When is a contract a good one?

I was asked this question this week, and much to my dismay the answer turned into a "discussion" with a family member, and then ended in a near argument.  The problem is that the person that I was discussing the contract with has absolutely no experience in this field, and no idea what they were talking about.  I had to tell them that I have been doing this for 30 years now, and I know the value of a good deal when I see it.  They did not agree.  So, that led me to try and look at things from their perspective.   The question is:  When is a contract a good one?

The answer:

When it works for you.

Yes, it really is that simple.  If both parties are having their needs met, and both are comfortable with the compensation, then it is a good contract.  Sure, I can give you hints and tips about negotiating a contract.  Is there going to be a better deal out there?  Inevitably.  If you had negotiated harder, could you have gotten more?  Possibly, maybe even probably.

Is is worth losing sleep over?  NO.

If you have negotiated a contract, and you feel it is a good one, then take a deep breath, relax, and let's get to work.  Try not to listen to the advice of others, unless they are an expert in the field.  Then, weigh the advice for what it is worth to you, but in the end, do what you're going to do anyway;  make your own decision.  Let's not compare ourselves to other businesses or other people.  Learn to be a confident individual, knowledgeable, and ready to work.  This is what makes happy self-employed people.

(Hint:  put a time limit in your contracts.  To be renegotiated every 6 months, or year.  That way if you are in something that you don't like or can't handle, you have a back door... something to think about).

Until next time,

Thanks,
Lori

http://www.sinclairinkspot.com/
Loretta Sinclair
Author, Medical Billing, Coding and Reimbursement
How to Run Your Own Home Medical Billing Service
Annotation Press, 2007, 2008
Available in print and on Kindle

Marketing Your Medical Billing Service
Sinclair Publications, 2011
available in ebook format only
See http://www.amazon.com/, http://www.barnesandnoble.com/, or http://www.sinclairinkspot.com.market/

Medical Billing, Coding, and Reimbursement
Supplemental Workbook
Sinclair Publications
copyright 2009

http://www.medicalbillingservice.blogspot.com/

Continuing education... it never stops.

One thing that I can tell you about this business is that it is ever evolving, ever changing, and ever challenging.  I spent my morning researching  a rather complicated issue involving admits, discharges, and same-day readmissions to a rehab facility.  There were so many new regulations since the last time that I researched this same issue some time back that it surprised me.  But, as the face of healthcare changes, so do the rules.  As new and different problems arise, a new regulation is made to accommodate for it.  So, as the commercial says, "Never Stop Learning".  Especially when it comes to your career.

Check with your local insurance companies.  Many offer training online.  Others offer in-person seminars and workshops to help with billing issues, and every insurance company has a provider rep that can help you.  Medicare and Medi-caid have their billing manuals online as well. 

Read.  Read.  Read.  Absorb all of the information that you can.

Never Stop Learning.  The more you know, the more you can make!

Until next time,

Thanks,
Lori

http://www.sinclairinkspot.com/
Loretta Sinclair
Author, Medical Billing, Coding and Reimbursement
How to Run Your Own Home Medical Billing Service
Annotation Press, 2007, 2008
Available in print and on Kindle

Marketing Your Medical Billing Service
Sinclair Publications, 2011
available in ebook format only
See http://www.amazon.com/, http://www.barnesandnoble.com/, or http://www.sinclairinkspot.com.market/

Medical Billing, Coding, and Reimbursement
Supplemental Workbook
Sinclair Publications
copyright 2009

http://www.medicalbillingservice.blogspot.com/

So, what do I do first?

So, the biggest looming question that I seem to get the most, is actually the most simple. 

How do I begin?

Before any major purchase, such as a car or a house, you always set a price range that you will be willing to spend.  A business is no different.  If you are financing the purchase, figure out what payment you are able to pay, or if you are financing the start up yourself through savings or credit cards, what is your limit?  Although it would be nice to go to the bank and get a loan to start your business, unfortunately most lending institutions won't give you money without any collaterol - and with no business, you don't really have anything to put down.  Some people will take out a second mortgage on their house, but in all honesty, this really isn't necessary.  You can either save up yourself, borrow from relatives, or finance with credit cards.  But how much are we really talking about?

Start up costs can be minimal.  You can get a good, reliable software program for under $1,000 these days.  That will be the biggest single purchase to start.  Now it probably will not be the nicest billing program in the world (and believe me, every salesman in the book will be quick to point that out), but it will get the job done in the first year.  Then, when money is coming in and things are rolling, you can convert to a program that is more suited to your needs.   Beyond that, you will need your office set up (preferably an office in your own home until you have money coming in); a small desk and office equipment.  A reliable computer will be your next most pricey purchase, but even those are coming down significantly anymore. 

