Sample Cost Benefits of Using Med Group For Your Billing Company
Sample Collection Analysis:
In the sample collection analysis below, the practice is collecting $50K per month and the cost for the practice in house biller to collect this is the above rate of $57,056 per year ($4754 per month).
If the billing company was charging you 7% (rates vary depending on specialty, practice, volume) the monthly fee would be $3,500. In addition, in most cases Med Group can collect at least 2% more than and in house biller this is an additional $12,000 Per Year.
|In House Cost
||Est. Cost Per Year
||Med Group Billings
||Cost Per Year
||Biller with at Least 5+ Years Experience, Billing Manager, CPC, CHBME & CPA Oversight of Reporting
|Vacation (2 Weeks), Sick (5 Days) and Holiday Pay (9 Days) +
||Vacation, Sick Time, Holiday Pay, PTO
||We have employees cover while others are out—Costs Included
|Software/Clearinghouse Monthly Fees and Maintenance
|Upfront Cost For Billing Software
||As Much as You Would Like to Spend
||Upfront Cost For Billing Software
Some Set Up Fees Apply for Remote Access
||If you Beg For Them—You Might Get Someone to Run a Report For You
||Preparation of Monthly Reports and Review Monthly
|Postage, Forms, Supplies
||Postage, Forms, Supplies
|Service With a Smile
||Service With a Smile
|Hard Costs Billing In House Before Software Investment
||$57,056 Per Year
||We Bill on a % Of What We Collect- Example Below of Practice
||$42,000 Per Year
Under this Scenario, The Net Additional Cash to This Practice is $27,056 Annually.
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