#Full -Time equivalent (FTE) Model to Outsource Medical Billing and Coding

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Leading Medical Billing Agency in India Offering Multispecialty Medical Billing Services

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Pricing Models Offered by Medical Billing Companies

For every business model, pricing is a crucial factor when it drops down to making profitable revenue. And in the healthcare industry, for every medical billing company, the primary question that pops from their customer is, “what is your pricing model?” 

Every medical billing company is judged on a broad range of evaluation factors. The factors include customer satisfaction metrics, ease of communication, accuracy rates, and last but not least, revenue cycle management. 

Since all these metrics also depend on pricing models, we can fairly say that a higher quality has higher pricing models. It means that practices and healthcare organizations need to consider the cost evaluation to get profitable returns.

Following are the models which many medical billing companies follow for their clients. 

Co-managed revenue cycle model

These are part of end-to-end revenue cycle management services that is common practice among medical billing companies. So the process is where you submit claims to insurance companies, where the company takes complete charge of the revenue cycle. From eligibility verification to AR analytics all is covered in this end-to-end process.

Most of the companies charge somewhere around 8% to 12% for co-managed revenue cycle services. Using high-quality electronic health records (EHR) systems, you will be charged around 3%-6%.

FTE model

An FTE model is based on a full-time equivalent model – that gives out services to organizations at total capacity. For example, the medical billing services offer a team or a group to the said practice full time to cover their requirements. It helps when there are specific gaps within the organization or training, but they don’t want to outsource their needs. Instead, they’re in a group to complete or boost up their process to get quick returns.

Percentage basis model

Under this model, the medical billing company collects a certain percentage of the money they collect on a month-to-month basis. That is only valid when healthcare providers or practices get paid through billing customers. The practices that have a high denial or unpaid claims ratio can opt to percentage basis models. They typically charge around 4% to 15%, depending on the range of cases, receivables, and patient volume.

Full cycle RCM model

This model is based on healthcare organizations and practices outsourcing their entire revenue management to a medical billing company. It works for most organizations because it removes the complex medical billing or coding and revenue management activities from the system as experts from medical billing services handle the end-to-end process.

At  Info Hub Services, we provide comprehensive and fully integrated medical billing solutions to help your practice achieve profitable revenues efficiently.

Fixed-Rate per claim model

Many medical billing companies charge clients a fixed rate per claim. Meaning, the rates are charged based on claims processed and not on the amount collected. This model you can adopt when you don’t feel the need to opt for end-to-end solutions and where claims are cleaner.

Hourly rate model

Some companies charge the practices or providers for their medical billing services at hourly rates. This model is ideal for large-scale operations or hospitals that usually have standardized claims and handle claims hourly. Medical billing companies hire dedicated staff for such operations. The charge depends on operations, clients, and negotiations done for the future of a healthcare organization.

Hybrid model

This model is based on a system where hospital chains hire medical billing services with mixed or hybrid pricing for its range of requirements. The benefits are provided to different groups within the healthcare organization, which have various operations and needs. Medical billing companies often charge a fixed rate on claims and a percentage of the organization’s amount.

Conclusion: 

There are multiple models for your practice to choose the ideal one suitable for profitable operations. But it is always essential to understand what metrics you choose to drive your business’s success and then compare the suitable pricing model.

Info Hub Services allot experts to your practice to understand your business metrics and drive your revenue to the best. To know about our pricing model, book a free consultation today!

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Maximizing Potential with the FTE Model in Healthcare

Maximizing Potential with the FTE Model in Healthcare

Amidst the dynamic evolution of the healthcare sector, optimizing revenue and operational efficiency stands as a cornerstone for the financial success of healthcare providers. Within this intricate realm, one strategic solution gaining momentum is the Full-Time Equivalent (FTE) model. Notably, the $8 per hour FTE model is emerging as a transformative force, presenting a cost-effective approach to healthcare billing services. Let’s delve deeper into how this model, when strategically implemented, can revolutionize revenue generation and operational workflows within medical billing services.

