Author Topic: surety bond for medical billers?  (Read 1999 times)

thelakeshow2k

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surety bond for medical billers?
« on: January 23, 2011, 10:47:23 PM »
i found a physician that would like me to manage their medical billing but wants me to carry a surety bond.  is anyone bonded or know about it (for a medical biller)?  if you are bonded, what does your bond cover and what dollar amount of bond do you have?  thanks.

PMRNC

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Re: surety bond for medical billers?
« Reply #1 on: January 24, 2011, 09:01:22 AM »
The Surety Bond is only REQUIRED if you are collecting the monies...OR if you are in a state where certain services are considered to be collections. However I have run across physicians who want that extra safety net. What I would do is research your state laws as well as the Federal Collection Policy Act, if you will not be collecting the monies or in a state where the services you will be providing are not considered "collections" you could speak with the provider and explain it making him feel better since you won't be collecting the funds. 
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

thelakeshow2k

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Re: surety bond for medical billers?
« Reply #2 on: January 24, 2011, 09:46:03 AM »
i send statements out but i do not directly handle any funds.  are you bonded or has a physician asked you if you were bonded?  if so, what was your response?

PMRNC

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Re: surety bond for medical billers?
« Reply #3 on: January 24, 2011, 10:45:16 AM »
I posted in the other thread you posted in, but it could be the provider wants a Performance Surety Bond.. That means he wants added protection from any Losses. I am not sure but your Errors & Omissions MIGHT be what he wants to see.. if not and he's looking for a "GUARANTEE" I would make sure you have an AIRTIGHT contract and/or legal advice, he may be wanting more assurances than you should be given. Protect yourself!  Look into your Errors/Omissions if you have it. I recommend that all billing companies have errors and omissions. We live in a world now where anyone can sue anyone for anything.
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com