Wiki Seeking assistance from a MB Co Owner

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M.Slade

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I am wondering if there is anyone that owns and operates a MB Co. that is willing to share some start-up advice with me. I can't find straight answers online and most local companies do not want to share info with a potential competitor.

Please contact me through here if you're willing to help! Thank you! :D
 
I am currently in the process of starting up my own medical billing company. I have also ran into the problem of not getting any tips or suggestions in getting started. I'll share what I have so far.

I started by filing for my dba - which in Texas is easy.

HIPAA - I found a sample Business Associate Contract on the Health and Human Services website (www.hhs.gov). There is also information regarding HIPAA Compliance and I'm still working on developing a HIPAA Compliance Program by piecing together information found on the website and doing some other googles about it. It is not necessary to pay for monthly shredding. I found on the HIPAA outline that if it shreds to a certain size then it can be discarded with the regular trash. It's less expensive to buy a large scale shredder (found some at Office Depot around $250) then a monthly fee of $40.

Pricing - I'm charging a perentage of collected revenue. The rate will depend on the volume of the facility.

Contract - I think I'm going to spend the money and meet with a lawyer to make sure I have everything covered but there are some samples out there.

IT - I am using the IT company my current employer uses to make sure my system is completly secure. It's expensive but necessary. Check out some local area companies if you don't have anyone you already know.

That's where I am currently and now trying to get a client signed.

Good Luck and wish you the best!!
 
Thank you for your reply! I have pretty much everything lined up, what I am fixating on is the % scale for various specialties, volume. I'm wondering if anyone has a basic formula they use...

I've managed a specialty practice for years now, so I get most of the other requirements, it's that varied percentage, and differences based on specialties. I could come up with a formula based on common codes' RVUs I suppose, I just thought perhaps I could find people in the community that would lend support.

Thank you so much for your response! And good luck to you!
 
Then you are doing very well at getting started....I'm at the VERY beginning stages.

I specialize in ASCs and am in Houston where I found websites of other billing companies in the area the percentage range is from 2.5% - 4% depending on what the facility needs and their volume.

Maybe there are some websites of other companies in your area or physicians that you can search and get a general idea?

It would be nice to have others who have already started to help out but... I guess they are worried about competition.

Good Luck!
 
I am happy to help as much as I can. I have been managing a billing service for years now and have thought of creating a spread sheet with a formula many times. The hiccup is that in order to actually know what your costs will be you will have to determine what it will take to facilitate the client.

I would absolutely love to create something like this with someone. So if you are interested in working on it together let me know. I can me emailed at cindylarsonaz@gmail.com

Thanks
 
Hi,

It sounds like you both are doing good. I am in Austin and am in the very begining stages. Still coming up with company name and doing research. What medical software and clearinghouse did you go with? You're in Houston and I'm in Texas so there's no competition. Maybe we could share ideas and help each other become a success in our respective areas. Let me know.
 
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