The New England Journal of
Medicine states that a typical doctor's overhead and billing expenses
account for 43.7% of his/her gross income. This translates into an average
of about one and a half clerical workers per doctor at an average annual
cost of $51,564. This does not include the hidden costs like vacation
time, insurance, and the like.
If you are like most medical providers, you probably never had the time
to work out the comparison of outsourcing your billing vs. doing it
in-house. Below is a quick analysis of potential savings by outsourcing
your billing needs:
In-House
Base Pay: $14.50/hour
Yearly: $30,000.00
Medicare & Social Security: $2295.00
Retirement: $1040.00
Disability:$720.00
Health Care: $5220.00
Vacation/Sick: $3270.00
Annual Collections: $470,000.00
Annual Total 1 In-House Biller: $42,585.00 |
Medical
Billing By Payment Automation Network
Medical Billing at: 5% of collections
Annual Collections: $470,000.00
Total Annually: $23,500.00
Savings: $19,085.00 |
*Does
not include:
Software $500 per year
Paper/Envelopes/Stamps $1800 per year
Clearinghouse Fees $1500.00 per year
Reference Materials $350.00 per year
EMR Software (thousands per year)
|
Medical
Billing at 7% of collections
Integrated EMR processing included
Total Annually: $32,900.00
Savings: $9,685.00 |
Could Outsourcing your medical billing make financial
sense for you in your practice? Would you like a free detailed analysis
for your office? Contact us to setup a time to
discuss your specific situation. We will be happy to run your numbers and
give you a detailed cost savings analysis.
Need more information?
Make sure to contact
us today to speak with a representative regarding our medical billing
service.
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