with the potential to significantly augment revenue streams. Some key aspects of revenue gains manifest include:
Reduced Write-offs: The timeliness of time-of-service- billing leads to a notable decrease in collectible debt, minimizing the necessity for write-offs. This not only safeguards revenue but also contributes to a more accurate representation of the practice’s financial health.
Improved Collection Rates: With billing occurring in tandem with service delivery, collection rates rise as clients are more likely to settle their accounts promptly. This improves cash flow, mitigates cash flow gaps, reduces the need for extended collection efforts and it takes less people resources, further reducing practice expense.
Increased Patient Volume: The trust instilled by transparent, upfront billing practices cultivates client loyalty and positive word-of-mouth referrals. This can translate into increased patient volume, increasing the practice’s revenue base over the long term.
Wrapping up
The implementation of time-of-service billing represents a strategic paradigm shift, improving the revenue cycle of a practice, culminating in tangible gains in revenue and operational efficiency. By implementing software with this embedded capability, practices stand to enhance client satisfaction, reduce administrative burden, and fortify their financial standing in an increasingly competitive veterinary landscape.
Should you wish to explore implementation of time-of-service billing with our team, please reach out for a no obligation call or demo of our software.
We remain committed to assisting you in achieving your practice goals, whether you choose our software or not. Ensure you are educated about how software enhances your practice, makes you money and saves you time. The cost of software should easily be recovered by it’s ability to make your practice more profitable and enable better medical records.
