Save Money with Fixed Fee Medical Billing
26 Oct 2013 by Mark Reeves
If you’ve decided to outsource the medical billing in your healthcare organisation, there are generally two options available with regards to fees. Some companies charge a percentage of the invoice value, the industry norm is 5% (with or without VAT). Other firms offer a fixed fee per invoice. But which is more cost-effective?
FMP have a fixed fee priced structure. We prefer this method because of its simplicity. Plus, it allows us to offer better value to our clients. We charge a £5 per invoice, or £6 for an invoice with reconciliation via Healthcode. This low-cost fixed amount can save you a significant sum compared with traditional percentage billing. Plus, it’s so much easier for you to estimate the costs of outsourcing.
As an example, BUPA procedure code F3400 Tonsil Removal costing £386 - our price is £5. Whereas at 5% plus 20% VAT, you’d pay £23.16. By using a medical billing company who offers a low cost flat-fee, you have the potential to save £18.16, just on one invoice.