GeBBS Healthcare Solutions
Healthcare RCM
Outsource Medical Coding and Billing and Save Operations Costs
People rarely consider medicine a business, but it is. A doctor’s office must earn a profit just as much as a retailer must. In fact, some might argue that the medical practice needs to bring in more cash so it can afford the best personnel and the latest medical equipment. Many practices must find ways to cut operating costs to keep their doors open. One way to do so is with healthcare RCM. A healthcare BPO company can handle your coding and billing for you, and this will save you in money in the end.
Salary
When you hire someone to do your coding and billing for you, you must pay him or her a salary. If you are a larger operation, you may have a need to hire an entire department of people, which of course means an entire department of salaries. Medical coding and billing professionals make decent wages, so you aren’t likely to get away with your state’s minimum hourly rate. Save this salary by outsourcing the function to someone else.
Benefits
Healthcare RCM companies pay their people directly and they also handle any benefits. If you bring people on board yourself, you’ll incur the additional expense of a personal insurance package and retirement incentives if you’re so inclined. To put it mildly, if you want competent employees, you need to be inclined, so it’s better to outsource this function and save yourself benefits on top of salaries.
Insurance
You will have to ensure your employees, including workers compensation in most states. This, too, adds to your bottom line and reduces your profits. Outsourcing the function keeps the people doing the work of your property, so no need to beef up your general liability and property insurance or worry about their workers’ comp coverage. Depending on your practice, the savings could be huge.
Employment Taxes
Finally, you have to pay employment taxes on all of your employees, so avoid adding to that bill by outsourcing your coding and billing. The fewer employees you have, the less you send to Uncle Sam and your state tax authorities if applicable. You also save on county taxes in many cases, so the reduction in your operating budget’s tax line might be significant.
Contact a qualified healthcare RCM company to discuss your coding and billing needs today. Yes, you will have to pay them, but when you take into account all of the above your savings will more than offset hiring your own coders.