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

Starting a new medical billing and collections company

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PMRNC:
I never ever, ever, send pricing.. If asked why I simply reply I'm not a restaurant with a "menu". I like to get in the door so that I can do a better analysis and come up with pricing fair to both my company as well as the provider, it also lends a more personal touch.  I also never fax at all unless asked or a fax number is listed in an ad. I know myself I have made complaints against companies for fax solicitations as they are annoying and waste of money! (JMO) If I am responding to an ad that asks for a resume, I actually do send a resume a long with a cover letter explaining my position as a company owner but the resume as requested is attached. No brochures, no flyers, UNLESS they ask for them. 

Just a small word of advice.. marketing only for substance abuse/mental health WILL put great limitations on your business in today's economy. Especially if there are 3 of you, it's going to require a lot more clients for a profit margin, not to mention a while to land that "first" one. JMHO.. 15 years ago I would have said go for it while the picking was hot.. but it's not that way at all anymore. Specialty billing normally happens LATER on after you have established your business and obtained a nice volume of clientele.

midwifebiller:
I always send pricing as soon as I can. With everyone tightening their belts these days, it's nearly the first thing any potential client needs to know. If I can get them on the phone, I'll ask a few questions, then give them a range and let them know I can nail it down with more information if they want to move forward. We are moving from % billing to flat fees, so this calculating does take more time.

Like Linda, I encourage you to branch out.  I have billed exclusively for midwives for 14 years now, but have recently had to branch out due to the economy.  I was definitely out of my comfort zone with these new providers, but it has been a welcome change/challenge and has helped our financial picture as well.

ruthie72:
Ok i know what the % base billing is, so what is the basis for the flat fee? What is the range? And how do you charge for like say, set up fee, collections, etc...I know most of you would not give me your prices, but can you at least give me an idea? Thanks so much

PMRNC:
It's really not possible to give you a range, as stated before, speaking to the potential client, knowing their specialty, knowing the state rules for the state in which the provider is in (fee splitting laws), volume of claims, AR, time involved and necessary for that client, etc all has to be taken into account. I can say to you $200-$5000 a month but that isn't going to help you.   My flat fee is derived of my hourly rate, the amount of hours needed/worked for that client, sliding scale to account for new patients, overhead costs such as postage, clearinghouse, etc.  The costs of doing business should NEVER be included in flat fee structures, those costs for example would be attorney, books, educational resources, accountant, or any other cost used to do business in general. 

ruthie72:
Thank you so much..all of your advice is always really helpful!!

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