Understanding the Essence of the FTE Model:

At its core, the FTE model serves as a metric to calculate the total number of hours worked by employees on a full-time basis. This metric is invaluable in gauging workforce efficiency and capacity, crucial aspects in healthcare billing services. By accurately assessing workload, healthcare providers can ensure timely claims submission and reimbursement, thereby enhancing revenue cycle management.

Cost-Effectiveness Through FTE Optimization:

Embracing the $8 per hour FTE model offers a cost-effective solution for medical billing services. According to industry data, outsourcing medical billing to dedicated FTE specialists at this rate can result in significant cost savings, potentially up to 30%, in staffing and administrative expenses. This cost optimization, paired with enhanced revenue generation, presents a compelling return on investment for healthcare providers.

Optimizing Staff Allocation for Efficiency:

Central to the FTE model is the ability to optimize staff allocation, striking the right balance between workforce capacity and workload demands. By analyzing historical data and considering factors such as claim volume and complexity, medical billing companies can determine the optimal staffing levels. This strategic approach mitigates risks of both understaffing, which may lead to delays in claims processing, and overstaffing, resulting in unnecessary costs.

Streamlining Workflows for Enhanced Productivity:

Efficient workflows are paramount for maximizing revenue in medical billing services. Through FTE analysis, organizations can identify bottlenecks and inefficiencies in existing processes. By streamlining workflows and eliminating redundant tasks, medical billing companies can accelerate claims processing, leading to improved revenue cycle management. Moreover, the introduction of automation further enhances efficiency, reducing the likelihood of errors and delays.

Investing in Continuous Training and Development:

To fully unlock the potential of the FTE model, investing in the continuous training and development of the workforce is essential. Regular training sessions and educational programs ensure that staff remain abreast of the latest industry trends, coding updates, and regulatory changes. By enhancing their knowledge and skills, employees can work more efficiently, contributing to improved accuracy and productivity in medical billing operations.

Harnessing Technology and Data Analytics:

In an era dominated by technological advancements, leveraging cutting-edge solutions is imperative for success in medical billing services. By integrating advanced software and data analytics tools, organizations can automate repetitive tasks and gain actionable insights into their operations. Real-time reporting and FTE analysis enable healthcare providers to monitor key performance indicators (KPIs) and identify areas for improvement, thereby driving revenue growth.

Conclusion: Maximizing Revenue Through the FTE Model:

Maximizing revenue and ensuring financial success in medical billing services necessitates embracing the Full-Time Equivalent (FTE) model. With the $8 per hour FTE model, healthcare providers can optimize staff allocation, streamline workflows, invest in continuous training, and leverage technology to achieve their financial goals. As leaders in healthcare revenue cycle management, Info Hub Consultancy Services specializes in implementing FTE optimization strategies tailored to your needs. Partner with us to unlock the full potential of your medical billing operations and achieve sustainable success.

For expert guidance and implementation of FTE optimization strategies, contact Info Hub Consultancy Services today and discover the transformative power of the Full-Time Equivalent (FTE) model.

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💡 Maximize Revenue with the $8/hr FTE Model! Healthcare billing just got smarter. The Full-Time Equivalent (FTE) model is helping providers cut costs, streamline workflows, and boost operational efficiency. At Info Hub, we tailor FTE strategies for scalable success.

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Optimize your practice’s performance with the Full-Time Equivalent (FTE) model, a smart solution to align staffing with actual workload. By outsourcing medical billing at just $7.5/hour, you reduce costs and boost efficiency. FTE helps manage labor more effectively, improves flexibility, and supports better patient care. It also scales with your practice’s growth and prevents overstaffing or underutilization. Implementing FTE ensures your billing operations stay lean and productive. Let ICS simplify your workforce and revenue cycle management with expert FTE solutions.

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Implementing the Full-Time Equivalent (FTE) Model for Optimal Practice Performance

Implementing the Full-Time Equivalent (FTE) Model for Optimal Practice Performance

The healthcare industry has always faced challenges in managing resources efficiently. With rising costs, evolving regulations, and increasing patient demands, it’s crucial to find solutions that ensure both operational efficiency and financial health. One powerful strategy that medical practices can adopt is the Full-Time Equivalent (FTE) model. This model is designed to optimize workforce management and streamline costs, making it highly beneficial for Healthcare Practices. Leveraging an Offshore Medical Billing companies FTE outsourcing at just $7.5 per hour, can revolutionize the way medical practices handle their administrative and financial operations, leading to better outcomes and cost savings.

