Why Outsource
Outsourcing your medical billing can be a practical decision in economically challenging times. Choose the right medical billing service provider for getting success in managing your accounts receivable. The purpose of outsourcing is to save money and time and you need to select an experienced service provider. Medical billing services offered by a reliable medical billing company will be useful for healthcare providers. The following are some of the tips to assist you in choosing a reliable medical billing company.
OUTSOURCING: A practice can expect a 5% to 15% increase in the amount they're able to collect by switching to a billing service. We factored in a 10% increase in the amount of money collected by a billing service as an average between the two. Many firms can help increase collection rates even more.
Our cost comparison favors outsourcing billing, mainly based on the ability of a billing service to collect a higher percentage of the billed amount. Of course, this introduces a big "if." That is, outsourcing makes more sense if the billing service improves collections significantly. We have the greatest incentive to collect on your money.
Because if you don’t get paid neither do we.
Benefits of Outsourcing
In addition to measurable reductions in accounts receivable days, other major operational efficiencies can be gained by outsourcing your medical billing.
- Our clients spend their time delivering vital medical services instead of processing claims, collecting account receivables, and worrying about cash flow.
- Jpac provides complete patient and client confidentiality.
- Business office personnel experience increased productivity, higher morale and greater job satisfaction as a result of reduced paperwork.
- Electronic Claims paid within an average of 7 days after submission.
- Detailed monthly reports allow more informed practice management decisions.
- Our fees are affordable and are based on a fixed percent of gross receivables.
- Elimination of In-House Billing expenses.
- The expenses of purchasing, upgrading and maintaining computer equipment and billing software are eliminated.
- Courteous and professional telephone assistance given to patients and follow up with insurance companies by our company relieves your medical office staff of telephone traffic and the need to handle correspondence from insurance companies.
- Service from a stable, experienced company insures the help you need will be available now and in the future.
- You maintain absolute control over the financial affairs of the practice and receive detailed monthly reports.
- All clients will receive customized monthly financial reports.
In-House Billing vs. Outsource Billing
| In-House Billing Solo Practice | Monthly In-House Cost | Monthly Outsource Cost | Real-Time Cost (Enter your own values) |
|---|---|---|---|
| Employee Salary (per employee) $21 hourly x 40 hours per week = $840 $840 x 52 weeks = $43,680 $43,680 ÷ 12 months = $3,640 $3,640 = one-month gross pay | $3,640.00 | $3,500 Average of $50,000.00 Gross Receivables @ 7% | |
| Medical Benefits Average PPO plan $475.00 monthly (50% Employer's portion of premium) | $237.50 | NONE | |
| Sick Leave 1/2 day per month = 6 days per year | $84.00 | NONE | |
| Vacation Leave Two-week paid Vacation per year | $140.00 | NONE | |
| Retirement Plan Simple IRA Based on a 3% Employer Contribution per month | $85.80 | NONE | |
| Deferred Compensation / 401k Employer matched contribution | Varies | NONE | |
| Workers Compensation Based on $0.95 per $100.00 on payroll policy minimum $500.00 | $27.17 | NONE | |
| Payroll Taxes (estimated) Social Security, Medicare, State Unemployment | $273 | NONE | |
| Practice Management Software Average monthly cost | $150 PM Only No EMR 1 Provider/User | $425 PM & EMR 36-month lease 1 provider/5 users | |
| Electronic Claims Submission Fee | $235.20 @ $.35 per claim (672 claims monthly) | $129 per Provider Unlimited claims Or $.40 transaction | |
| EMR /EHR | ????????? | Included with PM Software pricing | |
| Patient Statements (Cost of Supplies & Postage) | $115.50 @$.77 per statement Every page!!! 150 statements monthly | $115.50 @ $.77 per statement 1st page @ $.27 add’l pages 150 statements monthly eStatements @ $.24 per statement Unlimited pages | |
| TOTAL COST PER MONTH | $4,899.37 | $4,169.50 | Your Total: |
ADDITIONAL COSTS FOR IN-HOUSE BILLING
Office Space Lease - Office Equipment (Computer System, Phone, Fax, Scanner, Copier, Filing System) - Billing Software & IT Support - Coding Books - Updates - Training - Storage Space - Electricity - Phone Charges - Copy Charges - Office Supplies (HCFA Forms, Statement Forms, Envelopes) - Printer & Copier Ink – Postage
THIS COULD ADD UP TO THOUSANDS!!
Service Guarantee
Our pledge to you is simple, Complete Satisfaction. Our continuing commitment to excellence ensures that every client will receive unbeatable service that is second to none.
What makes our company unique is that we go out of our way to meet all your billing and business needs. We can be reached by phone, fax, mail, or e-mail. We guarantee a timely response to all your questions and concerns.
We believe in building a long-lasting relationship with all our clients. We are confident that our team of professionals will provide the results you are looking for to assist your organization in becoming more efficient, profitable and better informed. That is our guarantee to you.
We look forward to the opportunity of providing excellent service to you.