How Much Does Your In-House Billing System Actually Cost You?
The costs of in-house billing and collections go beyond the payroll and benefit costs of your billing staff.
Consider the following additional costs:
-
training costs of new hires
-
ongoing training to keep up with industry changes
-
applying system updates for new carrier billing requirements
-
maintaining software licensing and system maintenance
-
housing and running of billing software
-
billing supplies - HCFA's, statements, collection letters, letterhead, paper, envelopes, ink cartridges, etc.
-
claim submissions - both electronic and postage
-
space for the billing staff and storage of all billing records
-
billing compliance
-
generating routine and custom reports
In addition, there are many intangible costs of in-house billing. When your billing staff is out, chances are charges are not being submitted, which delays collections. Moreover, staff turnover and other pressing demands of your busy practice cause delays in getting claims out and follow-up on accounts. Finally, there is the hassle factor of managing billing staff - hiring and training, monitoring performance, discipline, coverage for time off, etc.
Billing Cost Calculator
Please fill in the blank fields below with your most accuarate figures and click the "calculate" button to discover an approximation of how much your in-house billing system is actually costing you.
IPMS can alleviate this burden, streamline the process and optimize your billing and compensation. Please contact us today to discuss how our billing and collections solutions can benefit you.
Contact Us
Integrated Physicians Management Services
99 East River Drive
Fifth Floor
East Hartford, CT 06108
Phone: (860) 282-4124
Fax: (860) 282-0170
Email: contact@ipmscorp.com
The Pulse
Stay Informed
Attention Health Professionals: 2012 Annual Participation Enrollment Program Extension
The Centers for Medicare & Medicaid Services (CMS) is anticipating Congressional action to avert the negative update for the 2012 Medicare physician fee schedule (MPFS). Therefore, CMS is extending Read More