What is the Full-Time Equivalent (FTE) Model?

The FTE model standardizes employee workload measurement, regardless of whether employees work full-time or part-time. Each employee is assigned an FTE value based on hours worked, making it easier to determine staffing needs. A full-time employee, typically working 40 hours per week, equals 1 FTE. Part-time employees are assigned a fraction of an FTE. For example, an employee working 20 hours a week is 0.5 FTE.

This model helps practices align labor costs with actual workload demands, preventing overstaffing and underutilization. For outsourced medical billing services, the FTE model ensures optimal support without unnecessary costs.

How FTE Is Calculated

FTE is calculated using the formula: total hours worked divided by full-time hours (typically 40 hours per week). For instance, if an employee works 30 hours per week, their FTE is 30 ÷ 40 = 0.75 FTE. This helps practices determine the right amount of staffing needed to meet patient demands while controlling labor costs.

The Benefits of the FTE Model for Medical Practices

Adopting the FTE model offers several advantages:

Cost Efficiency: The FTE model helps avoid unnecessary labor costs by aligning staffing levels with workload requirements. Practices can pay only for the hours needed, preventing overstaffing and overtime costs, which is especially beneficial for smaller practices with limited budgets. Outsourcing specific roles, such as medical billing services, allows practices to pay only for work performed.

Improved Workforce Management:The FTE model aids in managing the workforce by balancing the workload between full-time and part-time employees. This prevents overburdening or underutilization, leading to improved employee satisfaction, reduced burnout, and increased productivity.

Flexibility in Staffing: The FTE model provides flexibility, allowing practices to adjust staffing levels based on patient volume or seasonal changes. For example, during high-demand periods, practices can temporarily increase FTEs without committing to permanent hires.

Scalability: As practices grow, the FTE model offers a scalable solution for managing staffing needs. Whether expanding services or opening new departments, the FTE model helps determine the additional workforce required without exceeding the budget.

Quality of Patient Care: Proper staffing levels ensure timely and attentive patient care. The FTE model balances staffing to avoid long wait times and high operational costs, maintaining high-quality care while ensuring financial sustainability.

Implementing the FTE Model in Medical Billing Services

To effectively implement the FTE model in medical billing services, follow these steps:

Assess Current Billing Needs: Analyze your billing structure, including staff workload, claims processed, and hours spent on billing tasks. This assessment provides a baseline for calculating the required FTE for your billing department.

Calculate the Right FTE for Billing Services: Use the FTE formula to determine the ideal number of billing staff based on your practice’s needs. For instance, a part-time biller working 20 hours a week equals 0.5 FTE. Practices with high claim volumes may need multiple billers.

Outsource Medical Billing Services Using FTE: Outsourcing medical billing services is a practical way to implement the FTE model. An FTE-equivalent outsourced service provides a dedicated billing team that works as an extension of your staff, allowing you to pay only for hours worked and reducing costs while ensuring efficient claim processing.

Overcoming Common Challenges in FTE Implementation

Implementing the FTE model can present challenges:

Resistance from Staff: Employees may resist changes in work schedules or job security. Clear communication about the benefits of the FTE model, such as improved work-life balance and optimized workloads, can help address concerns.

Difficulty in Calculating FTE Needs: Accurately calculating FTE requirements can be challenging. Using time-tracking software to monitor hours and automate FTE calculations can reduce errors and simplify the process.

Balancing FTE with Patient Care: Ensuring adequate staffing while maintaining high-quality care can be difficult. Continuously monitor patient volume and adjust FTE levels as needed to ensure patients receive the care they need without overburdening staff.

Conclusion: Embracing the Full-Time Equivalent (FTE) Model for Medical Billing Success

The Full-Time Equivalent (FTE) model offers a powerful solution for medical practices looking to streamline operations, reduce labor costs, and improve staff productivity. By leveraging FTE outsource medical billing services at just $7.5 per hour, practices can achieve optimal performance without sacrificing the quality of patient care. As the healthcare industry continues to evolve, implementing the Full-Time Equivalent (FTE) Model For healthcare  Practices is a forward-thinking strategy that can provide lasting benefits for both small and large practices alike.

