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billing service percentage

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  •  radnater 
    Participant
    Status: Physician
    Posts: 9
    Joined: 12/08/2018
    Earnest refinancing bonus

    Was wondering what others are paying for a billing service (especially for radiology) as in a percentage of revenue collected.

    Currently we are paying ~6-8% revenue collected for our billing service. We share billing specialists with a local surgeons practice which has been beneficial for both of our groups and was wondering how this compares to others. We are a rural location, so there’s essentially no other local billing services available.

    thanks.

    #180231 Reply
     jacoavlu 
    Moderator
    Status: Physician, Small Business Owner
    Posts: 1676
    Joined: 03/01/2018

    I’ve heard from 6-10%. Toward the higher end may come with additional services beyond simply billing-collections. Practice management functions. MIPS/MACRA/PQRS. Etc.

    Just as important is the percentage of gross charges actually being collected. It makes more sense to pay 9% and collect at 55% than to pay 7% and collect at 45%.

    The Finance Buff's solo 401k contribution spreadsheet: https://goo.gl/6cZKVA

    #180249 Reply
    Liked by radnater

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