Does healthcare billing software offer a good ROI?
If you’re serious about investing in healthcare billing software at your practice, there are a lot of things that factor into your decision. Will this product improve job performance? Will it cut costs and improve your overall operation? And, perhaps most importantly, does it offer a good return on investment (ROI)? If you aren’t focused on ROI, now’s the time to dive in.
What is ROI?
If you’ve been a business owner for a while, you’re familiar with this term. But if you’re new to the industry, you might not quite understand the importance of ROI. For starters, ROI is an equation used to evaluate the efficiency of any investment within your business. The equation is as follows: (Benefit of the investment – cost of the investment) / cost of the investment. Once you have these numbers to input, you’ll have your answer.
Why is billing software beneficial?
In order to complete the ROI equation, you need to understand the benefit of implementing NEMT billing software at your practice. The benefits are plentiful, but you need to narrow down your thinking in order to get a number that makes sense for this equation. One of the biggest reasons owners cite for investing in billing software is time. Manual work takes far longer than automated work, whether that’s billing, scheduling, reporting, or something else. So, you want to look at your time wasted by operating without software vs. your time saved when operating with software. There are a few variables you can take into account here: How many people are in charge of your billing, and how long does it take to complete, on average? It’s best if you think about this number as a percentage. Next, you can determine exactly how much money your company spends on the billing process by adding up the salaries of the team working on the billing. Finally, you can figure out your ROI by computing the above equation. Your answer will tell you if the investment is worth it or not. When it comes to billing and dispatching software, we’re willing to bet that the investment is always worth it.
Numbers talk, and it’s time to listen
Whether you’re a numbers person or not, there’s no denying that ROI is a valuable way to make investment decisions. Although billing software can come with a sizable price tag if you’re looking at some of the best options on the market, it should be a no-brainer when you see the amount of money you’re actually saving by dishing out a lump of cash up front. And, if you’re somehow still not convinced by a cold hard number, there are a variety of other benefits to software that can’t be quantified including but not limited to fewer errors, less time spent billing, faster reimbursements, custom reporting options, the ability to bill multiple payers, and more. Don’t settle for an inefficient process. Find a solution that offers a good ROI today.
Unique solutions for every kind of healthcare business
Every business is different, so the team at iSi Technology developed software systems that cater to different sectors of the healthcare business. We offer all encompassing non-emergency medical transportation software, New York Medicaid billing software, homecare and healthcare billing software, and even security software. If you’re ready to invest, we’re ready to guide you. Schedule your demo with our expert team today!