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Starting Your Own Billing CompanyThe 5 Keys to Doing It Right21 Starting Your Own Billing Company: The Five Keys to Doing It Right
Table of ContentsIntroduction01Choosing Your Software02Using Professional Services05Associations and Memberships07Marketing and Sales08Customer Setup0922 Starting Your Own Billing Company: The Five Keys to Doing It Right
IntroductionAccording to Black Book, 91% of practice managers fear that their practice will goout of business using their current model. They are looking for an integrated setThere has never been a better time to start a billing company. The trend towardoutsourcing continues to rise and more and more providers are looking for ways toof solutions to meet their needs. This represents a huge opportunity for billingcompanies who can offer comprehensive solutions.cut costs and streamline their office procedures. Outsourcing to a billing companyFollow this guide to starting a billing company, and you will learn to meet andis one of the main ways they are achieving this.exceed the needs of providers, set yourself apart from the competition, and grow asuccessful business.82%of practices aim tointegrate practice management,EHR, and outsourced billing witha single vendor.1 Starting Your Own Billing Company: The Five Keys to Doing It Right
Choosing Your SoftwarePractice ManagementThe days of separate systems and no transparency when using a billing service areOne of the most important aspects of starting a billing company is to choose theover. Practices today look to their billing company to do more than just the billing.correct software system the first time. Having the right solution from the beginningThey are looking for more features such as help with patient management. Youwill allow you to hit the ground running , avoid big problems and changes downwant to think of your company as an integrated extension of their practice ratherthe road, and ensure that you’re giving the practices you serve the tools they needthan a separate office.and want to not just stay in business but be profitable.Every feature that you can add to help offices with patient flow and collectionswill add value to your services and provide additional incentives for practices to4 Must-Have Features for Your Software Systemoutsource their billing to you.1. Complete Billing and Practice ManagementPractice Management Features to Look For:2. Multiple Practice Management Capability3. Scalable Customizable schedule Appointment reminders4. Integrated EHR– Email – Phone– Text Quick patient entry Individual & batch eligibility Credit card processing Access to reports and metrics2 Starting Your Own Billing Company: The Five Keys to Doing It Right
BillingThe most important part of starting a billing company is to choose a system thatNIDEis going to help you get the billing out accurately the first time. You want a systemEDthat works for you, not one that makes you hunt for the information you need todo your job. And, make sure that your clearinghouse is integrated in the systemEDNIDEEDNIDEyou choose. It will save you both time and money.Billing Features to Look For: End-to-end claims management:– Scrubbing– 95% clean claims submission– No Response alerts– Denial alerts– ERAs Patient Collections– Credit card processing/credit card on file– Paper & electronic claims– Electronic receipts– Online bill payPatient balances now make up 30% of a practice’s A/R. This means that educating yourpractices on how to collect from patients at the time of service is crucial.3 Starting Your Own Billing Company: The Five Keys to Doing It Right
Multiple Practice Management Capability & ScalabilityYou may be starting out now serving only one provider, but you need to plan forthe growth of your company. You need a system that is scalable and provides youwith the tools to manage multiple practices. Look for software that will work forone provider today, ten practices next year, and one-hundred practices five yearsfrom now.Tip: Choose a single system that can managemultiple practices and provides a comprehensivedashboard, one-time log in, and is designed withbilling services in mind.Why Choose Integrated EHRs? Integrated EHRs improve billing, which is good for you and your clients. Less work and more money for everyone!– Improve coding and overall accuracy– Eliminate duplicate data entry– Increase revenue by as much as 30k per provider per year– Bill faster with electronic superbills4 Starting Your Own Billing Company: The Five Keys to Doing It Right
Professional ServicesThe next key to successfully starting your own billing company is to choose theright professional help. Attorneys, CPAs, and insurance brokers are all people thatWhat do you need? Business license Insuranceyou are going to need to provide services for your business just like you provide– Liabilityservices for the physicians in the medical practices you work with. The most– Business interruptionimportant thing to remember is to find professionals you trust and then listen– Office contentsto them.– Umbrella policy– Workers CompInsurance & LicensesMake sure to check the requirements for running a business in your city. Even inyour home you need a license to operate a business. The fees and fines for notbeing licensed while running a business can be steep and you don’t want to putyourself out of business before you even get started.5 Starting Your Own Billing Company: The Five Keys to Doing It Right– Health/Disability/Life– Employee Fidelity Bond
