That seems low to me. I would think one biller working 35-40 hours per week should be bringing in at least $4000. When you determine your flat monthly fee how are you doing that? Do you keep a work log of how many hours you are spending on each account in a month? I would start by keeping a work log. Of course you will always have time during the 35-40 hours a week that you cannot apply to any one account. But a work log will help. We do that when we want to know if an account is profitable. We count how many hours a week we spend on that particular account, multiply it by 52, divide by 12 and then divide that number into the monthly fee. We have to be making at least $50 per hour to operate. (Payroll, taxes, supplies, building costs, etc.) It won't have to be that high for you since you are a sole owner working by yourself. But when you have employees you have added expenses.
It's really hard to say without really digging in. Here are some things I do that might help.I use ACT and have database setup with all clients. In each one resides my signed contract, emails (no phi) BA agreement, etc etc. There is also a timer and log feature. When i start work each day for any one client i hit that timer, I'm in the habit now of stopping it whenever i stop. Once monthly I run reports and make sure I'm on target with contract. Because my flat monthly fee is based on time I watch to see I'm not going over so I'm not working for free 2. Make sure if you have any expenses you add them in, if it's phone fax, etc you should be charging each client a piece of that by use. Of course you add only the expenses used on that client and not costs associated with the cost of doing business. 3. Scrutinize your time.. as business owners we are always going that extra mile, which is ok, but it's real easy to go way over that one mile, maybe your spending more time on a particular client? That's why I run my time reports monthly. 4. How are you basing your fees? Mine are based on hourly rate, I don't have any clients under $35 an hour but not all of them are same. I have one practice at $55 another at $45 It varies based upon their staff, specialty, etc. Some specialties have a lot more time driven services. The only ones I would go the $35 an hour, as an example, are my mental health, solo providers, non MD.Because my flat fee is based hourly I can adjust my time down if I need to and it does happen that I'll find myself working a few extra hours I don't need to work. If I find I DO need those extra hours it's time to increase fees. My flat fee model includes a sliding scale for practice growth but for some providers it might need adjusting up and sometimes down. I think the key to this business model is being disciplined in your work days. Create a system to track and log your time for a few months and you are sure to find tweaks you can make.
OMG - I had no idea I could charge that much! You've made me really happy!