I am constantly trying to find ways to make my services more affordable for small midwifery practices here in Alaska. Since I am an independent contractor that sets my own hours and rates (which affords me some conveniences over larger medical billing companies) I have decided to try a 13% (equal to 1% commission rate) discount on accounts billed $400 or greater in 2024.
This stems from my personal work/life balance of needing a shorter work week (Mon-Thurs, 10-4) and increased seasonal vacations and family time (for those of you that don't know me, I am a work from home mom of 3 that homeschools, gardens, hunts, and fishes during our short summer months... i.e I keep a busy schedule).
I am constantly doing market research to stay below the average rates for equal services for midwives and OB billing models. At this time, comparable services are charging patient registration fees of $25/form (waived for Medicaid eligible families), 7-8% rates on all insurance payments (including Medicaid) and 2-3% commission on patient payments.
With this new discount, my rates for 2024 will not change for providers billed $399 or less each month and will remain 5% (billed at $40/hr for Medicaid) and 7% for insurance payments. No charge for patient registration or patient payments.
For providers billed $400 or more each month, the discount will be similar to 5% for Medicaid (billed at $40/hr for Medicaid) and 6% for insurance payments. No charge for patient registration or patient payments.
I will also always encourage providers to sign up for EFT payments whenever possible to avoid additional card payment processing fees to maximize your practice profits.
If you have any suggestions on rates, reporting, transparency, communication (I try to limit news emails per previous comment) or anything really, I am always open to feedback!