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.