Author Topic: cash recovery service (?)  (Read 2689 times)

MBP

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cash recovery service (?)
« on: March 24, 2010, 01:51:31 PM »
how should i charge the provider who wants me to check her billing for 2009 and get all the money that has been missed? it wouldnt be working off of an aging report or backlog, because she doesnt think her previous biller submitted all the claims and there may not be all the data in the system. she wants me to compare appointment log with the system and eobs that are not even entered into her outdated software.. pretty much she wants me to clean up her 2009 billing, some rejections, apply payments, figure out if anything was missed.. i was thinking per month, but then i would specify how many patient encounters i do, that way i dont working on 500 accounts for a flat fee.. i was also thinking i could tell her flat monthly fee with the limit on how many claims/encounters i would check and if she wants me to check more, per encounter/claim fee would be charged? i dont want to end up working my butt off for no money.. i can't predict how many hours i spend on doing this and the provider didnt want per hour charge if i wasnt physically there and she could track it.. she offered in average $750/mo and said she sees 240 patients/mo.. so $3.124/claim.. is that adequate for this work?? i am too worried to get into something that i cant get out of, i am afraid i end up working day and night for few dollars per hour.. what do you guys think? i also wrote a contract using linda's advice, i thought of every single situation that could possibly happen and wrote down the solution to it. i am still worried tho. just nervous as it is my first one (besides the doctor i work for..).  ???

Meli

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  • Melissa Turner
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Re: cash recovery service (?)
« Reply #1 on: March 26, 2010, 11:30:53 AM »
In my opinion that rate sounds really low, even for a beginner if you have experience.  I suggest you have a separate contract for her old 2009 billing as opposed to the current billing you will do.  (Learned that from Charlene and Linda)  Are you doing full service billing?  (patient statements, posting payments, appeal for denials etc.)  If so, you really need to figure in the cost or your time as you will spend quite a bit of it on old billing.  I would also suggest handling the current billing first and working on blocks of old billing secondary.  You have to keep the cashflow moving.  Look at the carriers for the old claims.  One of my clients had a contract with a timely filing deadline of 6 months vs. 12 months so half the year for a particular carrier may be past the deadline.  Check the contracts first and you can begin to organize your process from there.
Melissa Turner, CPMB
Mainstream Services Inc.
www.msmbinc.com

Pay_My_Claims

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Re: cash recovery service (?)
« Reply #2 on: March 26, 2010, 02:36:33 PM »
In my opinion that rate sounds really low, even for a beginner if you have experience.  I suggest you have a separate contract for her old 2009 billing as opposed to the current billing you will do.  (Learned that from Charlene and Linda)  Are you doing full service billing?  (patient statements, posting payments, appeal for denials etc.)  If so, you really need to figure in the cost or your time as you will spend quite a bit of it on old billing.  I would also suggest handling the current billing first and working on blocks of old billing secondary.  You have to keep the cashflow moving.  Look at the carriers for the old claims.  One of my clients had a contract with a timely filing deadline of 6 months vs. 12 months so half the year for a particular carrier may be past the deadline.  Check the contracts first and you can begin to organize your process from there.

great advice

MBP

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Re: cash recovery service (?)
« Reply #3 on: April 16, 2010, 11:45:48 AM »
so i just got a phone call that my first client ever, the one i have been doing a cash recovery for (for the past 3 weeks) had a massive heart attack and her brother has already cleared her clinic and wants to close it. she is in the critical condition.. well, that's not a good start. i also havent got paid and i am not finished.. so i dont even know if i should keep working on it or wait to see what i find out.. how terrible! :( and i know what is coming, you guys (probably linda :) ) will ask about the contract, there is a contract, but it doesnt include a catastrophic situation like this. i tried to think of everything what could possibly happen, but who would have thought of this??

Pay_My_Claims

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Re: cash recovery service (?)
« Reply #4 on: April 16, 2010, 11:56:20 AM »
so i just got a phone call that my first client ever, the one i have been doing a cash recovery for (for the past 3 weeks) had a massive heart attack and her brother has already cleared her clinic and wants to close it. she is in the critical condition.. well, that's not a good start. i also havent got paid and i am not finished.. so i dont even know if i should keep working on it or wait to see what i find out.. how terrible! :( and i know what is coming, you guys (probably linda :) ) will ask about the contract, there is a contract, but it doesnt include a catastrophic situation like this. i tried to think of everything what could possibly happen, but who would have thought of this??

OK, you need to just find out who is handling the providers affairs while they are in the hospital. If the brother called you, I see that as a good sign. He knows about you, and took the time to call. I would send out a notice to the brother asking who the POA, that can make decisions. You want to determine who you should send the invoice to, and if they want you to continue billing.

MBP

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Re: cash recovery service (?)
« Reply #5 on: April 16, 2010, 12:55:40 PM »
thanks Charlene. i just hope she gets better, i wanted to call her yesterday but didnt have time :( and now i may not ever talk to her again. im sure it will all work out with billing and my payment, it is just that she is my very first doctor who gave me my very first opportunity with my business.

Pay_My_Claims

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Re: cash recovery service (?)
« Reply #6 on: April 16, 2010, 12:58:40 PM »
thanks Charlene. i just hope she gets better, i wanted to call her yesterday but didnt have time :( and now i may not ever talk to her again. im sure it will all work out with billing and my payment, it is just that she is my very first doctor who gave me my very first opportunity with my business.

very much understood, but you have to keep on marketing and keep on moving. I wish you the best!!

PMRNC

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Re: cash recovery service (?)
« Reply #7 on: April 16, 2010, 02:05:41 PM »
Welp..that's what attorney's are for. My contract is 12 pages long (some are longer) and there is a clause in there about such things to protect my company, the provider also should have something in their policies & procedures in case of things like this.. think of it this way, those employees in the office are surely going to still get paid. I would consult with the person in charge of the practice and though this is a bad situation and time for the family you still need to find out what their intentions are in regards to paying you, someone is overseeing the cash-flow. Personally I would have to stop work and just politely tell the office to contact you when they have some sort of exit strategy worked out. That's what I would do just for now.
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

Michele

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Re: cash recovery service (?)
« Reply #8 on: April 16, 2010, 02:09:58 PM »
I'm so sorry for you Erika.  I can tell this was a blow, both business & personal.  You've gotten a lot of good advice.  Firm believer of "Everything happens for a reason".  You got some great experience here, and no one can take that away.  Now you don't have to say you've never billed for anyone before.  You might want to explain to the brother that your work was bringing in money, and if he wants to guarantee payment for your services you could continue.  But until you know that he wants you to continue, I would stop work as well.

Best Wishes

Michele
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MBP

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Re: cash recovery service (?)
« Reply #9 on: April 16, 2010, 02:25:25 PM »
thank you all! i so appreciate all your advice and support. not just not, but ever since i joined this forum.