Continuous reforms and frequent changes in medical industry like EHR transition, PPACA, HIPPA revisions, ACO, ICD-10, ERX and PQRS have embedded the medical billing processes with more complexities which are the needed to be handled by knowledgeable experts. The wages of such experts are on the rise as compared to reimbursement received by the medical practices. Owing to these factors, many medical and healthcare practices have started hiring the services of expert Outsourcing Medical Billing services, while others are still in dilemma whether to consider this option or not. If you too are in the previous group then an authentic cost analysis can help you to make a better decision.

In-house vs Outsource Medical Billing Staff Costs

In- house Costs Outsource Costs 400 claims per mo.X12@ $100*6% $28, 800 1.5 Full-time billing employees@$15 hr. $46,800 $0 Payroll Taxes $33,300 $0 Workers cum/insurance $300 $0 Errors And Omission Insurance Training Costs $36,00 $0 Leave Coverage (3 wks Tem@20 hr.) $2400 $0 Employee Benefits Package $5100 $0 Hardware ,Software, IT Support $3000 $0 48% Less Expensive to Outsource $65,100 $28,800

Training and Recruitment of Expert Billing personnel’s’. From above analysis you can draw the inference that outsourcing the medical billing services can fulfill your claim and billing processing needs in budget-friendly manner. Outsourcing your medical billing requirements will save you from:

Maintenance of Innovative Structure and Technology.

Training of Staff.

Cost of Hardware and latest billing Software.

Workers’ Compensation, Employee Benefits like; allowances, bonuses and retirement benefits.

Human Resource tasks like; Vacation Pay, Sick Pay, Paid Holidays, Vacation Leave Approval, Employee Rules and Management etc.

Cost of Office Supplies needed for Claim processing and medical billing.

Patient Statement Expenses including; Paper, toner, postage and envelopes.

Headache of Payroll preparations, Payroll Cost and extra taxes.

Costs of Direct claims processing.

Collection Costs.

Regular Follow-up costs.

Spacious office or separate office area to accommodate the billing staff, hardware and medical billing software

Apart from this, outsourced medical billing companies also help you to submit accurate bills and claims which in turn helps to lessen the claim denials, delayed payments thus resulting in maximum reimbursement. Regular follow-up services provided by these companies help to generate payments on time, thus increasing your revenue and cash flow.

Contact Medical Billing Virginia for certified and skilled billing services, specialists and coders with extensive experience. We are dedicated to provide client-centered services at cost effective prices with customized turnaround time.