When medical billing or collections fall behind, so does your cash flow. Your best billers still take vacation, have sick kids at home, or need an extended lunch breakÂ…so who picks up the slack? Other employeesÂ…maybe. Is it just as good? Probably not.
Smart practices outsource what they know professionals must handle. Legal issues go to your attorney. Taxes go to your accountant. You depend on their professionalism, training and expertise, and the security they provide.
Professional Medical Billing Companies, by nature, create an efficiency measured by simple economies of scale. This structure provides an expertly trained pool of billing professionals assigned to the practices they serve.
So why take risks with your daily cash flow? WouldnÂ’t you rather never pay a salary, vacation or overtime dollar again to ensure your cash flow, billing and collections are being done right? Of course you would. Professional Medical Billing Companies accomplish this task, the question is, are they dependable, connected to your specific practice needs, and increasing your collections, while reducing payment times and keeping up with the insurance industry changes?
Forget about “spare bedroom billers” working from home…most can’t keep up with the stringent record keeping required by HIPAA, afford to add employees as your practice grows, or provide the reporting capabilities you need, offering EMR software, hardware and industry expertise.
What do you need most? Consistent cash flow and more time for patient care. How about higher profits for your practice, and golf or tennis once in a weekÂ…maybe twice?
Whatever your goals, training new employees, trying to get your staff to operate the way you expect, and worrying about industry changes probably arenÂ’t at the topÂ…how about peace of mind?
Consider a provider seeing 30 patients per day, generating 150 claims per week.
Generating and submitting 150 claims is time consuming enoughÂ…include verifying eligibility, investigating partially paid claims, the phone calls, researching insurance industry changes, chasing patient files around, the phone calls, posting payments, the phone calls, oh, and did you get your cash analysis report?
Review this simple chart (next column) in a practice utilizing 1– In House Biller, for example, collecting $30,000 a month. Reality is that it takes more than 1 billing person to collect $30k, but using the example below, the cash savings is undeniable, and the improved efficiency means your tee time(s) may be the same every week.
Professional Medical Billing Companies should provide:
- Full time, overtime, anytime attention to your billing, collections and cash flow
- Daily electronic filing to primary, secondary and tertiary insurance
- No staff turnover, training or re–training for
- Increased, more predictable cash flow
- Improved office moraleÂ…less pressure
- Statement mailing completed daily, weekly or bi–weekly, depending on practice
- Customized detailed management and analysis reports
- Less headaches for you
- More time for golf and tennis
Think it costs too much? We think not. Are you in cash control? You can be.
And, speaking of golf, donÂ’t forget to register for the first annual Physicians Open Golf Tournament October 5th at Canyon Springs (see ad on page 17)Â…you can ask Sean Elliot or Joe Caruso to make your tee shot for $20 while playing alongside themÂ…or show them how much youÂ’ve practiced since Quality Billing Solutions professionally mastered your billing, and freed up your time for practice.
| 30 Day Average Costs | 1–In House Biller | Quality Billing Solutions, Inc. |
| Salary ($12.00/hr) | $2064.00 | $0.00 |
| Taxes, SUI, SDI, FICA, W/C, etc. | (21%) $495.36 | $0.00 |
| Benefits (Health Insurance, etc.) | $250.00 | $0.00 |
| Vacation Pay (1 Week) | $480.00 | $0.00 |
| Sick Pay (1 Week) | $480.00 | $0.00 |
| Office | $275.00 | $0.00 |
| Phone | $250.00 | $0.00 |
| Overhead | $150.00 | $0.00 |
| Statements | $175.00 | $0.00 |
| Envelopes | $75.00 | $0.00 |
| Forms | $50.00 | $0.00 |
| Postage | $250.00 | $0.00 |
| Management | $400.00 | $0.00 |
| Training | $275.00 | $0.00 |
| Software Support | $200.00 | $0.00 |
| Software Updates | $100.00 | $0.00 |
| Electronic Filing | $500.00 | $0.00 |
| Cost of Rejected Claims (10% of 30k) | $3000.00 | $0.00 |
| Cost of Accounts Receivable (3% of 30k collected) | $900.00 | $0.00 |
| Cost of Employee Turnover (10% of Salaries) | $206.40 | $0.00 |
| Monthly Expense | $10,575.76 | $3,000 (10% of $30,000 collected by QBS) |
| Annual Expense | $126,909.12 | $36,000.00 |
| MONTHLY SAVINGS USING QBS | $7575.76 | |
| ANNUAL SAVINGS USING QBS | $90,909.12 | |
