How Our Sevice Benefits Healthcare Providers
The services from My Medical Invoices greatly reduce the cost that healthcare providers incur when collecting receivables themselves, by offering a very low collection fee of only 3%, and eliminating labor, office equipment and supplies costs. My Medical Invoices can reduce collection costs compared to in-house collections by 75% after accounting for the savings in labor, equipment and supplies costs.
Healthcare providers that are outsourcing currently pay traditional medical billing services 5% to 10% fees to collect receivables for them, but My Medical Invoices only charges 3% fees, which will result in a 40% to 70% savings to the healthcare provider compared to other medical billing services.
Currently healthcare providers are selling their more difficult receivables to debt collectors for as little as 10% to 15% of the original invoice amounts, My Medical Invoices will reduce this cost by up to 85% by only charging a small 3% fee for collection. Plus debt collectors can be aggressive and give a healthcare provider a bad reputation.
Our service is much less expensive for the healthcare provider than any of their other collection options, less expensive than handling collections in house, using a traditional medical billing company, or using debt collectors.