Automatic financials - no spreadsheets required!
Billing IQ assists you in the process of analyzing your financials to see where and how you are generating your income. You don't have to worry about navigating complex spreadsheets or breaking formulas in Excel.
Looking for a rough estimate how you much you need to pay in taxes?. This tool is for you!
Step 1: Setup your fiscal year end.
- If you are not incorporated, your year-end should be December (default)
- If you are incorporated, use the month of your fiscal year-end.
Step 2: Select the analysis period. Many physician work in shifts and may not have the same billing volume every calendar month, so may want to choose a longer period (ie/ quarter). To roughly estimate your tax owing, use Current Fiscal Year*.
*Important disclaimer: For estimating taxes, you will need to including Accounting Transactions and other sources of revenue. In addition, MDBilling.ca makes no representation on the accuracy on the data. Please contact an Accountant to obtain a more accurate estimate of your tax owing.
The Reference Period allows you to compare your revenue against the previous year, or the average of the last 3 years. This is helpful when you want to analyze your OHIP remuneration over time.
Frequently Asked Questions
How often is your data refreshed?
Your account information is refreshed on the 8th of every month.
Does your analysis include claims billed outside MDBilling.ca?
No. Only claims submitted through our system.
Do you include Accounting Transactions in the analysis?
No. Accounting Transactions are deposits/deductions from MOHLTC, which may not always represent the claims you have billed through our system.
I bill under an Alternative Payment Program (AFA) / Alternative Payment Program(APP). How do you perform the analysis?
Service codes processed with the I2 explanation are included in our analysis. Although the I2 processed claims have a paid amount of $0.00, we will use the submitted amount for analysis.
I bill under different groups, how do you perform the analysis?
Our analysis includes both solo (0000) and your group claims submitted through our system.