Benefits of Outsourcing Medical Billing
Are you a medical practitioner who is overwhelmed with paperwork and tedious job duties that are deferring you from doing what you love? Then consider outsourcing your medical billing and coding with Allstate! Not only will you save on time and be relieved of unnecessary stress, but your medical practice will save money! As one of the most affordable medical billing companies in the country, Allstate aims at making your job easier at the lowest cost possible.
With advancements in technology and new methods of communication, there is no longer a need for an in-house medical biller, so why waste money on in-house employee expenses? We at Allstate will get the job done more efficiently and at a lower cost! If you're still not convinced that Allstate Medical Billing is the best step for your medical practice, then see the detailed cost savings and other advantages below – we promise our medical billing practices will benefit your business in more ways than one!
Save Money by Outsourcing
• Payment Processing Expense
• Payment Processing Fees Expense. Compare Lower Rate Providers Here.
• Employee Health Insurance Expense
• Necessary Continued Education Expense
• Postage and Electronic Claims Submission Expense
• Office Supply Expense
• Storage Expense
• Software Upgrades and Support Expense
• Time Expense
• Employee Turnover and Personnel Issues
In an analysis based on an average monthly practice revenue of $35,000 a month, this chart outlines the amount of money that your medical company can save by outsourcing your medical billing with Allstate. After considering all expenses and fees, your medical practice can save approximately $2,000 per month and $24,000 a year on average by switching to outsourced medical billing, and here is how:
|
In-House Billing Expense |
In-House Billing Cost |
Allstate Medical Billing Cost |
|---|---|---|
|
Employee Salary One Month Gross Pay ($17.00 per hour x 40 hours per week) |
$2,992.00 |
$1,247.50 (Average of 250 claims per month @ $4.99 per claim)
|
|
Medical Benefits Employee Medical Insurance
|
$330.00 |
None |
|
Sick Leave 7 days per year
|
$70.00 |
None |
|
Vacation Leave One week paid vacation
|
$50.00 |
None |
|
Retirement Plan
|
Varies |
None |
|
401k Employer matched contribution
|
Varies |
None |
|
Workers Compensation Based on $2.00 per $100.00 payroll
|
$52.00 |
None |
|
Payroll Taxes per month
|
$100.00 |
None |
|
Total Medical Billing Cost per Month |
$3,594.00 Per medical biller |
$1,247.50 |
Go Green with Electronic Medical Billing
One of the most common business initiatives in modern times is to 'go green' in order to reduce environmental harm due to using an excess of resources. For such a simple term, there are a lot of factors that go into a company 'going green,' and many companies assume that following these factors is going to prove to be very expensive. With Allstate, though, you can pursue of the most common factors of 'going green' at a low cost by minimizing the use of paper in your medical office.
When considering the amount of paperwork and files that goes into bill pay and insurance claims, it may seem nearly impossible to have a 'green' medical billing system. With Allstate, however, your medical company can conduct billing and coding business completely electronically, so there is no need for paperwork! We make use of email, electronic billing software and other online resources in order to help our healthcare providers and the environment at the same time.