General Category > General Questions
Can you make a profit by charging 4%?
tallmanusa:
Thanks for the responses.
I have concluded that the answer is No. Furthermore underpricing the services is not a good idea.
I plan to charge 5%, which is still lower than the market, with a $800 minimum and $500 set up fee. I plan to do business with ONLY those practices that are willing to utilize EMR, and we would do only web based e filing. Of the various programs I have evaluated Kareo/practice fusion seems to excel, there may be others. I like their top package which is $299 per provider per month; I plan to offer that with my services, the cost is on me.
I have hired two experienced billers part time, working from home, at 1% of the revenue collected by that biller. Is that a fair compensation?
I have commissioned a web designer to design a 40+ pages website; why so many pages? I want to describe in detail what a PM + EMR can do. Practice fusion has no issues in us describing as their website does.
We need brochures.
We just need clients, though I am not ready yet.
Any comments would be appreciated.
Michele:
40+ pages seems like a lot to me. Did you tell them you needed 40+ pages or did they tell you?
Regarding the billers, I personally (JMO) am not for employees working from home. I know there are some out there somewhere that are good, but to me it's an invitation to not do a good job. Paying them based on the revenue collected will help with that because if they aren't collecting they won't get paid, but you need systems to be able to check their work. Personally as a biller I would never agree to work for 1% of the revenue.
QueenAlicia:
I would never except 1% from an employer. That screams cheap and it doesn't sound leagal. I would want to be an hourly employee or a subcontractor.
I think that a 40 page website is too much. You can get what you need to say in less and you will probably loose the provider or decision maker after the first few pages.
I do like the "fee schedule" that you have set up for charging percent. I have something similar when I have a provider that is more comfortable paying a percent and the minimum adjusts with the specialty.
Good luck! :)
tallmanusa:
Yes 40 pages looks like a lot, but to compete you need to be able to offer full services and have to explain it.
Here is a website www.athenahealth.com ; it is more than 50 pages. We offer just about everything they offer.
They are a big time company, but clients expect the same from a smaller company, even more services.
How would you pay a subcontractor? I don't want to pay hourly.
PMRNC:
IF I hired employee's I wouldn't pay them a %, I would probably steer clear of fee-splitting arrangements all-together. I would probably compensate based on an average salary using their experience/references as a guide. JMHO. Have you worked out such thins as a compliance plan (this should be critical especially if having your employee's off-site) and also E/O insurance (again, greater liability with off site employee's) I can certainly appreciate all the "outer" workings, software, EMR, etc... but don't forget the critical elements that could make or break you from the back end.
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