Medical Billing Services NEED a Contract

Alice Scott and Michele Redmond, co-authors of 12 books on medical billing and medical credentialing and co-owners of Solutions Medical Billing in Rome, NY, recently wrote an article in BC Advantage entitled: Protect Your Business with Your Medical Billing Service Contract.

The medical billing factoring specialists at PRN Funding pulled the highlights of the article for our medical billing service business owners’ benefit:

For the most part, the authors stressed that the importance of having a specifically tailored contract for medical billing services in place was to help medical billing business owners in the event that something goes wrong in the relationship.

The contract should include the following:

  • Specifics for your company. Don’t just use a sample contract. Make it entirely about your medical billing company.
  • All the services the medical billing company will provide and their fees.
  • How and when the billing company will be paid.
  • Provider’s responsabilities.
  • How the medical billing service will receive patient and claims information.
  • What happens if the the billing service doesn’t get paid.
  • Termination policies.

The co-authors also highly recommend for medical billing business owners to hire a lawyer to write the contract. If that’s too costly, then at least have one look it over before using it.

Doing so will prevent medical billing companies from having a huge problem on down the line.

Check out page 12-13 of the latest BC Advantage for the entire article.

For The Record – MTSOs, Mergers & Matchmaking

Did any MTSOs get a chance to read For The Record’s August article entitled: MTSOs, Mergers and Matchmaking?

In it, the writer discussed how brokers in the healthcare industry and medical transcription services owners view the buying and selling process within the medical transcription industry.

On the broker side, the writer interviewed Jason Robinett, the VP of Corporate Finance Advisors in Cleveland, Ohio.

He said that potential buyers are attracted to several qualities, including top-line revenue; large, positive cash flow; stable management; industry experience; a strong software platform; large hospital accounts; smaller ambulatory accounts; and strategic geographic locations.

Robinett also pointed out four main types of buyers (all with different motivations): other MTSOs that want to grow their business’ financial buyers, including private equity and venture capital groups; businesses in related industries such as medical billing or EMRs who want to cross-pollinate their business; and individuals.

The writer also interviewed Linda M. Sullivan, the president of New England Medical Transcription. She said that brokers and investors actively seek out companies for acquisition, and she uses those encounters to help her learn more about the current state of the industry.

Click here to read the entire article: MTSOs, Mergers and Matchmaking.

Medquist and Trascend Host Congressional Visits

Hired by MTIA and AHDI, the Dewey Square Group (along with MTIA staff) has started eliciting member-hosted congressional district visits to help build legislative relationships and better educate key members on the work that the medical transcription industry does and the challenges it faces.

According to MTIA’s eNewsletter, “Congressman John Adler (D-NJ) was hosted by Peter Masanotti, president and CEO, Michael Clark, senior VP of sales, marketing and operations, and Eileen Dwyer, corporate vice president at MedQuist Headquarters in August.

MedQuist discussed meaningful use as well as the medical transcription industry’s overall role in healthcare reform and workforce/job development during a roundtable discussion with the congressman.

While only two MTIA member companies participated, the visits initiated the opportunity to build a relationship with these offices and continue to work together on Capitol Hill briefings, testimony, and potential industry-related hearings.”

2010 Healthcare Staffing Summit Starts This Week

The American Staffing Association (ASA) is holding it’s annual Healthcare Staffing Summit September 21 and 22 at the Palmer House Hilton in Chicago, IL.

According to ASA’s web site, “the annual Healthcare Staffing Summit brings CEOs, owners, and senior level executives together to focus on topics of both strategic and tactical interest to the full range of healthcare staffing segments — travel nursing, per diem nursing, locum tenens, and allied medical…Attendees listen to and interact with healthcare staffing industry leaders and analysts, gather best practices and proprietary information, and enjoy extensive peer networking.”

For more information, visit ASA’s site.

AAPC is Looking for 2011 Conference Speakers

The American Academy of Professional Coders (AAPC) will be holding it’s 2011 Conference in Long Beach, CA April 3-6.

Currently, the medical coding organization is looking for speakers to to present on current topics and the latest trends in health care and welcomes submissions from all specialties and sectors of the health care community.

Those interested in being considered as a 2011 AAPC Conference speaker need to submit a completed application no later than September 30, 2010.

According to AAPC’s web site, “The AAPC Speaker Selection Committee will review all applications and select those topics that are fresh, relevant, and engaging to the intended audience.”

For more information, visit the AAPC web site or email Sandra Nestman in the conference department at:

NPDA Hires Resolute Consulting to Lead Grassroots Efforts

According to the official press release, The National Private Duty Association (NPDA) recently hired Resolute Consulting to “lead the organization’s efforts to engage relevant legislators and administrators who will impact policies associated with the issue of misclassification of workers.”

NPDA’s executive director, Kim Stoneking, explained in the press release that the organization’s members who play by the rules are placed at a competitive disadvantage when other companies choose to misclassify their workers as independent contractors.

Jim Soreng, senior account executive at Resolute Consulting, outlined three primary goals for the campaign:

  1. Identify and take advantage of legislative opportunities to impact public policy surrounding private duty homecare, particularly as it relates to worker classification.
  2. Take advantage of existing legislative opportunities – or create opportunities – to engage current NPDA members to attract new ones to the organization.
  3. Define NPDA as the primary force in the private duty homecare marketplace advancing the industry’s legislative priorities.

Click here to read the official NPDA press release: NPDA taps Resolute Consulting to lead public policy, grassroots campaign.

ASA Offers Fundementals on Joint Commission Certification

The American Staffing Association is presenting a webinar for its healthcare staffing members entitled: Joint Commission Certification of Health Care Staffing Firms: The Fundamentals.

Executive director for the health care staffing services certification program at the Joint Commission, Michele Sacco, will cover the following topics during the webinar:

  • Requirements to becoming certified
  • Tips on how to best prepare your healthcare staffing agency to begin the certification process
  • Walk through the steps to follow to apply for certification

Click here for more details on the Joint Commission Certification Fundamentals.

AHDI Kicks of 2010 Summer G.A.M.E.

The Association for Healthcare Documentation Integrity (AHDI) has a fun game  for its Individual Professional members to play this summer.

The G.A.M.E. (Get a Member Event) is a fun way for current members to recruit new members to the transcription association and earn discounts on their own membership renewal in the process.

According to AHDI’s web site, all you have to do to play the G.A.M.E. is download a Summer G.A.M.E. scorecard, tell your friends and family to join the association, and send in your completed scorecard once they join.

Here’s a list of the rewards:

  • First new Individual Professional member: receive 50% off your membership
  • Second new Individual Professional member: additional $22.50 off your membership
  • Third new Individual Professional member: additional $22.50 off your membership
  • Fourth new Individual Professional member: FREE membership renewal

Visit AHDI’s Summer Rewards G.A.M.E. page for more details.