So my first piece of advice is simple:  Budget and shop.

Once you have these two things determined, then it is time to move forward...

Until next time,

Thanks,
Lori

http://www.sinclairinkspot.com/
Loretta Sinclair
Author, Medical Billing, Coding and Reimbursement
How to Run Your Own Home Medical Billing Service
Annotation Press, 2007, 2008
Available in print and on Kindle

Marketing Your Medical Billing Service
Sinclair Publications, 2011
available in ebook format only
See http://www.amazon.com/, http://www.barnesandnoble.com/, or http://www.sinclairinkspot.com.market/

Medical Billing, Coding, and Reimbursement
Supplemental Workbook
Sinclair Publications
copyright 2009

http://www.medicalbillingservice.blogspot.com/

Make a Client Smile Tip #2

Make a Client Smile Tip #2:

This Sunday, March 20th, is the first day of spring.  A time of bright colors, blooming flowers, spring showers and hay fever.  Make your clients smile by doing a little something to brighten their day.  Change the color of some of the documents that you send to them to reflect the spring colors.  Bring them a flower, or bunch of flowers, to place in their office.  Or, if you know that someone is a gardner, bring them some flower seeds or bulbs to plant.  Or, if all else fails, and you know you have a hay fever sufferer on your hands, bypass the flowers and bring them a coupon for their favorite antihistamine. 

Anything to make your client smile.

Lori

http://www.sinclairinkspot.com/

http://medicalbillingservice.blogspot.com/

Make a Client Smile Tip #1

Here is a new feature that I am adding to the blog.  I call it my Make a Client Smile tips.  From time to time I will post nice little things that you can do for your clients, or potential clients, that will show them you care, brighten their day, or make them smile. 

Today:  Show them your green!  And, no, I do not mean money. 

Thursday is St. Patrick's Day.  Bring your clients a little something to remind them of the day.  It doesn't need to cost a lot of money.  Cut a big shamrock out of construction paper and slip it in the courier bag.  A card is nice too.  Just a little something green to show your spirit.

Happy St. Patrick's Day everyone.  Make a client smile!
Lori

http://www.sinclairinkspot.com/

http://medicalbillingservice.blogspot.com/

Global Disasters

There is a lot going on in the world today.  With the earthquake in Japan, tsunami, and now radiation leaking, there is a large part of the world that is in dire need.  Some of that need has made its way here to Northern California where I live.  The tsunami hit the far northern coast of California slamming the biggest fishing community with $20 million in damages, and counting.  Santa Cruz has $17 million in damages, and the radiation cloud that has been forming could very well reach the United States, in smaller doses.  The US is also going to be evacuating its own residents from the disaster area, and probably at least a number of the more greviously injured persons for medical care here.  It is possible that some billing departments and coding departments could see some of the impacts of this disaster close up.

I have not seen anything on the news that the ICD-9 has not already accounted for.  For example:

Radiation poisoning has a diagnosis code of 508.0
Adverse effects of radiation is 990

The earthquake would have injuries such as:
crushing injury, 929.9 or
exposure 994.9

tsunami would possibly have:
drowning 994.1

When a natural disaster happens ,there is a way in which we, in this industry, can be prepared within our own profession.  Watch the news.  Keep up on the current events.  When you hear of things happening around you, even if they are across the globe, take the time to see how you would handle them were the claim in front of you today.  It is altogether possible, that it might be tomorrow.

My heart and prayers are with the people of Japan.

Until next time,

Thanks,
Lori

http://www.sinclairinkspot.com/
Loretta Sinclair
Author, Medical Billing, Coding and Reimbursement
How to Run Your Own Home Medical Billing Service
Annotation Press, 2007, 2008
Available in print and on Kindle

Marketing Your Medical Billing Service
Sinclair Publications, 2011
available in ebook format only
See http://www.amazon.com/, http://www.barnesandnoble.com/, or http://www.sinclairinkspot.com.market/

Medical Billing, Coding, and Reimbursement
Supplemental Workbook
Sinclair Publications
copyright 2009

http://www.medicalbillingservice.blogspot.com/

A promise is a promise.

