Medical billing can be a time consuming, frustrating, and overwhelming task resulting in stress, especially for small clinics that have limited time and resources to get the job done(and done right). However, it is a vital function in order to keep money circulating through the practice or clinic. Much like extra pounds on the waistline due to an unhealthy diet and no exercise can cause stress on the human body, extra costs and time spent due to having to hire and train new employees can cause stress on the businesses finances.
According to the Society of Human Resource Management, the cost to hire a new employee is $4,129, not including benefits.
No advertising costs to find applicants for the job
No lost time contacting applicants, setting up interviews and interviewing candidates or following up on references
No background check costs
No time lost on training on software or medical billing
No time and money lost with employees being off work
No equipment and workstation costs
No continuing education costs
No software licensing fees
NO EMPLOYEE SALARY
No costs for health benefits, workers compensation, unemployment, unpaid and paid time off
This doesn’t even account for the ‘found savings’ normally realized when a professional biller handles your medical billing. Just like your income tax, there comes a time when a person outgrows handling it on their own and should consider hiring a professional. In the long-run, the savings of outsourcing your medical billing outweigh the costs. Remember to consider all the costs associated before making a decision.