What are the benefits of consolidated billing?

What is Billing Consolidation™?

Billing Consolidation™ saves time and resources by consolidating multiple carrier bills or lines of coverage into a single report enabling full visibility into benefits-spend across all carriers.

Why would a company need a Billing Consolidation™ solution?

Billing Consolidation™ simplifies all of the tedious billing tasks and helps ensure accuracy with one consolidated invoice for all payments. In addition to saving time, organizations will get insights into benefits costs and utilization trends.

What types of carriers does Billing Consolidation™ support?

Billing Consolidation™ works for all carrier types including medical, dental, vision, life, ancillary, and voluntary benefits. It allows employers to add any number of benefits without the worry about additional billing hassles.

Did you know that there’s a strong correlation between age and hearing loss? 47% of adults ages 75 and older in the United States experience hearing loss, compared to only 30% of adults between the ages of 65 and 74. Only 18% of adults between the ages of 45 and 64 experience hearing loss.

Of course, as a hearing health care consultation company or clinic, you know how important it is to be prepared to work with patients of all ages. You also know that the same product or brand won’t be effective for every single patient. Some demographics prefer certain brands over others, and patients requiring different levels of care may need products of a different brand altogether.

But buying from multiple different brands or audiology buying groups has its own challenges. With all of those patients, each with their unique needs and preferences, you could end up being a customer for multiple different hearing aid buying groups or other suppliers. This can result in significant complications for your financial and bookkeeping departments, as the inflow of invoices can be too much to keep up with. Amid the confusion, this can lead to missed payment deadlines and significant fees for unpaid bills.

Fortunately, OneSource Hearing offers a solution in the form of consolidated billing.

OneSource Hearing is a remote consultation and audiology buying group that supports hearing health care practices. OneSource Hearing offers a wide array of products for ENTs and audiologists, as well as their patients and clients. Because of a close partnership with many of the industry’s best manufacturers, OneSource Hearing is able to provide consolidated billing to their customers and members, even for purchases made from multiple different brands.

This means that any time you place an order for a product through your membership with OneSource Hearing, that purchase gets placed on a single invoice grouped with all your other purchases. In a traditional invoicing structure, you would receive a separate invoice for every product you buy or every manufacturer you purchase from.

Benefits of consolidated billing include:

• One bill: You get just one bill for multiple purchases or courses.
• Combined orders: No matter who on your team is placing orders, or when orders are being placed, they all get grouped on the same receipt.
• Bundled charges: Getting all purchases listed on the same invoice makes budgeting and bookkeeping easier to track.
• Fewer missed payments: Instead of forgetting or glossing over bills that are almost due by mistake, you only have a handful of invoices to keep track of. This can help transform making late payments or missing payments completely a thing of the past.

From providing you the equipment and supplies you and your patients need, to helping you with your paperwork management, count on OneSource Hearing to run your practice right.

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For subscription service providers, it’s not uncommon to sell multiple subscriptions to one customer. If you find yourself issuing several invoices to the same client each billing cycle, you might want to consider consolidated billing to streamline the process. So, what is consolidated billing, and what is the best way to consolidate bills? We’ll investigate the options below.

Consolidated billing explained

Consolidated billing simply describes the method of combining multiple transactions into a single invoice. It’s a billing tactic frequently used by subscription service providers. For example, imagine that you own a SaaS business that provides cloud storage, accounting software, data analytics, and payment processing. These services are frequently bundled into packages, so rather than issuing a separate invoice for each service, you could bundle them together into a single bill.

Consolidated billing doesn’t only apply to subscription services; it can be used by any business looking for a way to simplify the billing process and avoid issuing multiple invoices to the same customer in quick succession.

What is the benefit of consolidated billing?

The primary benefit of consolidated billing for customers is convenience. It’s a hassle to receive multiple invoices during the same billing period. What is the benefit of consolidated billing for businesses? There are several:

1. It prevents missed payments by reducing the chances that individual invoices are overlooked by an overburdened customer. Instead, all charges are combined into a single invoice for easier processing. Customers are more likely to remember a single payment due date rather than tracking down and paying multiple bills at once.

2. It organizes your accounts receivables. Conventional billing generates an influx of paperwork which your accounts receivable department must deal with. Consolidated billing makes the process more orderly and less chaotic.

3. It saves your business time. Even if you automate your billing process, creating multiple invoices for an individual customer every billing cycle takes time and attention to detail. Consolidating the process reduces the chance of error and oversight, boosting productivity.

What is the best way to consolidate bills?

As with any financial endeavor, it’s important to put a system into place to handle consolidated billing – but what is the best way to consolidate bills? This will depend on the nature of your business. Here are a few factors to consider:

1. Consolidate bills by date

It’s easy to consolidate recurring invoices when they share the same billing date, but this won’t always apply naturally. Many businesses opt to group all invoices together in a fixed billing period. For example, you could issue a consolidated invoice at the end of the month for all services rendered between the first and last day. For subscriptions, that might mean prorating the funds owed for one month to ensure the dates line up next month.

2. Consolidate bills by payment method

Another way to approach consolidated billing is through payment collection rather than date. If a customer pays one invoice with credit card and another with a bank transfer, this can get confusing in your billing system. It’s best to avoid consolidating invoices with different payment methods, since they can’t be paid in one single transaction. Consider streamlining payments into a single, automated platform for better consistency.

Is consolidated billing best for your business?

Consolidated billing tends to work best for businesses that issue a high volume of invoices. If you provide regular services for your customers or operate using a subscription model, you’ll need to take recurring payments. In this case, consolidated billing could simplify payment collection with less hassle and admin involved.

If you’re ready to take the plunge with easier recurring payments and consolidated billing, GoCardless provides a pull-based Direct Debit solution. It’s perfect for collecting invoices, subscriptions, and other recurring payments on time, every time.

We can help

GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.

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