Why should you outsource your medical billing to us?
We have a few reasons below…
| In-House Billing Solo Practice/Individual Provider |
Monthly In-House Cost | Granite Medical Billing Cost |
|---|---|---|
| Employee Salary (per employee) $20 per hour X 40 hours per week = $800 $800 X 52 weeks = $41,600 $41,600 / 12 months = $3,466 $3,466 = one month gross pay |
$3,466.00 | 6% of Average of $30,000 (example) Net Receivables from Insurance $1,800 per month per physician or practice |
| Medical Benefits Average PPO plan $400.00 (26 - 36 yrs of age) (50%) Employers portion of dues |
$200.00 | NONE |
| Sick Leave This depends on your state's labor laws. |
Paid Sick Time | NONE |
| Vacation Leave Based on a one-week paid Vacation per year |
Paid Vacation | NONE |
| Retirement Plan 401K Based on 3% Employer Contribution per month |
$103.98 | NONE |
| Workers' Compensation Based on $0.98 per $100.00 (example) on payroll |
$33.96 | NONE |
| Payroll Taxes (Estimated) 14.5% gross wages 7.25% Employer Tax Due Social Security, Medicare, State Unemployment |
$251.28 | NONE |
| Practice Management Software Average cost for monthly model (depending on software) $300 per provider or practice per month |
$300.00 | NONE |
| Electronic Claims Submission Fee @ $0.50 per claim line Based on 60% of the total monthly claims (est. 500 claims/provider) |
$100.00 | $80/month clearinghouse fee |
| Paper Claims (Cost of Supplies & Postage) @ $0.55 per claim Based on 30% of the total monthly claims (est. 500 claims/provider |
$82.50 | NONE |
| Patient Statements (Cost of Supplies & Postage) @ $0.95 per statement Estimate 50 per month |
$47.50 | NONE |
| TOTAL COST PER MONTH | $4,585.22 | $1,880.00 |
Customized Billing Reports
Timely preparation of Patient Statements
Regular Updates on Payer Fee Schedules
Data Entry of All Charges
Payment Posting
Submission of Paper and Electronic Claims
Tracking and Following-Up on Denied Claims
More Time to Focus on Patients
