Billing > Billing
Pricing Strategy
SnyderKristine:
Hi All,
I just had a meeting with a potential client and he came up with lot of questions for me. HOMEWORK...
1. He would be willing to use our software instead of his own?
>> How much would it cost me for a provider, the initial fees and the monthly charges??
2. For a provider collecting $1.5 Million per year, how many people I would need to handle his end-to-end billing? And what would be the best % to bill?
Please help. I need to mail him the pricing model..
PMRNC:
I just had a meeting with a potential client and he came up with lot of questions for me. HOMEWORK...
1. He would be willing to use our software instead of his own?
>> How much would it cost me for a provider, the initial fees and the monthly charges??
That depends on what software or subscription service you use, no way to answer this. If he has a PM solution setup I would have to ask why change? This is one of the things I think today's medical billing company needs to be able to handle to stay competitive.. why make the client switch when you can go in and use their PM solution which allows you to still make money and they save money? Example: let's say they have Medisoft in their office and they have been using it... then suppose YOUR solution is an online system where it's $199 a month per provider. Right there you need to UP your fees $199 or have the provider pay that fee in order for you to break even. Now if you are experienced and you can work in other systems, it would be in YOUR best interest and their's to continue their PM system, log in and do your thing for now.. later on you can do a cost analysis based on your data and theirs to see if a switch would be in their best interest. JMHO. I've seen so many billing companies starting out turn clients away because they wanted the client to use their software and couldn't be diversified to use the existing PM system in place. Sure it's not ideal in most cases but you have a chance to save them a few bucks, get paid for your time and prove yourself, later you can decide if a switch is in everyone's best interest.
--- Quote ---2. For a provider collecting $1.5 Million per year, how many people I would need to handle his end-to-end billing? And what would be the best % to bill?
--- End quote ---
Again, no way to answer this either because no one knows your experience level, how much yourself and any staff can handle, volume, specialty, etc. I always do a full practice analysis before I quote a price. You need to know exactly what a practice is doing first before you can tell them how you can do it.
Michele:
--- Quote from: SnyderKristine on March 03, 2014, 03:50:18 PM ---
2. For a provider collecting $1.5 Million per year, how many people I would need to handle his end-to-end billing? And what would be the best % to bill?
--- End quote ---
Like Linda said, this is hard to answer without more information. It does depend on the experience level of the worker, the type of billing, specialty of provider etc. To give you a very big ballpark figure, since we don't have all of that information, I would think it would take two fairly experienced workers to handle an account that size. This is a very rough guess.
SnyderKristine:
Amm. I am so sorry I missed the details..
Well this is a Internal Medicine Physician..again as stated $1.5 Million annual collections, bills all types of insurances, and wants a complete Medical Billing solutions..
I can handle the Insurance ageing all alone, can also do appointment reminders if required, and can fairly take care of insurance verification myself..
Does that give any idea. I could not ask anything from him, he was asking all the questions ??
SnyderKristine:
Actually plain and blunt I offered him 7% of his revenue for all the services right from Appointment reminder to Patient Collections. Is that feasible?
I have worked only as an employee, so I really don't know how everything worked behind the curtains :(
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