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Billing Operations for Virtual Care Practices

Effective billing operations are essential for the financial health of your virtual care practice. CareLaunch provides integrated billing tools that help healthcare entrepreneurs collect payments, manage revenue cycles, and maintain healthy cash flow without complex third-party billing software.

Payment Collection Models​

Direct Pay (Cash Pay)​

The simplest model for virtual care practices:

Advantages:

  • Immediate payment collection
  • Predictable revenue
  • Lower administrative overhead
  • Transparent pricing for patients

Setting Up Direct Pay:

  1. Navigate to Settings > Payments
  2. Connect your payment processor (Stripe)
  3. Configure payment timing:
    • Collect at booking
    • Collect at check-in
    • Collect after visit
  4. Set up automatic receipts

Pricing Strategies:

  • Per-Visit Pricing: Fixed fee for each appointment type
  • Package Pricing: Discounted bundles (e.g., 5 visits for the price of 4)
  • Membership Model: Monthly/annual fee for unlimited or discounted visits

Setting Up Payment Processing​

Connecting Stripe​

CareLaunch uses Stripe for secure payment processing:

  1. Go to Settings > Payments > Payment Processor
  2. Click "Connect Stripe"
  3. Create or connect your Stripe account
  4. Complete identity verification
  5. Add your bank account for payouts

Stripe Fees:

  • Solo Plan: 2.9% + $0.30 per transaction
  • Professional Plan: 2.5% + $0.25 per transaction
  • Enterprise Plan: Custom rates available

Configuring Payment Settings​

Customize how payments work for your practice:

Payment Timing:

  • At Booking: Collect full payment when appointment is scheduled
  • At Check-In: Collect when patient checks in for appointment
  • After Visit: Send invoice after service is provided

Payment Methods:

  • Credit/debit cards
  • HSA/FSA cards
  • ACH bank transfers (Enterprise)

Receipts and Invoices:

  • Automatic email receipts
  • Downloadable PDF invoices
  • Custom receipt branding

Pricing Your Services​

Setting Appointment Prices​

Configure pricing for each service:

  1. Navigate to Settings > Appointment Types
  2. Select an appointment type
  3. Set the price
  4. Configure any variations:
    • New patient vs. established patient
    • Provider-specific pricing
    • Time-based pricing

Package and Membership Pricing​

Create packages for better value:

Packages:

  1. Go to Settings > Packages
  2. Create a new package:
    • Name and description
    • Included services/visits
    • Package price
    • Expiration period
  3. Patients can purchase packages during booking or separately

Memberships:

  1. Navigate to Settings > Memberships
  2. Create membership tiers:
    • Monthly or annual billing
    • Included services
    • Member discounts
    • Additional benefits
  3. Patients subscribe through the patient portal

Discounts and Promotions​

Offer discounts strategically:

  • New Patient Discounts: Attract first-time patients
  • Referral Credits: Reward patients who refer others
  • Seasonal Promotions: Drive volume during slow periods
  • Loyalty Discounts: Reward long-term patients

Configure discounts at Settings > Discounts.

Managing the Revenue Cycle​

Pre-Visit​

Payment Collection:

  • Collect payment at booking to reduce no-shows
  • Store payment methods for future charges
  • Send payment reminders before appointments

At Time of Service​

Check-In:

  • Verify patient information
  • Confirm payment method
  • Collect any outstanding balances

Documentation:

  • Document services provided
  • Record time spent
  • Note any additional services

Post-Visit​

Invoicing:

  • Generate invoices for unpaid services
  • Send automatic payment reminders

Collections:

  • Track outstanding balances
  • Send reminder sequences
  • Escalate to collections if needed (external service)

Financial Reporting​

Key Reports​

Monitor your practice's financial health:

Revenue Reports:

  • Daily/weekly/monthly revenue
  • Revenue by service type
  • Revenue by provider
  • Revenue by service type

Collection Reports:

  • Collection rate
  • Days in accounts receivable
  • Outstanding balances by age
  • Payment method breakdown

Patient Financial Reports:

  • Average revenue per patient
  • Patient lifetime value
  • Refund tracking

Accessing Reports​

  1. Navigate to Reports > Financial
  2. Select report type
  3. Configure date range and filters
  4. Export to CSV or PDF
  5. Schedule automatic report delivery

Key Metrics to Track​

Collection Rate: Target: 95%+

Days in A/R: Target: Under 30 days

No-Show Rate: Target: Under 10% (impacts revenue significantly)

Patient Acquisition Cost: Track marketing spend vs. new patient revenue

Handling Refunds​

Refund Policy​

Establish clear refund policies:

  • Cancellation deadlines and fees
  • No-show policies
  • Service satisfaction guarantees
  • Package/membership refund terms

Document policies in your financial agreement.

Processing Refunds​

To process a refund:

  1. Navigate to Payments > Transactions
  2. Find the original transaction
  3. Click "Refund"
  4. Enter refund amount (full or partial)
  5. Add refund reason
  6. Confirm refund

Refunds typically process within 5-10 business days.

Refund Best Practices​

  • Process refunds promptly
  • Document refund reasons
  • Track refund rates by service type
  • Review policies if refund rates are high

Tax Considerations​

Sales Tax​

Healthcare services are generally exempt from sales tax, but:

  • Some products may be taxable
  • Rules vary by state
  • Consult a tax professional

Income Reporting​

CareLaunch provides:

  • Transaction reports for accounting
  • 1099-K from Stripe (if applicable)
  • Export capabilities for tax preparation

Record Keeping​

Maintain financial records:

  • Keep records for at least 7 years
  • Export regular backups
  • Reconcile with bank statements monthly

Integrating with Accounting​

Exporting Financial Data​

Export data for your accounting system:

  1. Go to Reports > Financial > Export
  2. Select date range
  3. Choose export format (CSV, Excel)
  4. Download or schedule automatic exports

Common Integrations​

CareLaunch data can be imported into:

  • QuickBooks
  • Xero
  • FreshBooks
  • Wave
  • Custom accounting systems

Reconciliation​

Monthly reconciliation process:

  1. Export CareLaunch payment report
  2. Compare with bank deposits
  3. Identify and resolve discrepancies
  4. Document reconciliation

Best Practices​

Reducing Payment Friction​

  • Collect payment at booking when possible
  • Store payment methods for easy future charges
  • Offer multiple payment options
  • Send clear, timely invoices

Minimizing Bad Debt​

  • Collect payment before service when possible
  • Follow up on outstanding balances promptly

Optimizing Cash Flow​

  • Encourage upfront payment with small discounts
  • Process payments daily
  • Monitor A/R aging weekly
  • Address overdue accounts quickly

Getting Help​

For billing questions:

  • CareLaunch Support: [email protected]
  • Stripe Support: For payment processing issues
  • Accounting Professional: For tax and financial advice
  • Billing Consultant: For complex revenue cycle optimization

Effective billing operations are crucial for practice sustainability. CareLaunch provides the tools; implementing best practices ensures your practice thrives financially.