Configuring Billing Settings

SigmaMD’s Billing settings encompass several vital areas, from global markups and practice-specific fees to tax profiles and membership terms. This guide will walk you through each section of the Billing settings screen, explaining how to optimize these settings to suit your practice’s needs.

Global Markup

Global Markup is a versatile tool that automatically applies a fixed amount or percentage markup to all charge items within your practice. This is particularly useful for automatically adjusting prices to cover overheads or profit margins.

• Fixed Amount: Adds a specific dollar amount.
• Percentage: Applies a percentage increase to the cost of each service or product sold.

Practice Fees

Practice Fees are additional charges that your practice may require for specific services, such as membership enrollment or in-office phlebotomy. These fees are automatically added to the relevant transactions.

Sales Taxes Profiles

Sales Taxes Profiles enable your practice to comply with local tax regulations by setting up tax rates for different jurisdictions. Each profile can be customized to reflect the applicable sales tax in a given area, ensuring that all transactions are taxed correctly.

• Add New Tax Profile: You can create multiple tax profiles if your practice operates in different tax jurisdictions.
• Edit/Delete: Modify or remove existing tax profiles to keep up with changes in tax laws or your practice’s operational areas.

Accounting Periods

This section determines how your practice handles the financial reporting cycle.

• Manually: Accounting periods will remain open and will only be locked manually.
• Automatically days after the end of the month: Automatically locks the accounting period a set number of days after the month ends.
• Automatically after all invoices are paid: Locks the period only when all due invoices for that period are settled.

Membership Terms

Membership Terms define the conditions and policies that members agree to when enrolling in a membership plan. This section allows you to create and manage terms that members must accept, ensuring both parties are clear about the membership details.

Terms can be a simple consent checkbox or an attached PDF file that requires a signature or not.

Proper configuration of Billing Settings is crucial for maintaining financial health and regulatory compliance. Ensure that all settings are reviewed periodically to align with your practice's changing needs and external economic or regulatory changes.