It’s been a good couple of years for British Columbia as Statistics Canada has recently confirmed that the economy grew by 3.8% in 2017 alone, which was greater than the expected 2.3%. In fact, British Columbia is on track to be one of Canada’s strongest economies with the lowest unemployment rate in the country! So, what does this mean for BC physicians? Well, under the Physician Master Agreement (PMA), physicians will receive an Economic Stability Dividend which means ALL MSP fee codes with increase by 0.75%. This comes into effect on February 1st, 2019. Not a bad way to start off the weekend, right? Even better, Dr.Bill will automatically update to the latest fee amounts. Any claims in the process which were submitted at the previous rates will be adjusted to the current rates. Therefore, you don’t need to worry about adjusting anything, as it will all be done internally for you. Curious as to why you are benefiting from this now? Basically, the PMA agreement which manages the economic arrangements between “the government of British Columbia” and “Doctors of BC” states that any unpredicted increase in BC’s Gross Domestic Product (GDP) will result in the economic growth sharing clause (ESD) that ensures an increase in pay for physicians. This was negotiated back in 2014. The pay increase is calculated based on 50% of the positive difference between the predicted growth and the actual growth, as shown below. Actual Growth Predicted Growth Difference Increase Of: 3.8% 2.3% 1.5% (x.50) 0.75% Fortunately, the clause has been triggered every year since 2014 and if ever B.C falls short of the budget forecast, any pay increased will not roll back! This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Ventures Inc. or its affiliates. Related posts: MSP Rejection Examples and Tips to Fix them Modifications for MSP Claims BC Retroactive Payments Solutions Designed For The Unique Needs Of Your Practice Get a $150 Credit when you sign up for Dr.Bill*. No credit card required. Terms & conditions apply Learn More
1/* When you sign up for the Comprehensive Plan (fee of 1.95% of paid claims per billing cycle) with Dr.Bill you will receive a $150 billing credit (“Billing Credit”) to be applied to future Dr.Bill fees ( “Offer”). Offer is only available to new Dr.Bill users and can only be used once. Billing Credit cannot be converted to cash. If you cancel your Dr.Bill account or switch to the Essentials Plan at any time before the Billing Credit balance has reached $0, you will forfeit the balance of the Billing Credit. Offer cannot be applied retroactively and may not be combined or used in conjunction with any other Dr.Bill offer. Offer is only available in provinces where Dr.Bill operates. Offer may be amended or withdrawn at any time without notice. 2Up to $7,500 in billings free refers to the maximum amount of billings with a fee rate of 1.95% of paid claims that the $150 billing credit would cover in full. You will be charged for any additional services requested outside of the Comprehensive plan.
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