Why should you use ALW for your Medical Billing?

The New England Journal of Medicine states that a typical doctor's overhead and billing expenses account for 43.7% of his/her gross income. This translates into an average of about one and a half clerical workers per doctor at an average annual cost of $51,000. This does not include the hidden costs like vacation time, insurance, and the like.

If you are like most medical providers, you probably never had the time to work out the comparison of outsourcing your billing vs. doing it in-house. Below is a quick analysis of potential savings by outsourcing your billing needs.

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If you use in-house medical billing

In-house medical billing expenses and revenue (Conservative average)
Base Pay: $19.23/hour – Annually $40,000
Health Insurance: $4500.00
Taxes: $6000
Training: $1000
Operating costs (IT, Printers, PC’s, Software, Paper, office space etc): $4000 annually
Retirement: $1040
Disability: $720
Health Care: $5220
Social Security/Medicare: $2295
Vacation/Sick: $3270
Annual Total = 1 In-House Biller: $67,145
Annual Collections: ($282,000 out of $470,000 - about 60% which is higher than the average)


Staff value - Subtract their cost vs. what they bring in = their value only- $214,855

You are losing $255,145


But if you use ALW. . .

ALW Outsourced Medical billing costs
Base Pay: Medical Billing at: 5-10% of collections
Annual Collections: ($460,600 from $470,000) 98-99%
Annual Total = 1 outsourced Biller: $23,030 – $46,060
Subtract our cost vs. what we bring in = our value

$437,570 - $414,540

Compare:
In house medical billing revenue$214,855
ALW developed revenue - $414,540 - $ 437,570

We can make you almost 2x more profit gains!

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Are you losing money outsourceing?

 

 

 

 

 

 

 

 

medical billing expenses

 



Remember – for every in-house medical biller – you can add almost a 30-50% loss in profits every year!!

What could all that money be used for? Expansion, Staff pay raises, repaid loans, vacations, better home, car etc.

But the most important factor besides collecting for your own practice is the financial welfare of your patient. The staff at ALW, like our clients - the Doctors and their Medical offices, went to school for many years and researched hard so they can help people. As a Doctor you probably never realized you can help your patient financially. We know you do not want your patient burdened with a Medical bill that they could not pay.

We know that little sign in your office that reads, "All patients are responsible for any unpaid Medical bills. . ." should only be a technicality but never a reality because you have a specialist working hard for you. ALW has a particular NICHE and because of that have very little competition.

We are not like the other Medical Billing companies because we actually gets phenomenal results that are unheard of in the Medical Billing community.

Now you can offer a additional service to your patients, a service that they can depend on. A service they will tell others about.

See our Testimonials

Contact us now for a free consultation.

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Still not convinced?

(For Insurance definitions click here)

There are many other factors that would jolt a provider to consider outsourcing their billing.

Your billing process is inefficient.
Does your collections drop while the time to collect increases? You may have issues in your billing department. Outsourcing to a third-party billing service greatly decreases the number of rejected claims and decreases the time it takes to receive payment from a payer

You have high staff turnover
Turnover is an issue in any industry but turnover in a provider’s billing department is especially damaging. Claim processing is the economic life blood of a practice and a new addition or replacement in the billing department will inevitably lead to slowdown in the processing of claims.

You’re not tech savvy
Software requires training. Add in training for your staff and the significance of this investment becomes clearer. If you don’t want to deal with software upgrades and occasional technical issues, outsourcing is probably a good choice. Additionally ALW uses one of the foremost IT companies in Illinois using advanced technologies. All our clients receive deep discounts if referred by us! In Real Estate it’s, “Location, location, location.” But in the business world it about who you know.

You’re a new provider
New providers have plenty to learn and worry about besides their billing department. Outsourcing their billing right from the start can give them much needed relief from the day-to-day stress of launching a new practice, without a trial by fire in hiring, training and managing employees

You have different priorities
Many doctors are not strong on the business side of running a practice. They became doctors to help patients and not worry about the administrative side of the business. Outsourcing the billing process eliminates the hassle and frees doctors to concentrate on patients

Why ALW?
It’s true, we have a far better success rate then the national average, we offer many other perks like direct deposit and many other features. If knowledge is power we are the one company you want in your back pocket because we have seen the many changes and games the Insurance companies play with Doctors. We want to make a difference and take pride in putting into your pocket what belongs to you.

OTHER IMPORTANT INFO: Besides many years in medical billing, our knowledge, ability, and dedicated follow-up is why the ALW collection rate is consistently higher then our competition.

Our medical billing services accelerate cash flow and maximize the revenue of your practice. Our medical billing and accounts receivable solutions are simple but powerful tools that you can use to reduce expenses and increase the revenue of your practice. You will be able to quickly see the following benefits by partnering with ALW for your medical billing needs the proof is in the results! Read more on what our services can do for you! If you use someone else - it's guaranteed you'll collect less!

We are either willing to work with your inhouse staff to increase your monthly revenue or if you want to outsource your medical billing service to ALW, you will find that this will be a much less financial burden than inhouse billing. A definite plus to your financial solution.

 

AN IMPORTANT - OVERLOOKED FACT FOR DOCTORS AND MEDICAL OFFICES:

Besides losing untold thousands in unpaid claims - it's common knowledge that the average American cannot pay for their medical bills. That can reflect on you - the Medical provider. If your collection rate is less than 98% - you are in serious danger of losing patients. So in conclusion, your Organizations ability to help your patients and to have them "feel" taken care of is monumental, wouldn't you agree?

Remember, your PR (how patients perceive your Medical office) - the friendliness of your staff, the appearance of your office, how they are helped - which includes helping them with their medical bills - will have a very large impact on what they tell others and IF they will ever come back to your office for help. While the patient will "say he/she understands" the insurance company isn't "paying-up," the reality is that the patient will equate your practice with, "Why can't my Doctor collect on my Insurance claim - I pay the Insurance company, so what gives?"

Do you think they will come back to you for help if they are stuck with a medical bill they probably can't pay or will most likely put them in debt especially right now when the economy is so bad and so many people are losing their jobs?

Wouldn't you like to tell them - "That's not a problem, we will take care of you, we have a team of experts on it" because you can say that if you have ALW with your Medical Billing or even if we assist your in-house team. You have tried to be in your patients shoes - and this is a vital part to consider.

So please ask yourself - how much is a patient worth to you?


Need more money in your practice? Contact us for a free, no obligation consultation.

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