Outsourcing your billing can offer numerous benefits to businesses of all sizes. At Absolute Healthcare Business Solutions, we understand that no two clients have the same needs, which is why we offer a range of fee schedules tailored to fit the individual needs of each client.
In addition to our flexible fee schedules, outsourcing with Absolute Healthcare Business Solutions can help you save costs, improve focus, and enhance scalability. By leveraging our specialized expertise and technology, you can access the resources you require without the fixed costs associated with hiring and maintaining an in-house team. This allows you to free up resources and focus on your core competencies and strategic goals.
Moreover, outsourcing with Absolute Healthcare Business Solutions can help reduce risk by ensuring regulatory compliance, data security, and other operational challenges are effectively managed. We offer a true partnership approach where our incentives are aligned with yours, and we are only compensated when our clients are paid.
Whether you prefer a percentage of collections fee schedule, a per-claim fee schedule, or a hybrid fee schedule, we can customize our approach to meet your specific needs. Contact Absolute Healthcare Business Solutions today to learn more about how outsourcing can help your business grow and thrive.
In-House Billing Cost Versus Absolute Billing Cost
|Monthly In-House Billing Cost (assuming one employee)||Absolute Billing Cost|
|Employee Salary = Hourly Rate x Hours per Week x Weeks per Year ÷ Months per Year = $20.58 x 40 x 52.1429 ÷ 12 = $3,577.00||$3,577.00||$2,500.00 Average of $50,000.00|
Net Receivables at 5%
|Medical Benefits Average PPO plan at age 30 $458|
(50% Employer’s portion of dues)
|Sick Leave Average Sick leave per year = 7 days = 0.583 days per month = 4.664 hours of work = $95.99||$95.99||NONE|
|Vacation Leave 15 days/year (U.S. Bureau of Labor Statistic) at 8 hours per day = $2469.6/yr or $205.8/month||$205.80 + Losing one week of their work||NONE|
Simple IRA Based on a 3% Employer Contribution (IRS SIMPLE IRA Plan) per month
|Deferred Compensation / 401k Employer matched contribution||Varies||NONE|
|Workers Compensation Based on $2.25 per $100.00 on payroll||$80.57||NONE|
|Payroll Taxes Per Month|
Social Security Tax (6.2%),
Medicare Tax (1.45%), Unemployment insurance (3.4% of up to $7,000 in salary), Federal Unemployment Tax (0.6% of up to $7,000 in salary), Employment Training Tax (0.1% of up to $7,000 in salary)
Taxes Per Month = 7.65% of Monthly Salary + 4.1% of $7,000/12 = $3,580.92 × 0.0765 + $583.33 × 0.041 =
|Practice Management Software (Averaged price of three prominent options)||$149.17||NONE|
|Electronic Claims Submission Fee @ $0.25 per claim|
Based on 70% of total monthly claims (200 claims)
|Mailing Expenses |
Paper Claim Forms ($29.99),
Security Envelopes ($64.99),
Return Envelopes ($77.79),
Patient Statement Forms ($20.99)
|TOTAL COST PER MONTH||$4,971.58||$2,500.00|
|ESTIMATED IN-HOUSE COST||ESTIMATED ABSOLUTE COST|
ADDITIONAL COSTS FOR IN-HOUSE BILLING
Office Space Lease – Office Equipment (Computer System, Phone, Fax, Scanner, Copier, Filing System) – Billing Software & IT Support – Coding Books – Updates – Training – Storage Space – Electricity – Phone Charges – Copy Charges – Office Supplies – Printer & Copier Ink –