Billing IQ - Overview
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 on how much you are making? This tool is for you!
Data visualization (aka graphic representation) of your billing information will enable you to perform a quick and clear analysis of your financial practice. With this feature, you can:
- Identify emerging trends
- Identify relationships and patterns
- Analyze at various levels of detail
Navigate to REPORTS --> BILLING IQ
Set up your fiscal year-end under Settings & FAQ
- If you are not incorporated, your year-end should be December (default)
- If you are incorporated, use the month of your fiscal year-end.
You will also have the opportunity to select which MOH group (solo, etc..) you want to visualize the information.
This feature will allow you to analyze your submitted claims over time and revenue sources. The following graphs have been developed for you:
- Working days: number of unique service dates
- Patient billed: number of unique patients billed
- Weekend/Holiday billing: $ amount or # of patients billed over weekend/holidays
Note: You can toggle the view between $ amount and # of patients at the bottom of each graph
- Weeknight billing:$ amount or # of patients billed at night. We use special visit premiums
to determine if you have billed at night.
- Ward billing: $ amount or # of inpatients billed. If the admission date = true, the claim is considered a ward patient.
- Clinic billing: $ amount or # of clinic patients billed. If the admission date = blank, the claim
is considered a clinic patient
This feature allows you to estimate your revenue based on the claims being processed by MOHLTC and your historical billing patterns. The deadline for submission is on the 18th of every month for payment next month. Keep in mind the deadline has a few extra days of tolerance. As an example, claims submitted on the 22nd of the month may be paid on the current payment cycle (next calendar month).
How we estimate your revenue:
- Current Month: We use data based on your Total Paid claims in your report. This only includes claims submitted through MDBilling.ca and excludes Accounting Transactions.
If the RA (payment report) has not arrived from MOHLTC, we will estimate based on your claims created before the 18th of the previous month.
- Next Month: We use data based on your claims that are in SUBMITTED and UNSUBMITTED status. The amounts are calculated based on when you run the query and when the claims were created (either before or after the 18th of the current vs. previous month). Claims that are in SAVED or REJECTED status are not included, as those have not been, nor scheduled to be transmitted to MOHLTC.
- Future Months (Current month + 2, 3.. N): We use the average revenue of the last 3 years based on calendar months.