Starting a Medical Billing Business > Starting Your Own Medical Billing Business
E&O Insurance & Compliance Plan for a Start Up Business
PMRNC:
Try not to let the concept of the compliance plan overwhelm you. Think of it instead as a road map and a "What should I do if this happens...." type manual. Here's what I did. I went through the OIG proposed reg's for 3rd party billing companies (link posted above in previous post) I then got out a notebook and just started writing (yes, with an actual pen and paper.. LOL) Here's an example of how you would use the compliance plan. Suppose you have a provider you have discovered is submitting fraudulent claims, you want to have something at your fingertips that will guide you as to the most compliant way to handle it. When you set a few examples like that for yourself it's not so hard to put it down in your plan. After I had all my notes and an outline I got to work and then I placed it in a 2'' Binder with dividers for easy sectioning like the OIG's plan. I keep that, my policies/procedures there and.. don't laugh but I have a binder titled.. "In case I die" Seriously.. I do! My greatest fear is that if I die, my husband or even my girls will have NO clue how to even access information they need to sell my business! Now I'm covered!
Markland Medical Billing:
I love your post. You think ahead.
Now, how do I know all the scenerios to include in the compliance and procedure manual?
Oh BTW...what does E&O stand for?
Sorry...new to this.
PMRNC:
--- Quote ---I love your post. You think ahead.
Now, how do I know all the scenerios to include in the compliance and procedure manual?
Oh BTW...what does E&O stand for?
Sorry...new to this.
--- End quote ---
Well you definetely need to know about all things "compliance" of course. After you read the OIG's proposed guidelines, scenario's will be pretty clear to you. Mine were based also on some things I learned along the way and in "hind sight".
E&O is Errors and Omissions Insurance. The standard coverage is 3 Mil but you can start out with lower policy to start.
Michele:
Ahhhhh "hind site". I know it well.
PMRNC:
--- Quote ---Ahhhhh "hind site". I know it well.
--- End quote ---
That and the school of hard knocks. BUT look at it this way.. we learned the hard way which sometimes is needed to drive the point home!
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version