Billing company is responsible for following up on
unpaid claims ,patient billing , paper and
electronic submission of claims
If you are going to try and create your own medical billing
company, you should have a medical billing contract. You can either have a
basic contract, or have an attorney draft up a contract.
In the contract there are some things to consider
Name of the billing company and the name of client.
Effective date of contract and expiration date if any.
Where will the insurance payments go to? I recommend having
the payments go to the physician's office to avoid any legal matters. There
should be a contract stating the provider will send copies of EOB's of all
payments.
Providing monthly reports or meeting once a month or
quarterly.
How will payments be made? You can either charge by
percentage. Some of the average ranges are 8 to 15% or an average of $4 to $10
per claim. Things to consider are the patient volume, average income and if the
client is established or not.
Who will do the coding? You will want to interview the
company that you will be outsourcing with to make sure they are not doing
anything illegal first. You do not want to do billing for a company that is in
violation.
Once you have interviewed with them, you can either agree to
have coding stay with them or choose to outsource coding as well for an
additional fee.
