Billing is the vital bridge between the clinical work you do and the reward for your time, expertise, and effort. After years of rigorous training and the challenging work you perform, you deserve to be remunerated fully and promptly.
Although anaesthetists are well-compensated, many doctors focus on finding the cheapest billing solutions rather than the best value for money. When considering your billing options, it’s important to weigh more than just cost, as there are significant impacts on your work-life balance and income. Often, the cheapest route is DIY anaesthetic billing software, where you handle everything yourself. On the surface, this might seem like a way to maximise income, but firsthand experience shows why it’s rarely a wise choice. Here’s why:
1. It’s Technically Challenging
Private practice billing requires a detailed understanding of Medicare and Health Funds, including systems like Eclipse and the ever-evolving Medicare Benefits Schedule (MBS). This complexity, combined with frequent updates to item numbers and health fund rules, creates a high risk for errors if you’re not thoroughly trained. If a health fund audits your claims and requests a repayment due to “irregularities,” will you know how to handle it? Years of experience and expertise go into effective billing management—there’s no simple manual to master it.
2. DIY anaesthetic billing is time-Consuming
Billing isn’t just about submitting accounts; it involves gathering information from surgeons’ rooms, manual data entry, monitoring accounts, and chasing unpaid invoices. This administrative burden can quickly consume hours, detracting from patient care and personal time. Spending time on hold with a health fund to resolve a rejected claim isn’t the best use of your expertise.
3. Errors are Costly
Mistakes in billing can have significant financial repercussions. Forgetting an item number or submitting an account incorrectly can delay or reduce your payment. Medicare “top-up” requests can take up to 18 months to resolve, and resubmitting claims due to errors takes time and patience, resulting in less money in your pocket.
4. Claims are Frequently Rejected
Billing rejections can be baffling without a clear understanding of rejection codes or the specific preferences of different health funds. DIY billers often find themselves spending lengthy periods on hold just to resolve simple issues. This ongoing frustration distracts from your clinical work and adds unnecessary stress to your day.
5. The Administrative Burden Extends Beyond Billing
There’s more to billing than just submissions—patients often need quotes, receipts, and explanations of fees, while surgeons’ offices might require you to follow up for patient details. These responsibilities add to the administrative workload, making DIY billing far more cumbersome than it initially appears.
6. You’re Probably Missing Out on Income
A good billing agent doesn’t just submit claims; they ensure you’re maximizing your billings by identifying item numbers you might be missing. This is especially beneficial when starting in private practice, as agents can boost your income by advising on unique codes or fund-specific practices you may not be aware of.
7. Compliance Support from Experts
A professional billing agent keeps you in compliance with Medicare and Health Fund rules, reducing the risk of audits or fines. Accidental non-compliance can lead to serious repercussions, and a skilled billing agent will know exactly how to respond if Medicare or a health fund initiates an inquiry.
8. Faster Payments
When you have a dedicated billing agent, your income is managed efficiently, meaning payments arrive faster. Agents track unpaid accounts, follow up with funds, and monitor patient gap accounts closely, which helps maintain steady cash flow and reduces bad debts to nearly zero.
9. You Avoid Awkward Money Conversations
Discussing fees and payment policies with patients can be uncomfortable and detracts from your role as a healthcare provider. DIY billing means you’ll need to manage these discussions throughout a patient’s journey, from explaining fees upfront to chasing overdue accounts—a task that most doctors prefer to avoid.
10. Your Time is Worth More
Ultimately, your time is precious. Think about what your hourly rate might be. If you spent even a fraction of the time used on DIY anaesthetic billing working in your practice, the financial return would likely far exceed the cost of a professional billing service. Just as patients trust you to deliver anaesthetic care, it’s wise to trust experts to handle billing for you. Billing is a fundamental aspect of your service provision, and a specialist can maximise your income and free up your time.
Is DIY Billing Worth Your Time?
Is it really worth saving a few dollars to handle billing yourself? What could you accomplish with that time instead? Solo Practice Management covers all aspects of billing—and more—to ensure your income is maximised and payments are streamlined. While DIY options might look cost-effective initially, the real cost lies in potential impacts on your cash flow and work-life balance. For most practitioners, the smart choice is Solo Practice Management.