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Business Accounting

Billing, Collection, Business Accounting/bookkeeping & Reconciliation

JW Medical Management solution manages the whole Billing, Collection, Credit Control, Business Accounting/bookkeeping & Reconciliation processes all under one roof. We can securely work together using the same Practice Management System.

Billing Services

We will submit the required invoices to self-pay patients and insurers. We will assist in setting up your charging structure within the Practice Management System to ensure that all invoices are billed at the correct rate and monitor your patient appointments to ensure that all billing is captured.

Invoices will be raised electronically and either communicated directly to self-pay patients through their own secure portal or directly to insurers via Healthcode’s platform.

All invoices raised will be issued with the correct clinical coding and validated prior to submission.

Collection Services

We will manage the collection of all invoices. We will liaise with the insurers to ensure expedient payment of outstanding submissions and deal with any queries on your behalf. Any shortfalls not covered by the insurers i.e. policy excess etc, will be managed appropriately and subsequently billed to the patient. We will liaise with all self-pay patients promptly to collect sums outstanding.

The preferred method of payment for self-pay patients is by card payment. The Practice Management System we provide integrates with Stripe for collecting all card payments, GoCardless for direct debits and even Paypal. Unlike the majority of billing & collection companies we don’t direct your collected income into one account with hundreds of other Practice’s money. Your money is collected directly into your own dedicated Client Premium Account.

Client Premium Account

We set up a specific Client Premium Account with Barclays Bank PLC in your name, just for you. This Client Premium Account will be used purely for funds collected on your behalf. No other Clients money can be paid into this account.

The account will be directly linked to the Business Accounting software of which you will have access to and you will be able to view all transactions and balances on this account. Funds can be drawn down into your main bank as a regular sum or on an ad-hoc basis.

If you have opted for the Purchase Ledger Control Service we will automatically use the balances in this account to pay any of your dues owed to your suppliers / HMRC / your own drawings, divided payments etc.

One of the most important reasons for us operating in this manner is that because the account will be used to hold your money and your money only, you and your business will be covered up to the full limit on the Financial Services Compensation Scheme which is currently set at £85,000.

Credit Control Services

We will regularly monitor and manage outstanding debt for your practice by liaising with insurers and self-pay patients to maximise your cashflow.

Self-pay patients have 24/7 access to their own Patient Portal through which they can make card payments. All contact with patients for debt collecting purposes will be carried out in a polite, courteous and customer focussed manner.

We will liaise with you / your Practice with any queries that your patients may raise with us.

Business Accounting Services

Business Accounting/bookkeeping Services – We will provide the Business Accounting system. The system that we currently use and recommend is Xero.

Xero allows us the maximum benefit in synchronising with the rest of the services we provide and will be fully integrated with the Heydoc Practice Management System.

We shall record all financial transactions on this system which shall be used as the basis to form the necessary Year End Accounts files. We shall process and manage all receipts and expenditure as and when they occur together with the Purchase and Sales ledgers. All statutory taxes PAYE, VAT, Corporation Tax will be recorded & processed through this system.

Reconciliation Services

We shall fully reconcile each and every receipt from the insurers and self-pay patients against each invoice raised. All transactions, receipts and expenditure shall be fully reconciled each month end, together with the Client Premium Account and any other business bank accounts.

We shall post and manage any journals required through each monthly reporting period.

Purchase Ledger Control

Optional Service – We shall operate and manage your Purchase Ledger Control and ensure that all outstanding bills to Suppliers, HMRC and you are authorised and paid via the Client Premium Account.

You wont have to worry about missing any payments that are due and save potential penalties from statutory returns.

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