Medical Billing Forum
Starting a Medical Billing Business => Starting Your Own Medical Billing Business => : MMsolutions March 26, 2015, 12:39:13 PM
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I have been doing medical billing for a few years and I am starting my home-based business, my desire is to offer a one stop shop. I have done the whole collections thing in the past collecting on student loans, what I'm wondering is, is there any differences in collecting on the medical side? who would receive the payments and how? is there a specific collection agency that i should link up with? just so many questions on something that seems so simple.
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You can offer to do the collections for the client as part of your services, but at some point, if a patient refuses to pay, and you need to turn them over to an outside collection agency, then you have to have one. Some providers already have outside collection agencies they are using, so you can either stick with who they have, or find one that is better, and use them.
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There are all in one full service practices doing collections. Just remember in some states if you offer "collection" services of any kinds (no matter where payment goes) you need surety bond. You will want to check state laws and of course the federal fair dect collection practices.
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Thank you for the responses, I was not aware that a bond would be needed. With that being said if I handle clients from multiple states other than that which i reside in, would i need to be bonded in all states ?
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Thank you for the responses, I was not aware that a bond would be needed. With that being said if I handle clients from multiple states other than that which i reside in, would i need to be bonded in all states ?
yes some states require bond just for "ACTING" as collection agent and some only when "collecting" funds. You have to follow both state laws you reside in and state laws you do business in as well as Federal. A LOT goes into collections and to do it right with skip tracing, credit reporting you want to be prepared to offer all services to compete.