Starting a Medical Billing Business > Starting Your Own Medical Billing Business

E&O Insurance & Compliance Plan for a Start Up Business

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jyoung65:
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:
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.

jyoung65:
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:
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:
Thanks taxlady!

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