Financial Medical Partnership

Frequently Asked Questions


Why choose Financial Medical Partnership?

How are you able to provide medical billing services at such competitive rates?

What services do you provide?

Which medical specialties do you bill for?

How do I send my billing information to Financial Medical Partnership?

How may insurers does Financial Medical Partnership deal with electronically?


What are the benefits of electronic patient billing?

Where will the insurance companies send the payments?

How do I reduce the problem of non-payment amongst my self-pay patients?

How long is the set up process?


What if there is any information missing from the billing information sent to Financial Medical Partnership?

How can you reconcile the invoices?

How does billing with Financial Medical Partnership compare with the competition?

How can fixed price invoicing from Financial Medical Partnership save me money versus paying a percentage of invoices?

 

Why choose Financial Medical Partnership?

We provide a cost effective solution for your medical billing requirements.

We provide a flexible service, tailored to your requirements. The staff at Financial Medical Partnership are experienced and specialised in medical billing, accounting and bookkeeping.

Financial Medical Partnership can save your practice time and money on its medical billing requirements. We offer a complete patient billing solution.

We can improve the efficiency, productivity and patient relations of your private practice, leading to increased profitability.

How are you able to provide medical billing services at such competitive rates?

We are able to reduce costs and maximise our efficiency by using Healthcode, the state of the art electronic patient billing system owned by the major UK Healthcare insurers. We receive billing information via scanner, e-mail, fax and post from our clients without having any of the billing documentation leave their offices.

What services do you provide?

Accurate electronic patient billing and tracking with billing frequency as often as required.

Which medical specialties do you bill for?

We can bill for any medical specialty, from individual practitioners to large group practices.

How do I send my billing information to Financial Medical Partnership?

Billing information can be sent by e-mail, fax and post.

How may insurers does Financial Medical Partnership deal with electronically?

We can produce electronic invoices for BUPA, AXA PPP, Norwich Union, Standard Life, First Direct, BUPA International, First Assist, BCWA, Exeter, Friendly, HSA and CIGNA.

What are the benefits of electronic patient billing?

Traditional paper invoice submissions take 3 to 6 weeks to process and be paid.

Standard electronic claims filing allows payment from insurance companies within 5-10 working days.

This drastic reduction in time is due to the many added features available on Healthcode.

Where will the insurance companies send the payments?

All cheques and payment information will be sent directly to you as normal. We can arrange for a copy of this information to be sent to Financial Medical Partnership for those clients wanting the invoice and reconciliation service.

How do I reduce the problem of non-payment amongst my self-pay patients?

The best way to eradicate this problem is to insist on patient pre-payment before consultation or treatment take place.

The majority of patients are happy with this arrangement and it is standard practice in private hospitals.

Financial Medical Partnership offer this service and allow patients to pay by a variety of methods including credit card, debit card, cheque, cash, BACS and bankers draft.

How long is the set up process?

We can start the set up process immediately upon signing the contract.

What if there is any information missing from the billing information sent to Financial Medical Partnership?

Invoices are generated but stored as draft invoices until the relevant information can be added. The invoice is then electronically submitted.

How can you reconcile the invoices?

If choosing the invoice and reconciliation service, we can arrange for duplicate payment advice notice to be sent to Financial Medical Partnership, which is reconciled with Healthcode, indicating that an invoice has been paid and allowing payment tracking.

How does billing with Financial Medical Partnership compare with the competition?

Provider Cost

Financial Medical Partnership

£3.20per invoice

£1-00 invoice and reconciliation

PHF Services Ltd 5% value of invoices
londonbilling.com 5% (+ VAT) value of invoices
Private units of NHS Hospitals 5% (including VAT)
Bookkeepers Variable cost

How can fixed price invoicing from Financial Medical Partnership save me money versus paying a percentage of invoices?

Examples of differences in charges for medical billing for a variety of different procedures. For illustration, BUPA codes and fees are used.

Procedure Consultation Hernia Repair Gynae Laparoscopy Tonsil Removal Anaes for V Veins
Procedure code   T2000 Q3800 F3400 L8510
Invoice amount £165-00 £335-00 £548-00 £386-00 £180-00
Invoice Charge 5% plus VAT £8-54 £17-33 £28-36 £19-98 £9-32
Invoice Charge FMP fixed price £5-00 £5-00 £5-00 £5-00 £5-00
Saving with FMP per Invoice £3-54 £12-33 £23-36 £14-98 £4-32

These savings on individual consultations and procedures can quickly multiply into substantial monthly and annual savings. Examples of differences in charges for medical billing for a variety of different procedure types.

Procedure Outpatient Consultation Surgery Surgery Surgery Anaes
Procedure fee code   Int 1 Major+3 CM5 CM5
Procedure fee payable £165-00 £208-00 £548-00 £2030-00 £1050-00
Invoice Charge 5% plus VAT £8-54 £10-76 £28-36 £105-05 £54-34
Invoice Charge FMP fixed price £5-00 £5-00 £5-00 £5-00 £5-00
Saving with FMP per Invoice £3-54 £5-76 £23-36 £100-05 £49-34

 


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FMP P.O. Box 1487, Surbiton, KT1 9RB, England, Company No. 03066638                
Tel 0208 398 9555