Medical Billing and Coding Services is an essential part of any medical practice – which makes many practitioners think it is something that should only be performed in-house. Of course, once they figure out how much it costs you to have medical billing in-house, they tend to look toward the possibility of outsourced medical billing.
Believe it or not, outsourced medical billing can have an outsized impact that includes costing you less over time than having these capabilities in your practice. Here’s why.
Medical Billing and Coding Services – Cost of In-House Billing
A look at in-house medical billing capabilities starts with the most obvious cost: labor.
Medical billing professionals that work for you as employees cost money. You have their salary (or wages) to begin with, which represents a formidable cost. According to Indeed.com, a medical office biller costs, on average, $34,000. Throw in benefits, like health insurance, and that cost rises even higher.
Multiply this by the number of people you need to do the job (depending on the size of your practice) and your labor cost can easily reach into the six figures.
There’s also the time spent by your managers supervising your billing specialists. That time costs money, too – and per hour, it’s even more expensive. Even if you’re in a small practice, and have one person wearing multiple hats (like billing, answering phones, dealing with patients, etc.) every hour spent billing is an hour that pads your overhead.
That’s just the labor, too. There’s also a very real technological cost that comes with in-house medical billing instead of outsourced medical billing. You’ll have to pay for hardware, equipment, software, technical support, plus peripherals like office supplies, printer ink, etc. The costs add up to quite a bit of money over time.
Bottom Line: Outsourced Medical Billing Saves You Money
Once you add up all of the expenses, you can see how the cost of an outsourced provider is more like an investment that also saves money in the long run.
By outsourcing, you gain access to trained, certified specialists who do the same amount of work but at a lower overall cost. Plus, by hiring the right provider, you can avoid the additional expense of having to not only find and hire a qualified, expert billing specialist but also making sure they stay trained and up-to-date on the latest developments.
Outsourcing your billing is a prudent, fiscally responsible thing to do for virtually any practice. If you have any questions, call us for more information – and learn more about how outsourcing is the right call for your budget.
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Turn to MEREM Healthcare Solutions
What are you waiting for? Start saving money today by outsourcing your medical billing and coding to MEREM Healthcare Solutions. Contact us today or fill out the form below to get started.