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The Benefits of Oursourcing Your Medical Billing

In-House Billing

Solo Practice/Individual Provider

Monthly In-House Cost

West River Medical Billing Cost

Employee Salary (per employee)

$16.50 per hour X 40 hours per week = $660

$660 X 52 weeks = $34,320

$34,320 / 12 months = $2,860

$2,860 = one month gross pay

$2,860

7% (rate is negotiable) of Average of $30,000 Net Receivables from Insurance and Patient Payments

$2,100 per month per physician or practice

Medical Benefits (per employee)

Average PPO plan $315 (26 - 36 years of age)

50% Employer's portion of dues

Full-Time Employee (30 - 40 hrs per week)

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$157.60

NONE

Sick Leave

Based on 1/2 day per month = 6 days per year

$66.00

NONE

Vacation Leave

Based on 1 week paid vacation per year

$660.00

NONE

Retirement Plan - Simple IRA

Based on a 3% Employer Contribution per month

$85.80

NONE

Deferred Compensation / 401K

Employer matched contribution

Varies

NONE

Workers Compensation

Based on $0.95 per $100 on payroll policy minimum of $500

$27.17

NONE

Payroll Taxes (estimated)

Social Security, Medicare, State Unemployment

$219.16

NONE

Practice Management Software

Average cost for monthly model

$300.00

INCLUDED

Electronic Claims Submission Fee

@ $0.25 per claim

Based on 70% of total monthly claims (200 claims)

$35.00

$35.00 monthly clearinghouse fee

Paper Claims

(Cost of Supplies & Postage)

@ $0.70 per claim

Based on 30% of total monthly claims (200 claims)

$42.00

INCLUDED

Patient Statements

(Cost of Supplies & Postage)

@ $0.90 per claim

Approximately 50 per month

$45.00

$40.50

$0.81 per statement

(includes postage and return envelope)

TOTAL COST PER MONTH

$4,497.73

$2,175.50

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