Author Topic: Consulting Fees?  (Read 1913 times)

Christy

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Consulting Fees?
« on: April 03, 2013, 08:32:54 AM »
hi!

I live in a town with a myriad of small providers (mental health, chiros, acupuncturists.) I am finding a good market here for them. I have been approached several times to "teach" these providers about what insurance pays, covered services, how to bill etc...Some of them just want to learn to do it themselves and I have no problem teaching them...

My "consulting fee" is $25 per hour....But, sometimes I only sit with someone for an hour- does not seem worth it....

What would you think of me charging $50 for the first hour and $25 for each additional hour?

I know fees vary by area/experience- just wondering what you experienced consultants thought of charging more for the first hour?

thanks!

PMRNC

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Re: Consulting Fees?
« Reply #1 on: April 03, 2013, 08:42:24 AM »
I too provide consulting, in fact I think that is where we will see the future go for the medical billing companies, they have to be ready for the consulting and educational part of this business to survive with the ongoing technology.  I of course will do educational consulting like this but find providers want a more "Just do it for me" approach so I actually have done it all from a simple office financial policy to compliance plans, policies procedures and even staff HIRING, training and job flow studies.  I charge between $75-$100 an hour plus travel and lodging. There are many things I include if they purchase a minimum package so it's not like I punch a clock and send them a bill. I require a minimum of 10 hours on a practice I have to travel to. I will let a local client pay with a minimum of 2 hours depending on what they want. We also lay out a contract whether it's two hours or 100 hours. Again, however, i don't just provide "education" in the way you mentioned it and you'll probably find this will be the case for you too as you get going. I HAVE done things like round table discussions, meetings with office managers and billers where there is a problem and I might cut a break on those for non clients. (for my billing clients, many of these services are included in their flat fee. For example I provide 1 hour a month to sit down and go over any problems they have, concerns and basic troubleshooting. This came in very handy for my mental health clients with the new changes. Consulting and teaching can be either the same or different depending on the type of client and what they want DONE for them or what they want you to show them do :)
Linda Walker
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Christy

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Re: Consulting Fees?
« Reply #2 on: April 03, 2013, 08:52:22 AM »
thanks, Linda!

You are always such a great help! Do you think it's ok to charge more for the first hour and then less for subsequent hours?

PMRNC

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Re: Consulting Fees?
« Reply #3 on: April 03, 2013, 09:14:15 AM »
Quote
You are always such a great help! Do you think it's ok to charge more for the first hour and then less for subsequent hours?

Absolutely, that's really just another option to a "minimum" which I do. This protects you from maybe a trip that takes you 2 hours to and from for only an hour pay.  You could do it where the first hour is more and the additional are discounted OR you can do a minimum, both would accomplish same thing :)  Another thing to think about is the contract. You want the idea of the consulting to bring you MORE work.  You want to be careful how you market this and I'll tell you why. Suppose you have a "potential client" contact you and want a one hour consult or education or whatever, you get there and low and behold they are a good potential client for billing, you don't want to charge them for that hour when there is a good chance they become a client. If a physician contacted you from your marketing and calls you wouldn't charge them to meet with you.  A contract will provide you with a good way to present EXACTLY what you will be doing and most doctors will sign it with and for MORE than just an hour :) 

Just a suggestion, but make a list of all the things you can do within the consulting scope, you will find it's way more than just education. Remember to THINK outside the box :)  If you are knowledgeable about health insurance think of how valuable you will be to your clients patient base when the ACA takes full force. Think of all services you can provide that would increase the benefits of your clients practice.
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

Christy

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Re: Consulting Fees?
« Reply #4 on: April 03, 2013, 09:39:57 AM »
[quoteJust a suggestion, but make a list of all the things you can do within the consulting scope, you will find it's way more than just education. Remember to THINK outside the box   If you are knowledgeable about health insurance think of how valuable you will be to your clients patient base when the ACA takes full force. Think of all services you can provide that would increase the benefits of your clients practice.][/quote]

yep! headed in that direction! I am still a new kid on the block, but gaining steam and see all of these opportunities including ICD-10 and the new CMS forms as a boon for my business!!!! :)

thanks, Linda! ;D

PMRNC

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Re: Consulting Fees?
« Reply #5 on: April 03, 2013, 04:59:51 PM »
Your very welcome, looks like you are headed in the right direction!!
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
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mbloom

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Re: Consulting Fees?
« Reply #6 on: April 05, 2013, 09:56:04 AM »
Linda, when you say the future of billing companies - do you mean in addition to billing or as a replacement to doing the actual billing?

Sorry- Ill just be honest - I hang on your every word!

PMRNC

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Re: Consulting Fees?
« Reply #7 on: April 05, 2013, 03:14:54 PM »
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Linda, when you say the future of billing companies - do you mean in addition to billing or as a replacement to doing the actual billing?

Sorry- Ill just be honest - I hang on your every word!

No, not as a replacement but, in addition to. It's a matter of added value and perceived value. A provider's office does not need someone today to "just send claims" 15 years ago however it was a different story. Billing companies actually did market claims only where the provider/biller would actually do the data entry and billing company would dial in and transmit.. sounds crazy but we made a lot of money doing this! With technology we have to not only stay on top, we have to know it better to educate and consult. If you don't provide other services like consulting with HIPAA, compliance, policies/procedures, credentialing, etc etc you won't be able to compete.  I do think the SMALL medical billing company will outlive the big ones.. I have reasons for why I think and know that.. another time perhaps. <g>
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com