Author Topic: Medical Billing Start Up Business Questions  (Read 1743 times)

Tameka79

  • Newbie
  • *
  • Posts: 46
Medical Billing Start Up Business Questions
« on: May 19, 2016, 09:56:35 AM »
I am an experienced (10 yrs) and certified (CPB-from AAPC) medical biller who would like to start my own medical billing company in a few months.  I have been doing some major research but have a few questions I wanted to know if you all could help me with.

1. How would I collect the encounter info if the provider does not have EMR and I am in a different state? I was figuring I could have them fax or email it to me, or is there a more efficient way to do it? I would have remote access to their practice management system.

2. As far a pay is concerned, I notice most people either charge per claim submitted, a percentage of what is collected or per hour.  I would like to charge a set amount that's paid per month. Is that realistic? I am aiming for my first client to be my current employer. I get paid hourly here working full time so I would like my pay to be somewhat comparable.  However I don't want to work 40 hours a week on this one provider. I would like to have at least 3 clients for now.


kristin

  • Sr. Member
  • ****
  • Posts: 492
Re: Medical Billing Start Up Business Questions
« Reply #1 on: May 19, 2016, 11:18:45 PM »
1. Scanning the encounter forms/superbills into a document and sending them using a HIPAA compliant/encrypted email server is easiest, probably.

2. There is a lot of information/advice/debate on this forum about how to charge for your services. Do a search using the Search box, and you will see post after post about it. Percentage billing is common, but not always legal, and not the route I would take, as it just doesn't cover all that goes into what you do, usually. I would do a flat monthly rate, or a per hour rate. Only you can determine what that rate should be, based on what services you will provide. And whatever you think is a fair rate, you will probably be wrong, unless you factor not only the billing work into the cost, but ALL your overhead also for each account you may get. And you still might sell yourself short.

Take your current employer. Let's say they pay you $20 an hour right now. If you plan on doing everything you currently do for them when you have your billing company, that is your base pay/rate, and configure it from there. Factor in your overhead, and either go hourly, or figure out how many hours you will spend on the account, and come up with a monthly rate.

Things to consider:
1. Your employer will no longer be paying taxes, etc. for you as an employee, so that is saving them money. If they balk at your rate for any reason, you could gently mention this. As well as the fact that you are paying for all the overhead costs.
2. Because they are your current employer, you may be tempted to give them a lower rate, which is understandable. But you are trying to start/run a business, so don't get trapped into a situation where you aren't making any profit at all on that one account.

Tameka79

  • Newbie
  • *
  • Posts: 46
Re: Medical Billing Start Up Business Questions
« Reply #2 on: May 20, 2016, 10:16:12 AM »
Thank you Kristin. I was thinking the same thing as for how much to charge.  I really want to charge a monthly rate. You made some very good points. I am so excited to get started!

Oh,I'm not sure if you have, but the books they offer on the medical billing live site are they very helpful? I am thinking about purchasing some.

PMRNC

  • Hero Member
  • *****
  • Posts: 4237
    • One Stop Resources & Networking for Medical Billers
Re: Medical Billing Start Up Business Questions
« Reply #3 on: May 21, 2016, 01:10:39 PM »
Kristen gave excellent advice :)

I love the monthly flat fee model.. I also don't utilize ONE software and work with my clients existing PM system which has saved me a BUNDLE on overhead costs, liability and no support fees!!!

My flat monthly fee is based on an hourly rate (not disclosed to client) and expenses added. Works VERY well. :) I get paid for everything I do and don't have to worry if the contract were to end abruptly. :)
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

Tameka79

  • Newbie
  • *
  • Posts: 46
Re: Medical Billing Start Up Business Questions
« Reply #4 on: May 22, 2016, 09:14:06 PM »
I have been doing research all weekend.  I am so excited about getting started with this new endeavor. 

PMRNC, do you know of any good remote log in applications. I have looked at Teamviewer and Logmein. Have you heard of those? Do you have any suggestions?

Michele

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 4743
    • Solutions Medical Billing
Re: Medical Billing Start Up Business Questions
« Reply #5 on: May 23, 2016, 09:34:04 AM »
I've used Logmein Pro for years.  It does what I need.  I never have any issues.
Sign Up for our FREE Medical Billing Newsletter
Get a 10% discount on Medical Billing Products by using Coupon Code: 10OFF
http://www.solutions-medical-billing.com

kristin

  • Sr. Member
  • ****
  • Posts: 492
Re: Medical Billing Start Up Business Questions
« Reply #6 on: May 23, 2016, 06:47:08 PM »
I have never purchased any of the books that are offered here(I have been billing for over 20 years, so don't really need the books), but I have read from other posters who did purchase them that they are excellent.

You asked about remote logins to another reply in this thread...I have used both LogMeIn and Team Viewer, I prefer Team Viewer, but both work well.

Tameka79

  • Newbie
  • *
  • Posts: 46
Re: Medical Billing Start Up Business Questions
« Reply #7 on: May 24, 2016, 08:01:05 AM »
Thank you ladies.  I really want to make sure I have everything in order when I start my business hopefully in about 6 mths. 

kristin

  • Sr. Member
  • ****
  • Posts: 492
Re: Medical Billing Start Up Business Questions
« Reply #8 on: May 24, 2016, 07:38:39 PM »
Best of luck to you, may your business be a success!

Tameka79

  • Newbie
  • *
  • Posts: 46
Re: Medical Billing Start Up Business Questions
« Reply #9 on: June 01, 2016, 02:52:31 PM »
Thank you Kristin!