Legal SupportAttorneys are not an everyday part of running a billing company. However, whenyou are getting started or making any big changes in your business, you will want to find good legal help. What will your attorney help with? Review of your policies/procedures Develop/review client contract Help with choice of business structure Review office lease (if applicable)AccountingCollections AgencyYou are not going to want to handle collections that are over 120 days. This meansthat you will need to be able to refer your providers to a collections agency tohandle the process for them. It is a good idea to find two or three agencies in eachRunning a business requires a huge amount of paperwork, from payroll to self-area that you have a provider to have on hand for referrals. Set up a contract withemployment taxes, and K1’s to 1040’s. A good accountant will help you decide onthem that spells out the policies on how information will flow from your office tothe right structure for your business and keep your company running smoothly.the collections agency. Make sure to choose a business that is well-establishedWhat will your accountant help with?and easy to work with. Help with choice of business structure Tax ID Process for quarterly and annual business and employment taxesCheck reviews before you refer!HHHHHBefore you give a client a referral for a collection agency, be sure to checkreferences, ratings, and reviews. Google and LinkedIn are great sourcesto make sure you only referring to the best possible companies.6 Starting Your Own Billing Company: The Five Keys to Doing It Right
Associations & Memberships Offers training and severalAnother key part of growing a successful billing company is finding the right help 125/year per person (discounts forand guidance along the way. A good place to find this is from some of the industry’stop associations.certification programsstudents or more than six employees)American Medical Billing AssociationHealthcare Billing & Management Association (HBMA – www.hbma.com)(AMBA – www.ambanet.net)HBMA has thousands of billing company owners as members. They hostThe AMBA’s focus is to provide industry andconferences and trainings across the county to help with networking andregulatory education, networking opportunities,advocacy training.and to share information and ideas on the Founded in 1993 About 4,000 members, representing about 50% of billing services in the USmedical reimbursement specialist. Since 1998 Annual dues are based on company size and range from 500 - 1500/year Membership includes in office billers andThe primary focus of the AAPC is to provide education and professional certificationto physician-based medical coders and to elevate the standards of medical coding.The AAPC is a great resource because they have local chapters, allowing you tonetwork with other billers right in your area. Since 1988, now has over 140,000 members Provides education and resources to physician-based coders a certification program to become a certified Tools, resources, & certification and education programAmerican Association of Professional Coders (AAPC – www.aapc.com)7market for all their members. The AMBA also offersStarting Your Own Billing Company: The Five Keys to Doing It Rightbilling services CMRS certification 99/year with business membershipfor over 3 employees
Medical Group Management Association (MGMA – www.mgma.com)MGMA is mainly for medical practice executives and leaders. This means that manyof your office administrators and office managers are probably going to be a partof the MGMA, making it a great source for networking. They also provide manystudies and surveys answering questions you may have about the market, salaries,and reimbursements. Industry leading practice management group Publications, research, resources, educationMarketing & SalesSales and marketing is one of thebiggest challenges in starting yourown billing company and an importantkey to your success. You have to getnoticed by providers that need yourservices. When you are just starting out, you need to flood the area with yourname, your number, and your marketing materials. ACMPE certificationYour first step is to create a professional-looking website. Think of your website as Cost ranges from 35 - 380your online business card. You will also need a Facebook page dedicated to yourLocal Chamber & BBBbusiness and a LinkedIn page to increase engagement with potential clients. MakeIt is very important to get involved and be a part of your local community. The bestsure that all of these give interested providers multiple ways to reach you via email,way to do that is to join your local Chamber of Commerce or Better Business Bureau.phone, etc You want to make it easy for them to choose you.Your local Chamber and BBB will not only help you with networking and communityprojects, but will also provide a wealth of resources for you as a new business owner. Chamber of Commerce– Great opportunities to network– Helps build reputation/awareness Better Business Bureau from your personal page is crucial to presentingyourself in a professional manner.The next step is to create marketing materials, such as brochures, that you cansend to the providers you would like to have as clients. Once you get your first– Look into your local/regional BBBclient, the best advertising is to do an amazing job for that provider. The referrals– Can get accreditationyou receive from happy clients will be a large part of your success.– Access small business resources8Tip: Having a business Facebook page separateStarting Your Own Billing Company: The Five Keys to Doing It Right