It's raining today.  I don't know where all of my readers are, but I am in sunny California.  By this time of the year most of the rain is usually done.  We may get a sprinkle or two, but nothing drenching.  Last night between the time I went to bed and the time I got up this morning at 5:00 am, we got well over an inch of rain.  There were auto accidents all over the place on the freeways.  The roads were a mess.

Now, were I still self-employed, this is a day that I would have been extremely tempted to call my clients and tell them that I could not make my normal courier run and pick their billing up.  I would have loved to stay inside all day and work from the warmth and comfort of my dry home.  But, when you are self-employed, even though you may have options that most people don't, one thing to remember is this:  A promise is still a promise.  If you have told all of your clients that you will pick up on Mondays and Wednesdays, then that is exactly what they expect.  They will have little sympathy for you not wanting to go out in the rain.  In fact, if it is a day that they need to be at work, then they expect you to be at work as well.  You could possibly run the risk of offending your clients if you try to take the easy way out of things.  Now, obviously there will be times when your schedule will have to change.  My advice to you is to make this as little as possible, and only when you really need to.  Think of your deliveries and pick ups as a promise.  Something always to keep.

So, in the rain and foul weather... bundle up, keep dry and warm, be safe on the road, and head out to meet with your clients.  They will appreciate it more than you know.

Until next time,

Thanks,
Lori

http://www.sinclairinkspot.com/
Loretta Sinclair
Author, Medical Billing, Coding and Reimbursement
How to Run Your Own Home Medical Billing Service
Annotation Press, 2007, 2008
Available in print and on Kindle

Marketing Your Medical Billing Service
Sinclair Publications, 2011
available in ebook format only
See http://www.amazon.com/, http://www.barnesandnoble.com/, or http://www.sinclairinkspot.com.market/

Medical Billing, Coding, and Reimbursement
Supplemental Workbook
Sinclair Publications
copyright 2009

http://www.medicalbillingservice.blogspot.com/
http://www.faithfriendshipandfood.blogspot.com/

Taking on too much... don't stop thinking.

When we all first start out in business, we are always excited, energetic, and hungry.  We want that business, and we want it bad.  In fact, many of us are willing to go the extra mile to land that first client.  I know I did.  But one thing that we all need to be careful of is taking on too much.  This is something that I still struggle with.

When I started my business, I had another job as well.  It was part time, and not the full time that most people are working, but it was a job just the same.  I was also a mother to two younger children.  I will tell you that I worked part time outside the home, and full time inside.  Even then, the temptation was there to take on too much.  Whatever people asked me for, I committed to doing it without thinking about it.  My advice to you is to always take a step back and think things through.  You don't want to stretch yourself too thin, with either your business, your day job, or your family.  If you are providing extra services, such as transcription or courier, evaluate the time and effort that it will take carefully before committing.

I was revisited by this same problem again this week.  While I no longer have my billing service, I do have a full time Billing and Collections Supervisor job, am an active author, and the single parent of two college kids.  As if that wasn't enough, I got contacted this last week to ask if I was interested in developing and teaching an online course in medical billing.  While I did not immediately take it, I did not immediately turn it down either.  I am going to take a big step back, evaluate exactly what it is they want from me, and whether or not I have adequate time to shine in this job along with all of my other repsonsibilities.  In other words, STOP and THINK.  You wouldn't think at this point in my life someone would have to remind me of that, but I guess we all need it from time to time.

Until next time,

Thanks,
Lori

http://www.sinclairinkspot.com/
Loretta Sinclair
Author, Medical Billing, Coding and Reimbursement
How to Run Your Own Home Medical Billing Service
Annotation Press, 2007, 2008
Available in print and on Kindle

Marketing Your Medical Billing Service
Sinclair Publications, 2011
available in dBook format only
See http://www.amazon.com/, http://www.barnesandnoble.com/, or http://www.sinclairinkspot.com.market/

Medical Billing, Coding, and Reimbursement
Supplemental Workbook
Sinclair Publications
copyright 2009

http://www.medicalbillingservice.blogspot.com/
http://www.faithfriendshipandfood.blogspot.com/

A lesson from Charlie Sheen...

So what can we learn from the antics of Charlie Sheen?  The last that I heard from this whole debacle is that he has called his former bosses "yellow bellied cockroaches" or something to that effect.  So, not only are cockroaches one of the lowest forms of life, but there is actually a heirerarchy among them, making the yellow-bellied kind among the worst.  Who knew?

But seriously, before you all start sending me hate mail I want to say that I love Charlie Sheen as an actor.  He has done some amazing stuff and I have been a fan for a long time.  But this week, I believe that he has made some significant mistakes.  And, specifically related to being self-employed and to marketing, he has burned his bridges. 

