General Category > General Questions
Fee
PMRNC:
I'm not sure if % based is easier or just more convenient <g>
Here's what I know to be fact.. whenever you are determining a fee or even a %, the first figure you always start out with is how much you want to make, how much is your time WORTH? All the other variables are weighed in AFTER you have those numbers in your head.
The next thing you want to do is figure out how many hours a week you will need to spend on a particular client. The next thing you do is deduct expenses/costs. When all is said and done you should arrive BACK to the figure you sat down with (what you want to make) whether it's hourly, monthly etc. If you are billing an hourly rate of course it's easy because the more time you put in, the more money you make, if you are billing a flat fee you will want to adjust the fee by volume.. maybe it takes you an extra hour per day for another 2-3 patients, maybe another hour for those extra patient statements, etc. etc. etc.
If I crunch the numbers.. I'm coming out better with a flat fee and sliding scale. Remember it all goes back to HOW MUCH YOU WANT TO MAKE AND HOW MUCH YOU ARE WORTH!
Pay_My_Claims:
I agree with you Linda. When I first decided to simply go to a flat fee rate and negate all this % billing I immediately thought about the $$ I could lose. :o I could be cheating myself. If I continue to focus on the possibility of losing a dollar, I will get nowhere. I work 8 hrs per day at XX.00 per hr. If I have 4 providers and charge them XX.00 per hr x 8 but can do it in 2, I am making my current salary x 4. I am still working 8 hrs a day but making my salary x 4.........
crunch time.... medical biller salary could be 15.00 per hr. She/he makes 600 per week. 2400 per month. Charging each provider 2400 she/he would be making 9600 per month. Now lets say % wise she would want to charge an average of 8% In order to make this her physicians would have to have reimbursements of at minimal 120,000. That would mean each provider would have to bring in 30K a month minimal in order for them to equal the flat fee amount. This could be the case, or not be the case. Flat fee guarantees the money. Claims are filed constantly where the balance is applied to the clients deductible....no payment for % billing. Clients insurance has lapsed, no auth obtained anything......no payment for % billing. I'm going to flat-fee it..
PMRNC:
Exactly!! You get paid for the time you put in.. period! yes some will argue and think a percentage is an incentive, however that in turns makes the argument about why we will be moving away from all % based billing. I predict this will be coming down the pike soon. I've paid my dues, proven myself, my time is worth money :)
Pay_My_Claims:
Amen!!
Michele:
To me easier and more convenient have similar meaning, and that was the point I was making. Even though it may be easier AND more convenient it is NOT the way to go. I didn't anywhere in my post say or indicate that I don't charge what I deserve to be paid and what my time is worth.
Michele
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