Customer SetupNow that you know how to get your billing company started, you will need to knowwhat to do once you get your first client. You must have contracts ready to go,forms for clients to fill out, and be prepared to answer the most common questionspotential customers may have for you.Include information on how the provider will get their data from you if they chooseto move to another billing company. How are they required to end their contract withyou? Is there a 30-day written notice or a 90-day written notice? What are you goingto require of them? How long do they give you to collect on claims that have alreadybeen sent out? You must consider all of these things when writing your contract.It’s also important to put in writing what is NOT included in your billing service.List any fees and services that you are willing to provide that are not part of thestandard billing contract.Going into a new contract is like any relationship. In the beginning it’s wonderful,but when one of the parties ends up not being happy, it can turn confrontational.So, having a contract that spells out exactly how to separate will help keep yourbusiness on track as the relationship is ending.Standard contract covers: Terms and conditions When payment is due What happens if not paidContracts How does either party end the contractThe first and most important thing is your contract. It is an outline of how you are Responsibilities of each partygoing to proceed after the provider chooses you as their biller. Make sure that your Feescontract not only gets you into business with the provider but also accounts forhow you’re going to end the relationship in detail.9 Starting Your Own Billing Company: The Five Keys to Doing It Right Any additional services
FormsCustomers will ask these questions. Be prepared to answer!You will need to have a standard practice set-up form prepared for your initial What does the service cost?meeting with the practice manager. This will allow you to gather all the information Can you provide references?you need for customer set-up at one time.Practice Setup form covers All info needed to set up with clearinghouse/payers Who owns the data? What is the background/training of billers?– NPIs What are your professional affiliations?– EIN Do you have a compliance plan?– Location, address, and hours– Appointment types/times– PTAN number– Insurance ID numbers for each provider– Fee Schedules (if they have them) Who is going to be working on the account? How often will you communicate with the practice, send reports, etc.? Are most or all services electronic? What service don’t you handle? (i.e., past A/R, collections, etc.)Customer ExpectationsBy the time they call you, most offices are 60-80% of the way through theirresearch on which billing company to choose. At this point, they have checked outyour website and looked at your Facebook page and LinkedIn profile. If you cananswer their questions during the phone interview right away and in a professionalmanner, they will feel more comfortable with you and will be more likely to chooseyou for their billing needs.10 Starting Your Own Billing Company: The Five Keys to Doing It RightTip: Use this list of customer questions andanswer them on your website to give providersone more reason to choose you!
About KareoKareo is the only cloud-based medical office software and services platform purpose-built for small practices. At Kareo, we believe that,with the right tools and support, small practices can do big things. We offer an integrated solution of products and services designed tohelp physicians get paid faster, find new patients, run their business smarter, and provide better care. Our practice management software,medical billing solution, practice marketing tools and free, award-winning fully certified EHR help more than 30,000 medical providers moreefficiently manage the business and clinical sides of their practice. Kareo has received extensive industry recognition, including the DeloitteTechnology Fast 500, Inc. 500/5000, Red Herring Top 100 Company, and Black Book #1 Integrated EHR, Practice Management and BillingVendor. Headquartered in Irvine, California, the Kareo mission is to help providers spend their time focused on patients, not paperwork. Formore information, visit www.kareo.com.Follow cebook.com/GoKareo11 Starting Your Own Billing Company: The Five Keys to Doing It Right
888-775-2736 kareo.com12 Starting Your Own Billing Company: The Five Keys to Doing It Right 2015 Kareo, Inc. All rights reserved. Rev 8/15
2 Starting Your Own Billing Company: The Five Keys to Doing It Right Practice Management The days of separate systems and no transparency when using a billing service are over. Practices today look to their billing c