Discover how Info Hub Consultancy Services can help you streamline your medical billing operations with our FTE model solutions at just $7.5 per hour! Contact us today at +1 (888) 694-8634 / 0422 4212 455, or email us at inquiry@infohubconsultancy.com.

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Outsourcing vs. FTE: Which Staffing Model Works Best?

Outsourcing vs. FTE: Which Staffing Model Works Best?

When it comes to medical billing and coding, healthcare providers have two effective staffing options: outsourcing services to a trusted partner or leveraging the Full-Time Equivalent (FTE) model. Both models provide unique advantages, and choosing the right fit depends on your practice’s needs, budget, and goals.

At Info Hub Consultancy Services (ICS), we offer both outsourcing and FTE-based solutions to support medical practices across 40+ specialties. Let’s dive into these two approaches and explore how they can benefit your practice.

The Outsourcing Model: A Hassle-Free Solution

Outsourcing involves delegating your medical billing and coding tasks to a third-party provider like ICS. This model works on a minimal percentage of your total billing or a flat fee, making it a cost-efficient option for healthcare organizations that aim to focus on patient care while relying on experts for RCM.

Key Benefits of Outsourcing Medical Billing:

Cost-Effective: You save on hiring, training, and infrastructure costs as ICS handles everything end-to-end.

Scalability on Demand: Easily scale operations up or down based on your billing volume without administrative hassles.

Expertise at Your Fingertips: Get access to certified coders and billers who are well-versed in various medical specialties and insurance requirements.

No Infrastructure Worries: ICS provides advanced technology platforms, enabling accurate and timely submissions without requiring you to invest in software or hardware.

Streamlined Workflow: Focus entirely on improving patient care while we handle your RCM with accuracy and compliance.

The FTE Model: Dedicated and Personalized Support

The FTE model provides healthcare practices with dedicated billing and coding professionals, who work exclusively for your organization. At just $7.5 per hour, ICS ensures that your FTE resources act as an extension of your team, fully aligned with your practice’s goals and workflows.

Key Benefits of the FTE Model:

Dedicated Focus: FTE staff work solely for your practice, ensuring consistent quality and personalized attention to your billing needs.

Seamless Integration: The FTE team becomes a part of your organization, aligning perfectly with your processes, culture, and long-term goals.

Cost-Effective Long-Term Solution: For practices with stable and consistent billing needs, the FTE model offers high value at an affordable rate.

Direct Oversight and Control: You have the flexibility to manage and monitor the work of your FTE staff, ensuring full accountability.

Expert Resources, Zero Overhead: With ICS handling the hiring, training, and management, you get expert professionals without worrying about infrastructure or administrative costs.

Real-World Example

Outsourcing Success for a Large Multispecialty Hospital:A 400-bed hospital with fluctuating patient volumes partnered with ICS for outsourcing medical billing. By leveraging ICS’s expert team and technology, the hospital reduced claim denials by 40%, achieved a 25% faster turnaround time for reimbursements, and saved 30% on operational costs. Outsourcing allowed the hospital to handle high billing volumes seamlessly while focusing on patient care and operational excellence.

FTE Model Success for a Small Specialty Clinic:A 12-physician gastroenterology clinic opted for 3 FTE billers from ICS at $7.5/hour. This dedicated team ensured personalized attention to every claim, developed a deep understanding of the clinic’s specific workflows, and reduced billing errors by 20%. Within six months, the clinic improved its collection rate by 25% and maintained consistent cash flow—all without the need for additional infrastructure or management burden.

Conclusion: Choose the Right Model for Your Practice

At Info Hub Consultancy Services (ICS), we excel in delivering outsourced medical billing and coding services, as well as providing dedicated FTE staff at just $7.5 per hour. With our expertise spanning over 40 medical specialties and experience with leading software like Kareo, eClinicalWorks, AthenaHealth, and more, we ensure both models bring unmatched value to your revenue cycle management (RCM).

Still unsure which model is right for you? Contact our experts for a free consultation, and we’ll help you decide the best fit for your practice!