Tuesday 28 September 2021
Significantly reduced aged debt
Creating a 34% decrease on overall debt and average of 78% decrease in aged debt (30+ day debt) with a new billing service
Increased revenue opportunities
Generating a 42% increase across the group in both number of patients and income generated due to a contract negotiation with Vitality Health
Overall improved patient experience
Higher patient satisfaction levels with timely and efficient invoicing, and less administration work for clinical staff
The Challenge
Castle Orthopaedics had been struggling to balance the clinical and financial side of their practice. Having previously worked with an overpriced billing service that was not providing them with the admin assistance required, they had built up a high level of aged debt and found it difficult to keep up with the amount of incoming patient billing queries.
Their invoicing was often inaccurate and not sent to the patient in good time, which was contributing towards their debt levels. Having limited time to focus on the business side of the practice, they weren’t able to negotiate favourable fees with insurers and didn’t have access to fee benchmarks to understand if they were competitive or generating the right amount of income.
As a result of all these administration difficulties, their ability to grow the practice further was becoming impossible.
The Solution
The team needed an efficient, hassle-free service that would allow them to have more time to concentrate on their clinical work and provide their patients with a good experience. Castle employed Bill Medical to help them achieve this goal.
We enacted a seamless transition from their previous billing provider, ensuring minimal administration work and disruption. Their data was quickly and accurately moved over to our DGL platform, and we informed all relevant parties (such as insurers and hospitals) of the transfer.
Castle were appointed one main point of contact at Bill Medical to provide them with a personal service who understood the ins and outs of their practice and what they wanted to achieve. We analysed all their past billing and invoicing practices, fees, and debt levels in order to make the necessary amendments.
We worked closely with insurers to ensure all members of the group were on the correct tariff and that optimum fees were being billed. We also negotiated new more favourable fees and schemes with various other insurers.
The Results
Castle Orthopaedics have now made great strides in improving their administration processes including:
- A 34% decrease in overall debt levels.
- Aged debt (30+ days overdue) reduced by 78% in under 6 months.
- 42% average increase across the whole group in both number of patients and income generated through a contract negotiation with Vitality Health.
- The clinical staff now have more time to concentrate on their patients and providing a positive experience throughout, with high satisfaction levels
- Invoicing is now more accurate and efficient with multiple payment options available and clear instructions for how to settle.
- Bill Medical also negotiated a 20% reduction in medical indemnity cover and preferential rates for a new practice management system.
What the client had to say:
"Since we started using Bill Medical the figures speak for themselves, with a huge reduction in debt and excellent ongoing billing and collection. This was what we wanted, but the further and unexpected benefits have been equally valuable. This has included transforming our relationships with insurers for all individuals and benchmarking our fees to ensure they are at market rates. Bill Medical have also helped us negotiate with other suppliers to achieve savings across all our admin services. Finally, the personal touch with individual dedicated contacts in the team has given us great reassurance. We would unreservedly recommend them to colleagues (and we frequently do)."
