Author Topic: E&O Insurance & Compliance Plan for a Start Up Business  (Read 3944 times)

jyoung65

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E&O Insurance & Compliance Plan for a Start Up Business
« on: November 19, 2010, 08:38:58 AM »
Hello All,

I am in the marketing stage of my business, preparing a mailing list. I do not have any clients, should I have E&O insurance & complicance plan when I do cold visit/call. I plan on getting E&O insurance as soon as I acquire a client, I can't see paying for the insurance, with no clients. My business is a one man show, of course until the business grows. Do I need to have a complicance plan in place now? My plans are to get the business up and running then , work on the complicance plan. Will client asks me ,if I have E&O insurance & a complicance plan? How should I respond to those questions,since I don't have it now? Or do I need to get it now?

PMRNC

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #1 on: November 19, 2010, 10:18:32 AM »
You can wait on the E/O for sure, in fact you really can't determine how much coverage you'll need anyway till you have a client or two. I waited until I acquired 3 clients. As for the compliance plan, I wouldn't wait, while you are putting everything together put one together, it's not as hard as it sounds. Providers might actually ask to see it. In medical conferences such as the ones the AMA puts out for physicians they are recommending physicians ask to see it along with policies and procedures of any outsourced billing/pm company.
Linda Walker
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jyoung65

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #2 on: November 19, 2010, 10:46:17 AM »
Thanks PMRNC, In appreciate your quick response. :)  Do you have sample compliance plan & policies & procedures, or can you direct me to where I can find these samples?

Thanks :)

taxlady28781

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #3 on: November 19, 2010, 11:12:43 AM »
You can go to the OIG website to get the guidelines for your compliance plan...

http://oig.hhs.gov/fraud/docs/complianceguidance/thirdparty.pdf

I am at the same stage you are in starting my business as well.  I have also been looking through older posts to see what others have asked "what should I do...." to see what issues others have had that should also be included in my compliance plan.  Hope this helps some..

jyoung65

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #4 on: November 19, 2010, 04:40:21 PM »
Thanks taxlady!

marie8480

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #5 on: February 16, 2011, 05:22:40 PM »
im looking for an affordable E&O insurance, can anyone direct me where to purchase one?

Michele

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #6 on: February 16, 2011, 05:53:53 PM »
I would recommend getting a couple of quotes from some of the major carriers.  ELS, Rubicon, Insurepro are a couple. 

Michele
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marie8480

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #7 on: February 16, 2011, 06:24:25 PM »
Thank you Michelle, another question where can i find help or sample of compliance plan?

PMRNC

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #8 on: February 16, 2011, 06:27:57 PM »
You really can't see a sample. A compliance plan is really written and done to go with YOUR company, but also following along with the OIG proposed reg's which is located here:

http://oig.hhs.gov/fraud/docs/complianceguidance/thirdparty.pdf
Linda Walker
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QueenAlicia

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #9 on: February 16, 2011, 08:28:55 PM »
You can go to the OIG website to get the guidelines for your compliance plan...

http://oig.hhs.gov/fraud/docs/complianceguidance/thirdparty.pdf

I am at the same stage you are in starting my business as well.  I have also been looking through older posts to see what others have asked "what should I do...." to see what issues others have had that should also be included in my compliance plan.  Hope this helps some..

This is exactly what I am doing.  I joined this forum 2 yrs ago and I still go back and reread posts.

PMRNC

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #10 on: February 16, 2011, 09:16:50 PM »
Try not to let the concept of the compliance plan overwhelm you. Think of it instead as a road map and a "What should I do if this happens...." type manual.  Here's what I did. I went through the OIG proposed reg's for 3rd party billing companies (link posted above in previous post) I then got out a notebook and just started writing (yes, with an actual pen and paper.. LOL)   Here's an example of how you would use the compliance plan.  Suppose you have a provider you have discovered is submitting fraudulent claims, you want to have something at your fingertips that will guide you as to the most compliant way to handle it.  When you set a few examples like that for yourself it's not so hard to put it down in your plan.  After I had all my notes and an outline I got to work and then I placed it in a 2'' Binder with dividers for easy sectioning like the OIG's plan.  I keep that, my policies/procedures there and.. don't laugh but I have a binder titled.. "In case I die"  Seriously.. I do!  My greatest fear is that if I die, my husband or even my girls will have NO clue how to even access information they need to sell my business! Now I'm covered!
Linda Walker
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Markland Medical Billing

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #11 on: February 17, 2011, 01:04:51 AM »
I love your post. You think ahead.
Now, how do I know all the scenerios to include in the compliance and procedure manual?
 Oh BTW...what does E&O stand for?
Sorry...new to this.
"Pray without ceasing and in all things, give thanks."

PMRNC

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #12 on: February 17, 2011, 07:48:32 AM »
Quote
I love your post. You think ahead.
Now, how do I know all the scenerios to include in the compliance and procedure manual?
 Oh BTW...what does E&O stand for?
Sorry...new to this.

Well you definetely need to know about all things "compliance" of course. After you read the OIG's proposed guidelines, scenario's will be pretty clear to you. Mine were based also on some things I learned along the way and in "hind sight".

E&O is Errors and Omissions Insurance. The standard coverage is 3 Mil but you can start out with lower policy to start.
Linda Walker
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www.billerswebsite.com

Michele

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #13 on: February 17, 2011, 11:09:22 AM »
Ahhhhh "hind site".   I know it well.
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PMRNC

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Re: E&O Insurance & Compliance Plan for a Start Up Business
« Reply #14 on: February 17, 2011, 11:42:19 AM »
Quote
Ahhhhh "hind site".   I know it well.

That and the school of hard knocks. BUT look at it this way.. we learned the hard way which sometimes is needed to drive the point home!
Linda Walker
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