Have you ever fully assessed the total cost of what it takes for you to get your medical billing done? Likely as not you haven't. Most practices simply think that those costs consist of just the cost of the labor to key in the data. On the covering that could seem definite but nothing could be further from the truth.
Every day you key your own data, your software gets more obsolete. At some point it has to be replaced. That cost has to be incorporated into the formula. The same is true for your hardware. It has to be supplanted and before it is supplanted there are costs connected with maintaining it and with repairing it during its useful life. The office area set aside to control your medical billing is also part of that overhead as well as your matching costs for collective security, Medicare, unemployment insurance, and other normal laborer benefits which consist of but are not minute to vacation time, sick leave, and more. In addition, you have clearing house fees, ongoing software fees, postage for claims and outpatient statements, envelopes, cost of Hcfas and more. If you have a medical billing person, you are probably paying at least .00 per hour. That fee over a month's time equals 20.00 based on the mean of 4.3 weeks in a month. Add to that the matching benefits listed above and that practically equals someone else 0.00 for a total of 90.00 per month just for the employee. Again this does not consist of any of the other overheads mentioned, but all of those figures pale in comparison to the true losses incurred by the institution during the month.
Medicare Part D Cost
If you have a small institution that collects only ,000.00 per month, odds are great that at least 10% of your revenues are being written off without your knowledge. That's 00.00 per month--,000.00 per year! And that is in increasing to the fees listed above. Your costs are now up to 90.00 per month still not counting all of those other costs. In addition, you have paid up front for that employee.
If you had a medical billing enterprise doing that work for you and they collected that same ,000.00 at an mean rate of 8%, your out of pocket would only be 00.00! That is half of what you are paying now. And I certify that a competent medical billing enterprise will be collecting that other 00.00 your office failed to derive because they want that extra 0.00 and even after inspecting that it comes out as if they are genuinely paying you 0.00 just for the privilege of collecting your money for you. Your net revenues doing the work yourself was ,110.00 and after farming it out it goes up to ,360.00. A net growth of ,250.00 not to mention the other connected costs and the stress on you of trying to see that the work gets done. Do yourself a favor and do the math.
the full report Total Costs
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