MedFORCE Technologies | Cost Analysis

Prepared For:
By:
	Paper		MedFORCE Scan
Office Size
Average number of documents per day
Average number of pages per document
Number of office days per year

Total number of documents per month
Total number of documents per year

Personnel Expense
Initial Filing
Hourly cost of file clerk (including benefits and taxes)		$
Average number of documents filed per hour			370
Total man hours required to file documents
--(# of documents / # of documents filed per hour)
Total cost for filing clerks to file documents		$

Retreival Costs
Average yearly salary per employee who accesses files (including benefits)		$
Number of people in office who access files regularly throughout the day
Average hourly rate for employees who access files		$

Average number of documents retrieved/refiled per employee per hour
--Billers, Collectors, CSR, Accounting, etc.
Average number of documents retrieved/refiled per employee per day
--Average per hour * 7
Average minutes spent retrieving/refiling per document			0.5
Average number of EOMBs pulled for coinsurance
Average minutes spent per EOMB (locate, copy, refile)
Average minutes/day spent looking for missing documents

Total time (minutes) per employee per day retrieving documents
--(# of documents x # of minutes)
Total time spent (hours) per day retrieving documents for all employees
Total Retrieval cost per year (total time x hourly rate x # of days)		$

Office Space Expense
Yearly rental		$
Percentage of file cabinet space		%

Equipment/Supplies Expense
One-time cost of file cabinets/hard drives not included

Average number of pages per file unit
Paper: file cabinet MedFORCE Scan: hard drive per gig	20,000		800,000
Folder cost per box		$
Folder used per year (boxes)			0
Folder label cost per box		$
Folder labels used per year (boxes)			0
Paper cost per box		$
Paper used per year (boxes)
Other filing supplies/expenses		$	25
Total Office Supplies		$

MedFORCE Scan Server-based Initial Investment		$
MedFORCE Scan Maintenance		$

MedFORCE Online Startup Investment		$
MedFORCE Scan Monthly Investment		$

YEARLY TOTALS	Paper		MedFORCE Scan
Number of Documents
Number of File Units
Hours/Year Retrieving/Refiling/Finding
Filing Clerks Salary cost		$
Personnel Expense for Retrieving documents		$
Office Space Expense		$
Equipment/Supplies Expense		$
MedFORCE Scan Annual Cost		$
YEARLY PAPER MANAGEMENT AND FILING COST		$
MONTHLY PAPER MANAGEMENT AND FILING COST		$

Total Annual Savings
Total Monthly Savings
Total First Year Savings (Annual Savings - Initial Cost)

File cabinet estimate based on 5-drawer cabinet with 32" depth. Approx. 5,760 pages per drawer.
Hard drive estimate based on 40 gig hard drive. Approx. 20,000 pages per gig.
Number of work days based on being closed Saturday and Sunday plus 9 holidays.
Average number of documents filed per hour based on all file tasks including sorting, creating and labeling new folders and filing in the appropriate location.
Average number of documents filed per hour for MedFORCE includes entering identifying information for new patients and selecting existing patients for new documents. MedFORCE can scan multiple patients simultaneously.
MedFORCE usually takes less than a minute to retrieve documents.
Average minutes spent per EOMB time based on finding the EOMB, copying it, blacking out |other patients' information, highlighting the pertinent information and refiling the EOMB.
Folders cost per box of 100 1/3 cut.
Paper 20 lb copy paper.
When using MedFORCE, printing the document will replace copying. Users viewing information on screen instead of copying accounts for the 1 box difference.
Other filing supplies/expenses includes staples, staplers, paper clips, rubber bands, etc. Does not include copier/printer maintenance expense, copier/printer toner expense and any other copying/printing expenses per year. If adding these expenses, adjust MedFORCE amount to exclude copier expenses.

MedFORCE Technologies, Inc. | 750 Chestnut Ridge Rd. | Chestnut Ridge, NY 10977 | 1-866-237-1190