Are you a healthcare organization, a provider, or a medical billing company looking to maximize revenues while controlling costs, especially medical billing and coding expenses? Undoubtedly, your arithmetic is fraught with complex regulations, updated guidelines, and other uncertainties. But now, you can smoothen your healthcare journey with the full-time equivalent (FTE) model. A metric to compute the count of total full-time or part-time billers and coders your healthcare organization seeks without adding them to the payroll.
Now, you can forecast your workforce requirements for outsourcing your medical billers and coders with a 24/7 Medical Billing Services team.
What all services would the FTE model cover?
Claims/Reviews
To ensure all the medical services are appropriately billed, coded, and documented in accordance with standards of Medicare or a state Medicaid program.
Payment Posting
To provide the financial picture of medical practice by depicting the insurance payments in EOBs, including patient payments and insurance checks from ERAs.
Denials/Rejections
To account for the count of claims denials or rejections along with analyzing the causes behind such occurrences to undertake the necessary steps at earliest.
Accounts Receivable
To follow-up the denied or rejected claims so as to reopen them with full evidence to receive 100% reimbursement from the insurers
Coding
To analyze the accuracy of the information in the records of patients to determine the appropriateness of the codes as per the speciality or services
Pricing models medical billing companies generally practice –
FTE (Full Time Equivalent) Model
It offers you dedicated personnel who work for predefined hours. This is ideal for long-term projects with high work volumes.
Percentage of Collections Model
You will be charged only for the claims on which you will get direct assistance in collection. Charges may differ depending on the type of reads and service provided.
Transaction-Based Pricing Model
You can pay for the per unit of work or the number of transactions performed. The pricing structure provides more cost savings and improves productivity and efficiency.
Customized Pricing Model
Customize your pricing structure as per the task complexity and service type. The more complex your billing requirements are, the higher will be the pricing structure.
How does the Full-Time Equivalent (FTE) Model Work?
Step #1: Our client service manager makes their way to your healthcare facility to meet and discuss your workout options.
Step #2: A complete revenue cycle and workflow analysis will be performed, and a clear roadmap and future strategy will be developed.
Step #3: Opt for hourly or the more common monthly FTE fee.
Step #4: When our FTEs start, we assign an account manager to manage them and increase your productivity.
Step #5: We also guarantee a quick replacement of FTEs if necessary.
Note : You can use this formula to calculate your FTEs: You can enjoy all these benefits with 24/7 Medical Billing Services at just $8 per hour!
What is included in the Full-Time Equivalent (FTE) Model?
With the FTE Model, you can take an advantage of:
Dedicated account manager
Quality Audits
Daily/Weekly/Monthly Reporting
Weekly Meeting with Metrics/Performances
VOB
EOB
Defining productivity per month
Why Full-Time Equivalent Model?
Budget Prediction
Every medical biller and coder has a cost to the healthcare organization, which varies depending on title, role, and experience. Medical Billers and Coders with more experience are expected to complete more work in less time than those with less experience.
Services Management & Allocation
Healthcare organizations take on services based on their workforce and ability to handle additional patients. You can increase productivity by identifying service requirements and estimating the number of FTEs needed.
Resources Adjustment
When priorities shift, you can adjust resources as needed without taking a full-time medical biller and coder away from larger commitments. FTE also provides insight into the consequences of responding to shifting priorities.
Other Benefits
- Retain control without the daily process management headache
- Reduce overall operating costs
- Provide stability to the operating budget
- Assists in identifying role-based capacity
- Avoids over and understaffing
Yearly FTE Fee = 8 hours a day x 5 days a week x 52 weeks a year
Monthly FTE Fee = Yearly FTE Fee/ 173.33
Why 24/7 Medical Billing Services for the FTE Model?
Low cost
We guarantee to impact your operational bottom line positively. Our FTE model is offered by type, specialty, and below industry standard rates.
Nimble
We are currently the most adaptable FTE augmentation organization in the healthcare industry. Our extensive remote workforce capabilities enable us to adapt quickly to our client’s needs.
Excellence
We contractually guarantee an industry-standard performance matrix for the requested FTE type. As a result, productivity increases while operating costs decrease.
Client service
We are dedicated to establishing and maintaining positive, long-term relationships with our clients and ensuring satisfaction by providing quality services.
Experienced and dedicated staff
Every FTE is a dedicated member of your team. They do not work on multiple client accounts concurrently. They are well-versed in your organizational methods and philosophies. Our FTEs are all industry-certified professionals with many years of experience.
Process
Your Policies, Procedures, and Our Employees. We function as an extension of your team. Business continuity planning and continuous process improvement are ongoing efforts with our clients, resulting in improved efficiencies that positively impact the bottom line.
Contracting
We understand and appreciate the delicate contracting requirements of both large and small healthcare providers. We offer and provide flexible contracting terms. As a result, these terms create a situation where your organization faces little or no risk.
Frequently Asked Questions
- 1. Are the paperwork requirements for new hires the same for full-time and part-time medical billers and coders?
- Several federal, state and local laws require billers and coders to fill out paperwork at the time of hire. These requirements generally apply to all new hires, regardless of whether they are full-time or part-time.
- 2. Who is excluded from the list of FTE?
- Seasonal medical billers and coders who work for less than 120 days,
- Working hours of the hospital owner, particularly in small healthcare organization contexts,
- Any hours worked by a small business owner’s family member.
- 3. What exactly does FTE 100% mean?
- A full-time medical biller and coder or the equivalent of a full-time employee is referred to as FTE 100%. Employees usually work 40 hours per week, but some employers use different time frames to define full-time status. This is also known as a 1.0 FTE value.
- Interested to know more about the FTE model, Call us now at +1 888-502-0537
Media Contact:
Hari Sudan, Media Relations,
24/7 Medical Billing Services,
28405 Osborn Road,
Cleveland, OH, 44140
Tel: + 1 -888-502-0537
Email - [email protected]