When you are self employed, not all situations work out.  There will  be clients that love you, and clients that hate you.  That's just the way that it is.  Not everyone is going to love you or your business the way that you do.  We all just need to accept that.  But, when things don't work out, I highly recommend that you refrain at all costs from calling your clients, or former clients, "yellow bellied cockroaches", or cockroaches of any kind, for that matter.  First, it shows a lack of respect for other human beings, and is extremely unprofessional.  It is possible that perhaps they might have need to contact you again in the future for another reason, and if you leave any client on bad terms, not only will you lose that client for any potential future business dealings, but you will also lose that all-important and priceless referral.

So, Charlie:  I loved you in Platoon.  Two and a Half Men has made laugh more times than I can tell you.  But I cannot in any way, recommend your business practices to the average person.  I wish you all the best.

Until next time,

Thanks,
Lori

http://www.sinclairinkspot.com/
Loretta Sinclair
Author, Medical Billing, Coding and Reimbursement
How to Run Your Own Home Medical Billing Service
Annotation Press, 2007, 2008
Available in print and on Kindle

Marketing Your Medical Billing Service
Sinclair Publications, 2011
available in dBook format only
See http://www.amazon.com/, http://www.barnesandnoble.com/, or http://www.sinclairinkspot.com.market/

Medical Billing, Coding, and Reimbursement
Supplemental Workbook
Sinclair Publications
copyright 2009

http://www.medicalbillingservice.blogspot.com/
http://www.faithfriendshipandfood.blogspot.com/

I may live to regret this... an offer you can't refuse.

I may live to regret this, but I am going to make an offer that I hope you can't refuse.

You see, I have been working on my taxes for two days now. And not only have I been working on them, but I have been trying to organize them too.  I recently painted my bedroom, and hauled all of my tax documents and other writing materials out into the hallway and the garage until I was ready to move them back into my bedroom.  Unfortunately, I didn't label the boxes very well, so it has been a little treasure hunt finding all of my receipts.  I tell you this because this year I did not take my own advice.  There is a chapter in my book Medical Billing, Coding, and Reimbursement that addresses taxes.  I, very clearly, advised everyone to be organized with your taxes and your receipts.  I am a little embarassed to tell you that I have been very disorganized this year, and am still not done finding all of my documents.

All of this to tell you, that as a thank you to my new subscribers (including my Kindle subscribers) I am offering copies of my book FREE.  (I love that four letter F-word).  That's right, absolutely FREE.  Just shoot me an email with your name and address and I will drop one in the mail to you right away, postage free.  In addition, if you refer someone else to join the blog, I will give you a copy of my new book: Marketing Your Medical Billing Service.  Again, absolutely free.  Also, the new referral can get a copy of the first book Medical Billing, Coding, and Reimbursement, FREE.  The marketing book is in an eBook format only, but can be read by the Kindle, Nook, or Adobe Acrobat Reader files.  All of these programs can be downloaded to your comuter FREE (again, my favorite word) from the web sites of the publishers.

Now before you think that I am completely crazy, remember anything that you do for advertizing (givesways, etc.) are all tax deductible for your business.  I am already getting a jump on my 2011 taxes and advertizing.  Hopefully next year I won't be in the same boat.  (For those of you still with me next year, you can remind me of this conversation when I do it again!)  So, let's get cracking.

Send your emails to:

lori@sinclairinkspot.com

or visit my website at:

http://www.sinclairinkspot.com/

Remember to include your name and mailing address.  This offer remains valid until Friday, April 15th, 2011, tax day.

I would like to thank all of my current subscribers, and welcome the new ones.  And, I hope your taxes are going better than mine this year.

Until next time,

Thanks,
Lori

http://www.sinclairinkspot.com/
Loretta Sinclair
Author, Medical Billing, Coding and Reimbursement
How to Run Your Own Home Medical Billing Service
Annotation Press, 2007, 2008
Available in print and on Kindle

Marketing Your Medical Billing Service
Sinclair Publications, 2011
available in dBook format only
See http://www.amazon.com/, http://www.barnesandnoble.com/, or http://www.sinclairinkspot.com.market/

Medical Billing, Coding, and Reimbursement
Supplemental Workbook
Sinclair Publications
copyright 2009

http://www.medicalbillingservice.blogspot.com/
http://www.faithfriendshipandfood.blogspot.com/