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

My next step? So many worries.

<< < (2/2)

PMRNC:
Also don't forget E/O Errors and Omissions insurance. In many cases if you are NOT doing coding you could wait a bit on this until you have a steady income flow but I recommend having it. $3 Million is standard but you could get away with 1 Mil IMHO.  In some states it's called Business or liability Malpractice, Quai Tam, or Errors and Omissions.

In regards to HIPAA security you will have to meet the physical requirements of any other provider's office. Your files if in an unlocked area must be secured (locked), make sure your computer access is restricted (use auto logoff as required), make sure all email correspondence with PHI is secure and if website use will hold PHI, make sure you have an SSL.  When you develop your P&P and compliance plan just do it as any other medical office would and you will be in good shape.
Make sure you have all of your HIPAA agreements (BAA) ready to go with your contract when you present to a potential client.

solace:
Thank you so much for answering all my questions. :)

Linda, I have taken that into consideration as I have kept track of many posts you've made in the past regarding advice for start-ups.

Michele, I figured that much with regards to the house situation and locked desks are already in the works. 

Shanbull, your positive outlook and thoughts on the current state of healthcare are much appreciated.   I definitely will look into the lower cost resources.  I'm an AAPC member and keeping an eye out for live webinar sales as well as options from supercoder.  I look forward to your links also :) 

williamportor:
Good advice, I'll have to keep these ideas in mind myself. 4 things I would add that would cut down on your worries, and make your start up a success:

1. Have a plan, and work your plan. I've said this before, but take the time to put together a business plan. It does not need to be long or complicated, but having a clear path to follow is important, as you get new information revise your plan until it works well, this will require several revisions over time, but it's worth it. Remember to include long and short term income goals, and an exit strategy.

2. Guard your cash, especially regarding marketing. Cold calling, meeting with office managers face to face, handing out business cards, consistent lead follow up, social networking, and most important...superior customer service. If you do a super job for your clients, word will spread!

3. Track and monitor your efforts and results. This sounds obvious, but many people don't. Track your marketing efforts and results, track yourself too! Do you have a daily work schedule? Do you follow it? Do you work consistently, or do you leave early? Are you focusing on your tasks as you should, or do you spend some of that time web surfing? Accountability is imporntant. Keep this information in written form, it helps when making revisions to your business plan.

4. Be prepared for the long haul.  Starting your own business is a thrill, especially the first few months, but you'll have days when things don't go well, or when it's not so fun. Have some insiprational things to fall back on i.e. Read inspirational quotes, books, or keep some of your favorite music close by. This might sound like minor league stuff, but we all get knocked flat sometimes, so have a plan to get back in the game.
Best of luck :)



--- Quote from: PMRNC on February 27, 2014, 06:32:14 PM ---Also don't forget E/O Errors and Omissions insurance. In many cases if you are NOT doing coding you could wait a bit on this until you have a steady income flow but I recommend having it. $3 Million is standard but you could get away with 1 Mil IMHO.  In some states it's called Business or liability Malpractice, Quai Tam, or Errors and Omissions.

In regards to HIPAA security you will have to meet the physical requirements of any other provider's office. Your files if in an unlocked area must be secured (locked), make sure your computer access is restricted (use auto logoff as required), make sure all email correspondence with PHI is secure and if website use will hold PHI, make sure you have an SSL.  When you develop your P&P and compliance plan just do it as any other medical office would and you will be in good shape.
Make sure you have all of your HIPAA agreements (BAA) ready to go with your contract when you present to a potential client.

--- End quote ---

Navigation

[0] Message Index

[*] Previous page