The Cost of DIY Medical Billing
22 Oct 2013 by Mark Reeves
It is widely accepted in the healthcare industry that it’s more cost-efficient to outsource medical billing, than to do it in-house.
In an article by Independent Practitioner Today published last year, it was calculated that DIY billing costs practices around 10% of annual turnover. The worked example demonstrated that a medical practice with a turnover of £150,000 spends £15,150 on billing each year.
Here are some of the expenses involved:
Time - how much time is spent on invoicing, receiving monies, chasing payments, and debt recovery each week in your practice?
Postage - Royal Mail prices keep on rising, in 2013 we saw a 30% increase. The cost of first-class stamp is 60p. If you post 10 bills per week, that’s £312 per year.
Stationary - Paper, envelopes, printer ink, it all adds up.
Telephone calls - chasing late payers, trying to resolve invoice queries can mean a lot of time on the telephone.
You can outsource billing to FMP from just £5 per invoice and reduce bad debt with our collection solutions. Call us on 0845 846 0036 to discuss your requirements.