Learn about actual and potential costs
How much should I pay for Billing Services?
What is the average price of Billing Services?
This procurement report includes pricing information to help you purchase Billing Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Billing Services been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Billing Services yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Billing Services?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Billing Services with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
The four largest vendors of billing services account for less than 30.0% of total market revenue in 2020, representing a low level of market share concentration. The low level of concentration makes it easier to compare the offerings of a wide range of suppliers before making a purchasing decision, helping... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
What security systems do you have in place to protect our billing data?
Where and how is backup data stored? What are recovery procedures in the case of a data breach or loss?
Is anybody involved with the servicing of my account located outside the United States?
Do you own and control your billing technology, or are you using a third-party billing system?
(For healthcare providers) Is your business compliant with HIPAA data protection regulations?
Is all bill reporting included in the purchase price?
Are practice analysis and management services included? How often are they performed?
How many statements do you send billed parties? Am I charged more if I want to send more?
(For healthcare providers) Is medical coding included in the purchase price?
Do you have a list of former clients I can contact?
Have you had any major complaints from customers in the past and how have you dealt with their issues?
How do you keep a client updated about the status of their accounts?
Has your number of clients increased or decreased over the past three years? Do you know why?
How do you attract new clients and retain existing clients?
What is your client turnover rate? How long do your contracts last, on average?
What is your reputation like among customers and peers, and how have you developed it?
What incentives do you give to long-term clients to stay with your company? Do you offer any incentives to firms that refer businesses to your company?
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Key elements for every RFP
What should my RFP include?
A buyer's estimate for their average bill amount and number of bills per year will dictate what percentage a vendor is willing to charge.
Buyers should state the desired length of contract.
Buyers should dictate expectations about other fees, such as start-up fees.
Buyers should heavily consider a vendor's process and proven success in recovering delinquent payments.
Buyers should consider the amount of experience a vendor has in their industry, particularly for specialized businesses such as medical practices.
Buyers should evaluate a vendor's scalability in the event that their own business grows over time.
Buyers should assess if the price a vendor is charging is more cost effective than performing services in-house.
Buyers need to provide all important dates on the RFP timeline.
Buyers must state when proposals are due, when follow-up meetings will take place and when the award will be announced.
Buyers should indicate when they wish the contract date to begin.
Evaluate major factors to mitigate risk
How risky is the supply chain?
The supply chain risk for billing services is low. These services are labor intensive, so suppliers do not depend upon the availability of critical inputs to function. As such, upstream suppliers do not present too much risk to this market's supply chains despite the coronavirus outbreak. Additionally, trends in wages... Subscribe to learn more.