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Physicians, Understand How Much You Make With Billing IQ
Physicians, Understand How Much You Make With Billing IQ
Sophia Jarvi avatar
Written by Sophia Jarvi
Updated over a week ago

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!

Background:
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

Instructions:

Navigate to REPORTS --> BILLING IQ

MDBilling.ca settings mentu

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.

Medical Billing IQ setup

PAYMENTS:

This feature will allow you to analyze your paid claims over time and revenue sources. A few important things to remember:

  • Many physicians work in shifts and may not have the same billing volume every calendar month, so you may want to choose a longer period (ie/ quarter). To roughly estimate your tax owing, use Current Fiscal Year*.

  • 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.

Set up your fiscal year end

Once you generate the data, you will notice the graphic representation of your paid claims.

Medical billing analysis
Analyse your medical billing

*Important disclaimer: For estimating taxes, you will need to including Accounting Transactions and other sources of revenue. In addition, MDBilling.ca makes no representation of the accuracy of the data. Please contact an Accountant to obtain a more accurate estimate of your tax owing.

SUBMISSIONS:

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

Number of patients

  • 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

Number of clinic patients

FORECAST:

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.

Medical billing revenue prediction

BENCHMARK:

Coming soon...

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.

Do you include Remittance Adjustments (codes added by MOHLTC) in the analysis?
No.

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.

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