In-house Billing vs Medical Billing Company Cost Analysis
** Figures based on a national industry averages using 3 providers w/ $2.1 million billed annually
COSTS: | In-House | Park Medical Billing |
---|---|---|
Billing department costs | $118,000 | $0 |
Software and hardware costs | $7,500 | $0 |
Direct claim processing costs | $3,600(Clearing house fee) | $127,500 *Fee is varied by reimbursement per visit |
% of billings collected. | 70% | 90% |
Collections | $1,599,380 | $2,056,500 |
Collections costs | $129,1000 | $127,500 |
Collections, net of costs | $1,470,280 | $1,922,880 (24% Revenue Increase) |