Author Topic: How do you price consulting services?  (Read 731 times)

malyandy

  • Newbie
  • *
  • Posts: 7
How do you price consulting services?
« on: January 20, 2017, 10:30:12 AM »
A provider wants to consult me on a specific billing issue. How do I price a consultation service? also, what would I put in a consultation contract? Since I assume it'll be different from a contract for a regular client.

Michele

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 4743
    • Solutions Medical Billing
Re: How do you price consulting services?
« Reply #1 on: January 20, 2017, 11:41:26 AM »
When we consult we do an hourly rate.  The rate will depend on the type of consulting.  Your time and your knowledge are valuable so it would not be like an hourly wage.  They aren't strictly paying you to work for them.  The rate will vary based on your location and how involved the issue is.  Some people charge as low as $25 per hour and some are more like $250 per hour.  Personally I would not go lower than $75 an hour myself because my knowledge is worth that much.  You have to value yourself and make sure you price yourself accordingly.

The contract for consulting is much shorter than a billing contract.  It should simply spell out what you will be doing, what you will provide, what you need from the client, and when the work will be done.  It should also include a statement for HIPAA purposes (stating that you will protect any PHI you are exposed to and that you will only use it for the purposes of the consulting).  Each contract for consulting will vary depending on what you are doing.

Hope that helps!

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

malyandy

  • Newbie
  • *
  • Posts: 7
Re: How do you price consulting services?
« Reply #2 on: January 20, 2017, 11:44:20 AM »
Thank you so much Michele! That helps a lot!

PMRNC

  • Hero Member
  • *****
  • Posts: 4237
    • One Stop Resources & Networking for Medical Billers
Re: How do you price consulting services?
« Reply #3 on: January 25, 2017, 05:28:07 PM »

Quote
A provider wants to consult me on a specific billing issue. How do I price a consultation service? also, what would I put in a consultation contract? Since I assume it'll be different from a contract for a regular client.

For me it depends on what type of service I'm providing. I may not charge an hourly rate for certain things if they pertain to a specific claim or a specific issue for a patient. If it's also for general office services it really depends on what the actual service is, some I might charge hourly for and some might be per incident. Really depends on the TYPE of service.
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com