TRANSACTION FEEDS
Reconciliation of payments with bank deposits

One of the best features of online accounting programs is their ability to digitally reconcile bank statements with recorded transactions. One of the challenges of traditional medical practice management is the inability to do this.

Bank deposits into practice bank accounts are classified in the following way:

  • Medicare payments – Batch payments from Medicare online
  • DVA payments – Batch payments from Medicare online
  • Merchant Terminal settlements – for Visa/MasterCard/EFTpos and HICAPS settlements
  • Bank Branch deposits – for Cash / Cheque banking
  • Health Fund payments – for claims made via Eclipse or other channels
  • Other less regular payments – e.g. EFT, Bpay, etc.

When such payments are automatically receipted in the PMS, they are captured by Surgical partners and processed for the accounting package. Resulting in a digital match on both sides for all of these transactions. 

When combined with the use of other cloud applications, medical practices can cheaply and easily classify expenses and staff time. Thus, medical practices can now cost-effectively allocate expenses and wages against classifications of revenue (such as procedure type or location) to enable powerful reporting of profitability – known as “Activity-based costing”.

Using Surgical Partners will save you time, allowing you to concentrate on core business growth.

DOCTOR REVENUE MANAGEMENT
Automated fee splitting of Doctor billings

Most medical practices will retain a share of doctor/clinician billings to cover facility costs. Many will use a percentage of fees, while others may use a fixed amount of retention for different procedures. Adding to the complexity, some facilities release the doctor share of the billings based on invoice payment, others on just the raising of the invoice.

Despite all this complex variability, with the granular invoice and payment data integrated through the SP Hub, all the necessary information is present to calculate (and account for) the split of billings into fees for the facility and the remaining doctor “revenue”. In all of these cases.

In fact, sufficient information is available to run different percentages for different procedures performed by different doctors. Even different percentage and fixed amount retentions for different procedures performed by different doctors.

Surgical Partners has developed proprietary technology that splits fees inside the accounting packages to continuously account for facility fee retentions.

With SP Doctor Revenue Management technology, medical practices can now

  • Remove any manual accounting from the facility fee calculations, literally nothing needs to be touched;
  • Automatically generate an invoice to the doctors and the end of the month and perform the clearing account journals;
  • Allow doctors to monitor their billings share at any time, without having to guess what the invoice might reveal at the end of the month; and
  • Activity-based cost, on the run, the facility fee retention to the practice for matching against expenses and wages.