Starting a Medical Billing Business > Starting Your Own Medical Billing Business

Profit Margin

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sagemb:
Well said everyone. And you're correct Linda. The reason I did percent billing was to just grab the doc. I had low self esteem and even lesser confidence. I'm a very shy person so I'll raise a point but won't hammer it in if I see resistance or if I find myself being ignored. But things are going to change from here on. It'll be a fresh start and loads of know how on what NOT to do. I even got a few of the books from this site and it I can't believe how right down the point you guys explained everything. Anyways, I'm rambling.

BTW...about using the providers own PM software, I wonder if the learning curve is going to go through the roof? How has it worked out for you? I mean, I took at look at eClinicalWorks and couldn't make heads of tails  :D

kristin:
I have had to learn six different PM softwares in the last two years, with basically no training from anyone. Or the training was done via Youtube videos, and wasn't good. It really wasn't that hard, to be honest. You already know Kareo, and that was probably the hardest one I had to learn, because it is glitchy in weird ways. I really wouldn't worry too much about a learning curve.

As for what you said about having to spend so much time on the account because of getting bad info from the staff, etc, that is the one problem I have with remote billing, but it isn't as bad as what you went through. I have really, really gotten down on staff and the doctors to make sure the info is correct, by showing them how it affects their bottom line, and it has helped a lot.

Don't rely on just the PM software to verify benefits and eligibility...make sure you are also using Navinet, Availity, and various insurance websites to do that work also. It really helps.

shanbull:

--- Quote from: sagemb on November 20, 2014, 11:16:56 AM ---BTW...about using the providers own PM software, I wonder if the learning curve is going to go through the roof? How has it worked out for you? I mean, I took at look at eClinicalWorks and couldn't make heads of tails  :D

--- End quote ---

I've worked with eClinicalWorks every day for a year and a half and sometimes I'm still confused by it, but that's because it is so huge, and tries to be everything for everybody. I think it's a special beast ;) I haven't spent a ton of time with other EMR's but they all do seem more intuitive than eCW from what I've seen. You are definitely not the first person to run into this, and a lot of the "official" instruction materials produced by eCW are terrible, poorly organized, missing key information, or spread out related information over several separate webinar videos and guides. On the eCW forum I post on, everyone readily admits that the bulk of the learning happens through trial and error. I do not believe this would be considered ordinary for the learning curve of a typical EMR system.

mindy167:
Looking for an average range figure in a couple of areas with the expectation that the final figures are based on a variety of factors. The data I've come across has not been specific to the billing industry per se, specifically 3rd party billers --

1. % of expenses to revenue baseline
2. Gross profit margin - for service businesses it seems to range from 20 - 60%
3. Denials as percent of net collections (top number I've seen is 5 - 6%)

Any other insight in response to the first two questions is appreciated. 

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