The Virtuo MIS Accounts Receivable Management Suite (Virtuo MIS AR) allows you to isolate high-risk receivables and improve cash management. It features an online aged trial balance complete with activity drill-down.
- Accounts Receivable consolidates invoicing and billing for multiple entities, with detailed user setup tables that let you automate all accounting transactions based on the service provided, which department provides the service, and/or who is responsible for paying the bill.
- MSP Billing automates the billing, reconciliation, and cash receipt functions for government receivables relating to the BC Medical Services Plan (MSP).
- OHIP Billing automates the billing, reconciliation, and cash receipt functions for government receivables relating to the Ontario Health Insurance Plan (OHIP).
The Virtuo MIS comprehensive Accounts Receivable and Billing solutions work seamlessly with Virtuo MIS Financial Management, and include the following modules:
AR Manager
The Virtuo MIS AR Manager maintains most user-defined default settings utilized by all the Virtuo MIS Accounts Receivable and Billing modules. Easy one-time entry of information such as recipient and guarantor details, service codes, and payment types allow for a flexible pricing and accounting structure.
Recipient
- Maintain clear records of patient personal information (e.g. HCN, SIN, billing and employer details, follow-up notes, and contacts)
- Create and maintain non-patient accounts as well
- Attach secondary codes to the recipient for detailed tracking of receivables in the GL
- Review summaries of recipient transactions including charges, adjustments, payments, and trust accounts, and drill down for complete detail
Global setup
- Personalize invoices, receipts, and statements
- Use default refund and write-off accounts, and tax rates
- Set default printing options to be used by the system unless overridden for a particular transaction or posting
Guarantors
- Utilize the optional auto-invoice feature to designate a guarantor-specific invoice prefix and factor grouping options to quickly create invoices
- Customize ageing increments to enhance usage of the Aged Trial Balance report
- Attach secondary codes to the guarantor for detailed tracking of receivables in the GL
Receivable Type
- Track multiple types of receivables by agency or department, allowing isolation and management of high-risk receivables
- Rollup similar charges on a statement
Services
- Set variable rates by payer, service date, facility, department, and/or service level; rates populate automatically during charge entry
- Assign revenue codes by service or payer
- Simplify data entry and minimize errors through optional defaults (e.g. physician, taxes, ICD10)
Activity Entry
Virtuo MIS Activity Entry facilitates multiple methods of charge entry, as well as the means to process adjustments individually or en masse.
- Easily create and process activities or credits within batches allowing for multiple facility/receivable combinations
- Setup batch templates for billings that are recurring in nature
- Import demographic and charge information by HL7 Interface from a patient registration system and/or by flat file from a foreign system
- Edit non-accounting information within posted batches
- Make adjustments to one or a group of posted activities
Invoicing
Virtuo MIS Invoicing provides flexibility in creating predefined or on-demand output for invoices and statements, plus options for collections and electronic billing.
- Provide customizable invoices, statements, and dunning letters
- Create electronic files for out-of-province (reciprocal) claims and WSIB
- Print single or multiple invoices and statements on demand
- Use the auto-invoice function to quickly generate all or specified invoices into batches according to defaults pre-defined in the Virtuo MIS AR Manager
- Configure cycle billing for automated processing of invoices and statements
- Create dunning (collections) letters for any overdue period using one or more user-defined templates
Cash Receipts
Virtuo MIS Cash Receipts accommodates payments for patient and non-patient receivables, miscellaneous income, and electronic funds transfer (EFT).
- Easily manage how payments are processed and applied to outstanding activities
- Record any form of collection (e.g. invoice payments, prepayments, payments on account, donations, miscellaneous sales)
- Cancel or unallocate receipts
- Refund overpayments or write off outstanding balances
- Generate Electronic Funds Transfer (EFT) files for automatic withdrawals
Cash Management
Virtuo MIS Cash Management tools give you control over day-to-day cash transactions in multiple locations across your organization.
- Automate the reconciliation process between cash counts and receipts processed for any given location
- Set up templates to use for daily or weekly floats and cash counts
- Set up a user-defined variance limit to automatically trigger the system to require supervisor override to post a cash count
- Create journal vouchers for easy bank reconciliation
- Access reports that provide an audit trail of approved variances, cash counts, and deposits
Reporting
Virtuo MIS AR Reports provides a comprehensive set of management tools to track receivables and reconcile accounts.
- Includes a full range of management reports (e.g., aged trial balance, recipient inquiry, receipt register, deposit summary, account inquiry)
- Flexibility in reporting by a recipient, guarantor, data range, facility, and/or receivable type
- Option to view Aged Trail Balance online with drill-down functionality to full activity details
- Access additional audit trail resources for transactions such as activity adjustments, allocated prepayments, unallocated receipts, and refunds
- Custom reporting tool to tailor the look and content of output such as invoices, receipts, and statements
Trust Accounting
Virtuo MIS Trust Accounting allows you to set up multiple trust accounts that track personal valuables and comfort account balances.
- Set up one or multiple user-defined trust accounts per patient (i.e. identify categories and set up as many different types as required)
- Designate a minimum balance per trust account and per patient with a replenishment report to monitor accounts
- Process deposits and withdrawals into trust accounts in real-time
- Track patient valuables
- Automatically calculate interest for funds held in patient accounts
- Easily generate statements and reports that provide an audit trail of trust accounts, transaction history, and patient valuables
- Have Virtuo MIS Trust Accounting fully integrated with the entire Virtuo MIS Accounts Receivable system to facilitate payment from a trust account to cover outstanding charges
OHIP Billing/MSP Billing
Virtuo MIS OHIP Billing and MSP Billing modules provide claim, remittance, and reporting features for Ontario and British Columbia provincial health billing, respectively.
- Create claim files for designated billing guarantor(s)
- Automatically process remittance file with pre-assigned adjustments, receipt creation, and reporting
- Import fee schedule for automated updates of relevant services and price brackets
Available in English only.
