COST SAVINGSAccording to The New England Journal of Medicine, the average physician’s overhead and billing expenses equal 43.7% of his or her gross income. This works out to an average of approximately one-and-a-half billing coders per physician at a cost that averages $51,564 per year, not including benefits and vacation pay. Does it make sense to outsource your billing and coding to Millin Associates? These numbers speak for themselves. Typical In-house Billing Expenses:
The true yearly cost for one in-house biller exceeds $40,000 a year, not including hardware and software, clearinghouse fees and EMR software. Now, let’s compare to Millin Associates medical billing at 5% of collections. With annual collections at $470,000, the savings for you are nearly $20,000 a year – no small potatoes. And that figure does NOT include all the specialized knowledge, advocacy, and performance optimization you receive on a consistent basis. When you add up the cost of upgrading to EMR, dealing with the anticipated coding complexities, and navigating denied claims, the real savings is actually much, much higher. |