Are there any Medical Billing Experts here?
August 23, 2024
by a searcher from Pennsylvania State University in Philadelphia, PA, USA
I'm in the process of evaluating a Medical Billing company that is barely breaking even. All of their employees are 100% US based, and the company pays 100% of their benefits - which I think is commendable, except for the fact that it is barely making it through.
Few details and questions:
• Revenue is consistent at ~$1.9M
• Clients are all hospital based practices (think Hospitalist, Critical Care, Anesthesia)
• They submit about 240k claims per year and collect about $30M on behalf of their clients
• Service includes chart acquisition, manual data entry from hospital to billing system, coding, billing, denial mgmt, etc. (full service)
• The company charges a percentage of revenue - between 6% and 8%, with most being at 6.5%
Observations:
• There seems to be an opportunity to reduce cost by offshoring some functions (data entry and coding)
• They seem to be under charging for their service.
Questions:
• Anybody in the space - can you provide insights into the observations listed?
from University of California, Santa Barbara in San Jose, CA, USA
It's here for coding. It's here for voice assisted follow up over the phone.
Qualifications:
Began working in billing in 2009 with Obamacare. I own a medical billing company from###-###-#### I also own an operate the best, high end addiction treatment centers in Silicon Valley from 2017 and integrated most of the billing company into the center as billing department.
from Northwestern University in Chicago, IL, USA