While salaries, taxes and overhead expenses are obvious costs associated with growing your workforce, many companies are surprised to learn the true cost of employee benefits.
Based on data from the Bureau of Labor Statistics, benefits account for 29.4% of a healthcare employee’s total compensation. Using the BLS percentages, we put together a benefits breakdown example for a medical biller earning $25/hour ($52,000 annually). The breakdown includes, paid leave, supplemental pay, savings programs, insurance and other required government benefits such as social security, medicaid etc.
California recently passed a bill to gradually raise the minimum wage for healthcare workers to $25/hour. If more states follow suite, coupled with high employee benefit costs, healthcare organizations may soon feel tighter strains on their operating budgets.
The total compensation (wages + benefits) for an employee earning $25/hour is $73,654 annually.
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Our revenue cycle and patient call center professionals operate as an extension of your team, Here’s how it works:
Step 1: Schedule a meeting to discuss your scope of work and current challenges.
Step 2: Global assembles, trains, and manages a team of highly skilled professionals to work on your project only.
Step 3: In an average of 30 days, your team is fully ramped up and operating at your designated benchmarks and KPIs.
