General Category > General Questions
Consulting Fees?
Christy:
hi!
I live in a town with a myriad of small providers (mental health, chiros, acupuncturists.) I am finding a good market here for them. I have been approached several times to "teach" these providers about what insurance pays, covered services, how to bill etc...Some of them just want to learn to do it themselves and I have no problem teaching them...
My "consulting fee" is $25 per hour....But, sometimes I only sit with someone for an hour- does not seem worth it....
What would you think of me charging $50 for the first hour and $25 for each additional hour?
I know fees vary by area/experience- just wondering what you experienced consultants thought of charging more for the first hour?
thanks!
PMRNC:
I too provide consulting, in fact I think that is where we will see the future go for the medical billing companies, they have to be ready for the consulting and educational part of this business to survive with the ongoing technology. I of course will do educational consulting like this but find providers want a more "Just do it for me" approach so I actually have done it all from a simple office financial policy to compliance plans, policies procedures and even staff HIRING, training and job flow studies. I charge between $75-$100 an hour plus travel and lodging. There are many things I include if they purchase a minimum package so it's not like I punch a clock and send them a bill. I require a minimum of 10 hours on a practice I have to travel to. I will let a local client pay with a minimum of 2 hours depending on what they want. We also lay out a contract whether it's two hours or 100 hours. Again, however, i don't just provide "education" in the way you mentioned it and you'll probably find this will be the case for you too as you get going. I HAVE done things like round table discussions, meetings with office managers and billers where there is a problem and I might cut a break on those for non clients. (for my billing clients, many of these services are included in their flat fee. For example I provide 1 hour a month to sit down and go over any problems they have, concerns and basic troubleshooting. This came in very handy for my mental health clients with the new changes. Consulting and teaching can be either the same or different depending on the type of client and what they want DONE for them or what they want you to show them do :)
Christy:
thanks, Linda!
You are always such a great help! Do you think it's ok to charge more for the first hour and then less for subsequent hours?
PMRNC:
--- Quote ---You are always such a great help! Do you think it's ok to charge more for the first hour and then less for subsequent hours?
--- End quote ---
Absolutely, that's really just another option to a "minimum" which I do. This protects you from maybe a trip that takes you 2 hours to and from for only an hour pay. You could do it where the first hour is more and the additional are discounted OR you can do a minimum, both would accomplish same thing :) Another thing to think about is the contract. You want the idea of the consulting to bring you MORE work. You want to be careful how you market this and I'll tell you why. Suppose you have a "potential client" contact you and want a one hour consult or education or whatever, you get there and low and behold they are a good potential client for billing, you don't want to charge them for that hour when there is a good chance they become a client. If a physician contacted you from your marketing and calls you wouldn't charge them to meet with you. A contract will provide you with a good way to present EXACTLY what you will be doing and most doctors will sign it with and for MORE than just an hour :)
Just a suggestion, but make a list of all the things you can do within the consulting scope, you will find it's way more than just education. Remember to THINK outside the box :) If you are knowledgeable about health insurance think of how valuable you will be to your clients patient base when the ACA takes full force. Think of all services you can provide that would increase the benefits of your clients practice.
Christy:
[quoteJust a suggestion, but make a list of all the things you can do within the consulting scope, you will find it's way more than just education. Remember to THINK outside the box If you are knowledgeable about health insurance think of how valuable you will be to your clients patient base when the ACA takes full force. Think of all services you can provide that would increase the benefits of your clients practice.][/quote]
yep! headed in that direction! I am still a new kid on the block, but gaining steam and see all of these opportunities including ICD-10 and the new CMS forms as a boon for my business!!!! :)
thanks, Linda! ;D
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