In-House [Annual] | Outsourced [Annual] | Do It Yourself and Compare [Annual] | |
---|---|---|---|
Billing Staff Salaries (Two employees at a salary of $3,800 per month each + 30% in taxes and benefits) | $103,360 | $0 | |
Billing Software Cost ($150/provider/month) | $3,600 | $0 | |
Hardware costs (Printer, cartridge, workstation) | $500 | $500 | |
Continued Education Training Cost | $3,000 | $1,000 | |
Ancillary Costs (Office Space/Office Supplies, Patient Statements, Others) | $8,000 | $0 | |
Direct Electronic Eligibility Verification & Claim Processing Cost (Clearinghouse Fees $99/provider) | $2,376 | $105,000 (6% of collections) | |
Gross Collections | $2,500,000 | $2,500,000 | |
%age of Gross Collections (including Adjustments, Write-offs, and Bad Debts) | 60% | 68% | |
Net Collections | $1,500,000 (60% of $2,500,000) | $1,700,000 (68% of $2,500,000) (modest 8% increase in collections with third-party) | |
Total Collection Costs | $120,836 | $106,500 | |
Net Collections | $1,379,164 | $1,593,500 | |
Final Savings | $214,336 |
In-House [Annual] | Outsourced [Annual] | Do It Yourself and Compare [Annual] | |
---|---|---|---|
Billing Staff Salaries (Two employees at a salary of $3,800 per month each + 30% in taxes and benefits) | $103,360 | $0 | |
Billing Software Cost ($150/provider/month) | $3,600 | $0 | |
Hardware costs (Printer, cartridge, workstation) | $500 | $500 | |
Continued Education Training Cost | $3,000 | $1,000 | |
Ancillary Costs (Office Space/Office Supplies, Patient Statements, Others) | $8,000 | $0 | |
Direct Electronic Eligibility Verification & Claim Processing Cost (Clearinghouse Fees $99/provider) | $2,376 | $105,000 (6% of collections) | |
Gross Collections | $2,500,000 | $2,500,000 | |
%age of Gross Collections (including Adjustments, Write-offs, and Bad Debts) | 60% | 68% | |
Net Collections | $1,500,000 (60% of $2,500,000) | $1,700,000 (68% of $2,500,000) (modest 8% increase in collections with third-party) | |
Total Collection Costs | $120,836 | $106,500 | |
Net Collections | $1,379,164 | $1,593,500 | |
Final Savings | $214,336 |