Cost Savings
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Many practices maintain a false misconception that it’s more cost-effective to keep their billing practices in-house. They look at the collection percentage they pay to the billing company without fully analyzing what they’re paying right now.
Here is a quick analysis of the savings your practice can begin enjoying by outsourcing your billing and claims management.
The average practice employs one billing staffer for each physician. This is just one example of what you might expect to pay for a one-person practice with annual collections of $450,000.
| Initial Investment |
| Hardware/Software/Training |
$75,000 |
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| In-House Billing |
| Annual Salary |
$30,000 |
| Social Security and Medicare |
$2,300 |
| Retirement |
$1,000 |
| Disability |
$720 |
| Healthcare Benefits |
$5,000 |
| Vacation/Sick Pay |
$3,200 |
| Software/Hardware Maintenance |
$6,000 |
| Clearinghouse Fees |
$15,000 |
| TOTAL: |
$63,220 |
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| MEDIT |
| Medical billing at 5% of collections for $450,000 |
$22,500 |
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| SAVINGS: |
$40,720 |
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