Member Information
Get Connected
Search by Category
 Medical Transcription Company


Home Search by Zip US Directory Contact Members Login Register Open Jobs

Post articles View all articles Print article

Medical Billing - Software ROI

One of the most heated arguments in the medical billing world, at least when it comes to the software company, is ROI or return on investment.

One of the most heated arguments in the medical billing world, at least when it comes to the software company, is ROI or return on investment. This is something that is very difficult to calculate as far as what you want your ROI to be and everybody has their own theory and opinion on the subject. If you're a software company just starting out, or better yet, thinking of starting a medical billing software company, there are some basic things you need to consider when figuring out what you want your ROI to be. What follows is a list of the most basic of these items. For starters, you have to figure out what your cost of production is going to be before you even hire any programmers to create this software. This basically involves the cost of the lease on the building you'll be using as well as any other fixed costs such as utilities, insurance, etc. Add all this up and put the estimated total in one column.

The next thing you're going to have to calculate is the salaries of all the people who will be responsible for getting your product out. This includes programmers, QA persons, support techs and all managers. You will also need a networking department who, though they won't be directly responsible for working on your software, will be keeping your operation going. You need to calculate these salaries not just for the time that the software will be developed but also for the time after while you're supporting the product, which will hopefully be for the lifetime of the product. Will you keep the same number of programmers. QA people and support techs? What salary increases do you foresee? Figure all this out and put it in a second column.

The next thing you have to figure out is the cost of any add on items that you intend to include with the software at no extra charge. For example, in the medical billing industry there are a ton of forms that customers are going to need. Are you going to include these forms or are you going to have your customers get them from an outside source? What about peripheral equipment? Are you going to include barcode and retail sales machines? If so, you need to include the cost of these. Also, you're going to need to calculate the cost of maintaining all the equipment. If you deal in peripherals, you're also going to need a tech staff.

After you have figured out what all your yearly costs are going to be, you then have to decide what you want your return to be. In other words, let's say you plan to spend $1,000,000 a year and you want a 10% profit each year. You first have to figure out how many software packages the market will allow in a year. Let's say it's 10,000. If you want a 10% return, then you want to sell $1,100,000 worth of product. If you sell 10,000 units, doing the math, you will need to sell each unit at $110. This is actually very cheap for medical billing software as most packages go for several thousand dollars. So most likely, if you price your software correctly, you will make much more than a 10% ROI.

This is of course greatly simplified, but basically, this is what you need to do in order to figure out what your ROI is going to be for your medical billing software.

Article Source:

Medical Transcription Jobs   Show All articles
Search by Zip
  Enter Zip  search
Contact Medical Transcription Jobs near you.
Firstname *
Lastname *
Email *
Phone *
Alt. Phone
Zip *
Brief reason to contact *
Los Angeles Medical Transcription JobMIAMI-DADE Medical Transcription JobCook Medical Transcription Job
SAINT LOUIS Medical Transcription JobHarris Medical Transcription JobMaricopa Medical Transcription Job
Orange Medical Transcription JobSan Diego Medical Transcription JobPRINCE GEORGES Medical Transcription Job
Kings Medical Transcription JobDade Medical Transcription JobQueens Medical Transcription Job
Dallas Medical Transcription JobWayne Medical Transcription JobKing Medical Transcription Job
San Bernardino Medical Transcription JobSanta Clara Medical Transcription JobDEKALB Medical Transcription Job
Broward Medical Transcription JobDU PAGE Medical Transcription JobRiverside Medical Transcription Job
New York Medical Transcription JobPhiladelphia Medical Transcription JobMiddlesex Medical Transcription Job
Tarrant Medical Transcription JobAlameda Medical Transcription JobSuffolk Medical Transcription Job
Cuyahoga Medical Transcription JobBexar Medical Transcription JobClark Medical Transcription Job
More information...
The Medical Transcription Profession
The professional healthcare team includes physicians, nurses, therapists, technicians, dieticians, and other healthcare support staff. A vital member of this team is the medical transcriptionist...
Medical Transcription Salary Outlook
MT salaries can vary greatly, and your actual earnings will depend on a few different factors. For example, an MT who works from home and has her own accounts will usually make more money than an MT ...
Medical Transcription as an Employee
There is a lot on the internet about starting your own medical transcription business and that is a wonderful idea! But did you know you can work from home as an employee?...
Medical Transcription Jobs At Home: What You Need To Know
Work-at-home jobs are becoming a viable source of income for moms, retired professionals, and others who need to supplement their income. ...
Is A Medical Transcription Career Right For You?
There's a lot of hype about the medical transcription industry being an easy career choice. Some people even believe all that hype. It is a great career and you'll make good money. ...
Getting Started in Medical Transcription
In most cases, the only things you will need to get started in a medical transcription (besides an intense motivation to work at home) will be a computer and an Internet connection....
What is Transcription?
If you are thinking of a telecommunicating career then probably the first one that comes on your mind is transcription service. So many people think the profession of a transcription as a very complex...
Medical Transcription as a Home Business
The medical transcription industry continues to grow. As the need for individuals in this field keeps growing, the options for working at home also grow....
Transcription from Home - How to Get Started
Transcription is a career which has, in the last couple of years, become a job that can easily be done from home. Thanks to the Internet, high-speed cable, and DSL, this job....
Home Based Medical Transcription
There has been a tremendous rise in the demand for Medical Transcribers in almost every hospital. Medical transcriber plays a very vital role in recording the dictated information made by different...
Transcription Jobs
Medical transcription and data entry are two popular jobs that come to mind when you consider the word telecommunication. Transcription jobs are more or less very similar to data entry type of jobs....
Medical Transcription Service
Medical transcriptions provide their services in clinics, hospitals, physician offices, insurance companies, transcription services, home healthcare agencies and other places where medical documentati...
How To Find Medical Transcription Jobs At Home
Working at home means that you can spend more time with family, save money on gas and transportation and you will be more rested. If you want to work from home...
Medical Transcription Home Study Courses
If you are interested in medical transcription training but have a busy schedule, there are options to brick-and-mortar vocational schools...
Medical Transcription Resumes
In the constantly changing job market, a well-written, effective resume is an excellent tool for finding a desirable job. This applies to all fields, including that of medical transcription....
Is Medical Transcription Training Necessary?
Depending on where you want to go with this profession and what kind of position you would like to hold, the medical transcription training is not near as extensive as a Ph. D. ...
Looking for a Qualified Medical Billing Specialist
Families, mothers, employers, and medical practices all interact in one way or another with a medical billing specialist. When medical billing is required, a qualified medical billing specialist...
Medical Transcription Courses
There are courses available to cater to the needs of the budding medical transcriptionist. The American Association for Medical Transcription's (AAMT's) "Model Curriculum for Medical Transcription" ...
Job Opportunities for Medical Transcription
Job opportunities for MTs are expected to grow faster than average for the next several years. Health care facilities continue to expand, and employment opportunities should expand with them....

Contact Us | Site Map | RSS Feeds | Articles | Jobs | All Members | Popular Searches | Popular Questions