Medical billing is a service provided by experienced individuals who have proper education and training. Someone who is responsible for medical billing will help to process insurance company claims as well as providing other billing services for healthcare providers, private doctor offices, hospitals, and other clinical environments. Medical billing is often combined with medical coding, which is the transformation of procedures and official diagnose into universal medical codes used for tracking diseases and billing insurance companies. Companies providing medical billing services are open to a variety of risks including professional liabilities such as mistakes made that lead to loss or damage for the patient or insurance company, as well as general business risks. Protect these risks with medical billing services insurance.
Types of Medical Billing Services Insurance
Business insurance policies vary widely in what they cover and their benefits. You should consider your probable risks and use that information to choose medical billing services insurance from the following policies:
General liability insurance is a simple insurance policy for businesses that includes coverage for different types of legal liabilities. Completed operations, premises liability, and products liability are all parts of a general liability policy. Products liability is for any products you sell to your customers or clients, so it may not be used much as a medical biller, unless you sell medical billing and coding software. However, completed operations is important because it offers benefits if the billing or coding you provided causes loss or damage for your clients, such as incorrectly billing the insurance company. Premises liability will offer coverage if a client is in your office and slips and hurts himself.
Your business property is exposed to a bevy of damage sources, including fire, flood, natural disasters, and extreme weather conditions like a nor’easter snowstorm or hail storms. Aside from taking necessary steps to protect your business — such as installing fire alarms and smoke detectors — you should also be prepared for events you can’t prevent. Do this by getting property insurance. Armed with property insurance as part of your medical billing services insurance, your buildings and contents are covered which reduces the loss of your business assets.
Your paperwork is not only essential to your business for record keeping, but it contains sensitive information. If something was to happen to the papers in your medical billing office, it could take a lot of money from your business accounts to cover the loss. With valuable papers coverage, you have protection against anything to cause damage such as a fire, flood, or theft.
Cyber liability insurance is important if you have a website, and especially if you provide services online for patients and insurance companies. Any time you send information or data online, it should be protected. However even the best online security measures can be caught up in cyber crimes. Protect against these crimes with cyber liability insurance.
An extremely important insurance policy to have as a medical biller, is a professional liability policy. This will ensure if any mistakes are made from your company, the resulting damage or loss is covered. Human error can’t always be helped, but it can still lead to a legal dispute and possibly a lawsuit. However if you are covered by professional liability insurance, you and your employees will not be held accountable for legal costs.
While you may not provide mobile billing services, there are instances where you or your employees need to use a company vehicle for business errands like picking up office supplies. To reduce the risk of an auto accident making a negative impact on your business assets, get business auto insurance. This will offer coverage for any damage done, including bodily injury, during an accident. Many commercial auto insurance policies also provide vandalism and theft coverage.
It is important to also protect your employees in the workplace by getting worker’s compensation insurance. Worker’s comp provides benefits for your employees in case they suffer a work-related injury. With medical billing and coding, neck strain, back problems, and wrist pain from repetitive motion injuries are all likely. If your employee has worker’s comp, the medical examination, treatments, diagnosis, and physical therapy are covered.
When you run a medical billing services company, you are at risk for mostly crimes relating to your employees. Embezzlement and theft of petty cash or office supplies is something to be aware of. Even if you have made all the necessary precautions such as installing surveillance equipment, you should still protect your company from crimes. The best way to do this is with a crime insurance policy. Crime insurance keeps you from going into financial turmoil as a result of the crime.
Insurance for medical billing services ensures the protection of your billing and coding business, the protection of your assets, and further coverage for your employees. This means even if an unexpected event occurs, you’re fully prepared for it.