For over 35 years Willis & Willis has been a trusted revenue cycle management partner to practices and individual providers in the Midwest. We help take the frustration out of the revenue cycle by offering HIPAA compliant medical billing services, procedure coding and practice management consulting. Our team of experts has over 150 years of combined experience in helping providers in a wide range of specialties maximize their reimbursement.
Let’s put our expertise to work for you!
Why outsourcing Revenue Cycle Management makes sense
Outsourced RCM keeps administrative overhead costs consistent and enhances your practice’s ability to get claims submitted right the first time, reducing administrative time spent on follow-up. It can eliminate fluctuation in the revenue cycle due to internal staff sickness, vacation or other absence. We handle all inbound patient billing questions for you; saving time and frustration.
Here’s a chart of typical billing costs for in-house and outsourcing. It’s based on a 2 provider practice with 2 internal billing employees.
Annual Revenue Cycle Cost Comparison
| In-House RCM Costs | Outsource RCM Costs | |
|---|---|---|
| Salary (2 employees @ $14.50/hour) | $60,000 | N/A |
| Payroll Taxes (2 employees) | $9,000 | N/A |
| Benefits (2 employees) | $15,000 | N/A |
| Administrative Cost (accounting, payroll, office equip, etc.) | $15,000 | $4,000 |
| Claim Processing Cost ($120/provider/month) | $2,880 | N/A |
| Annual Gross Charges (2 Physicians) | $1,300,000 | $1,300,000 |
| Gross Collection Rate* | 60% | 70% |
| Annual Net Receipts | $780,000 | $910,000** |
| Outsourced RCM Costs (7% of net receipts) | N/A | $63,700 |
| Total Cost of Collections | $101,880 | $67,700 |
| Collections Minus Costs | $678,320 | $842,300 |
* – Gross collection rate does not take into account contractual adjustments (Medicare, Medicaid, UHC etc.)
** – Industry studies show that utilizing an outsource RCM service typically increase net receipts by 5-15%. We used 10% in this example. Actual results will vary.
Outsourcing can provide significant savings! Click the button below to request a free analysis of your revenue cycle.
