Author Topic: Any advice or recommendations?  (Read 1512 times)

aboudreau

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Any advice or recommendations?
« on: January 19, 2012, 08:21:12 PM »
Hi,

I've been submitting claims for a friend (an occupational therapist) who has started her own practice. I've enjoyed it to a ridiculous extent, so I am planning to start my own billing service.  Until I found this forum, I hadn't even heard of fee-splitting (!) so I'm feeling more than a little nervous and hoping to get feedback.

I have taken a billing & coding course and will be sitting for a Certified Billing and Coding Specialist exam (tomorrow, in fact) so I feel like I have a good handle on the mechanics. I have zero business experience, though.

I have purchased Medisoft and will be using Gateway EDI for a clearinghouse. I wish I had found this place sooner -- I have purchased "How to Start Your Own Successful Medical Billing Service" and just checked out Xena Health, but it's too late now :).

My plan is to get my provider set up with my brand new software (I've been using Office Ally and submitting other claims directly to their respective websites up to now) and when I feel really confident with it to start looking for other business.   There are so many other pieces that I feel I'm missing! I've been working on a business plan and my thought is that I'd like to market to the solo or small providers that just don't have the time to worry about billing and I'd like to eventually figure out how to help with credentialling. My OT provider is my model client: she is trying to run her own practice while working for a home health agency and a single mom to 3 boys. She wants to work with her clients, not worry about chasing down insurance claims.

So, I won't be billing percentage and I'll probably download the book on how to price because I have no idea how else to go about it.  As I said, I could use any comments, suggestions, etc. to help me think things through.

Thanks so much!

Adrienne Boudreau

PMRNC

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Re: Any advice or recommendations?
« Reply #1 on: January 20, 2012, 07:35:50 AM »
You are off to a great start, education, research and a provider already in place is the recipe for success!!!   My suggestions would be that even though you'll have that first client, put together a good marketing plan as well so that when you are ready for the next client you will have a plan in place. The other suggestion is to make sure you obtain the following, attorney for contract/review, compliance plan, look into errors and omissions insurance. Many billing companies go without this until they have a client base built up, I'm not recommending that but i do know start up costs can get expensive. I opted to have this in place from day one as I especially thought it was more needed when I was just starting.

I think you'll do great!!
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

aboudreau

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Re: Any advice or recommendations?
« Reply #2 on: January 20, 2012, 09:04:47 AM »


Thank you so much Linda!

I neglected to mention that I did get a quote on E&O insurance and intend to get that in place. I hadn't considered an attorney - how critical do you find that? I haven't gotten to a place where I even know how to begin to craft a contract.  I also only learned about the compliance plan yesterday and I'm working through the OIG report to try to figure that out.

I am working on a marketing plan, but at this point it's all in my head. I only finally decided on a business name yesterday!

Thanks again,

Adrienne

PMRNC

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Re: Any advice or recommendations?
« Reply #3 on: January 20, 2012, 04:44:50 PM »
The attorney would help you with such things as your contract, which is very important. Some only hire one to draft one and then choose to modify it to suit theirs and each clients needs. I had mine on retainer as he answered all of my legal/contract questions as I needed him to and modified and approved all contracts. I've also seen billers download sample contracts from the web, which are like 2-3 pages at the most and end up getting burnt. The AVERAGE contract is over 5 pages. Mine is actually 12 pages.
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

aboudreau

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Re: Any advice or recommendations?
« Reply #4 on: January 23, 2012, 06:57:39 AM »
I've made some progress on my Compliance Plan - it was helpful because it made me consider issues that I hadn't even thought of. I purchased the Writing a Contract book, but I still feel that I'm not ready to begin because I cannot get a handle on my pricing (purchased that book, too...). My provider has been paying me a percentage, which you've all successfully convinced me is a bad idea, so I'm trying to figure out a formula for a flat fee that will be fair to both of us.

I feel pretty out to sea, so it helps to have this forum - I don't feel quite so alone! Oh, and I passed my certification exam :)

Adrienne