Benefits

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

$2,860.00

6% (rate is negotiable) of Average of $30,000 (example)

Net Receivables from Insurance and Patient Payments

$1,800 per month per physician or practice

Medical Benefits

Average PPO plan $315.00 (26 - 36 yrs of age)

(50%) Employers portion of dues

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

$157.50

NONE

Sick Leave

This depends on your state's labor laws.

Vacation Leave

Based on a one-week paid Vacation per year

Paid Sick Time

NONE

Paid Vacation

NONE

Retirement Plan 401K

Based on 3% Employer Contribution per month

$85.80

NONE

Workers' Compensation

Based on $0.95 per $100.00 (example) on payroll

$41.67

NONE

Payroll Taxes (Estimated)

14.5% gross wages

7.25% Employer Tax Due

Social Security, Medicare, State Unemployment

$207.35

NONE

Practice Management Software

Average cost for monthly model (depending on software)

$300 per provider or practice per month

$300.00

NONE

Electronic Claims Submission Fee

@ $0.47 per claim line

Based on 70% of the total monthly claims

(est. 500 claims/provider)

$164.50

$35/month clearinghouse fee

Paper Claims (Cost of Supplies & Postage)

@ $0.55 per claim

Based on 30% of the total monthly claims

(est. 500 claims/provider

$82.50

NONE

Patient Statements

(Cost of Supplies & Postage)

@ $0.81 per statement

Estimate 40 per month

$32.40

TOTAL COST PER MONTH

$3,931.72

$1,867.40