Doctors: 5 Factors That Affect Your Revenue

Have you ever noticed a difference in the professional fees you receive compared to your colleagues who perform the same medical services as you? Here are five factors that can play a fundamental role in determining your revenue and which may explain some of the differences: 

    1. How the billing rules are interpreted
    2. An in depth knowledge of your agreement
    3. The implementation of price increases
    4. The expertise of your billing personnel
    5. The software used to submit your billing information

 

1. How the Billing Rules Are Interpreted 

The way to interpret a billing rule can differ from one doctor to another or from one professional association to another. This might explain some of the revenue differences among doctors conducting similar activities.

If you underbill, you lose revenue, and on the flip side, if you overbill, you expose yourself to a RAMQ inquiry and potential over payment recovery procedures.

The best way to optimize your remuneration, while following the RAMQ’s standards, is to work with medical billing experts who have a global view of the median income for someone in your practice and who know how to accurately interpret these rules.


Download: Simplify Your Medical Billing with the RAMQ with Xacte


2. An In Depth Knowledge of Your Agreement

For each medical discipline, agreements have been negotiated and all of them have unique particularities. 

If you take care of your billing yourself, it is important to carefully read your agreements to fully understand all their details. This includes any amendments which should also be read and followed.

If you give your billing to a third party, you must still ensure that they know the particularities of your practice and your agreement(s). Lack of knowledge could result in important revenue loss or increased liability.



3. The Implementation of Price Increases

Some doctors are entitled to salary mark-ups. As is the case, for example, for those working or substituting in remote regions. These doctors can then request an increase in their pay of up to 140% of their regular services.

For more information, please consult the Remuneration Mark-Up Table (in French only).

 

4. The Expertise of Your Billing Personnel

The person in charge of your billing must know the RAMQ billing rules, as well as the details of your practice in order to accurately bill all the professional fees you are entitled to. Lack of knowledge concerning the billing rules could result in important revenue losses, and even expose you to the liability of financial investigations.

 

5. The Software Used to Submit Your Billing Information

Some softwares are designed to optimize your billing, for example, by notifying you when a code needs to be added or changed, or when data is missing. These are the intelligent softwares. 

Doctors not using an intelligent software put themselves at a disadvantage, since they may not be capturing the complete revenue stream they are entitled to.

 

Xacte: The Intelligent Medical Billing System

With its numerous intelligent functionalities, the Xacte billing system allows doctors to submit bills that are compliant with RAMQ’s standards 99% of the time. This ensures they will receive their full professional remuneration. This advantage explains why Xacte is the physician billing solution that has recorded the largest growth of clients in 2019.

For more information, download the Xacte Product Sheet below or request a custom demo.

Xacte | Product Sheet  Simplify Your Medical Billing with the RAMQ Download