As a business owner, you are an expert in how your products work or the type of service your customers expect. You had a dream to start your own company and you have achieved that dream. However, even though you may be an expert in your industry, that does not mean you can handle every aspect of your business yourself. There are some parts of your business where hiring an expert can not only save you money, but can literally save your business.
“Small business owners are so busy handling what they are good at, they often do not have time to handle the administrative tasks,” Penny Scott of Peace of Mind Billing Specialists said. “According to smallbiztrends.com, you can spend up to 240 days a year working on administrative tasks. What is even more important is that if you neglect any of your payroll duties, you could be putting your business at risk. If you are operating a healthcare agency, you could put your business at risk by violating HIPAA laws. Even a minor infraction can result in significant fines. For this reason, using a professional to handle your billing and payroll needs can actually save you money and time.”
One of the most common things Ms. Scott and her partner, Stacey DeHaven, hear when business owners contact them is that they do not enjoy handling payroll. This means that some small business owners may make common mistakes that could lead to serious consequences. This may include not keeping up-to-date on taxes, forgetting when to file important IRS forms and not knowing what needs to be deducted from an employee’s paycheck.
“Many employers do not understand how to handle garnishments and some are unfamiliar with the differences between the employer and employee share of some payroll taxes,” Ms. Scott said. “This could lead to incorrect W-2 forms issued to an employee. The average business owner is also unfamiliar with changes to tax codes while others have no idea how to handle an employee who lives in one state but works in another. This can lead to IRS fines, audits and even criminal investigations.”
When it comes to mental health and medical billing, there are other errors that could lead to fines as well. In 1996, the federal government passed the Health Insurance Portability and Accountability Act which is designed to establish data privacy and security provisions that safeguard medical health records. Even a minor infraction of HIPAA laws can lead to significant fines for the agency that makes the error.
“Something as simple as faxing a form to a wrong number or not updating software can lead to a violation under the law,” Ms. Scott said. “Employees who take laptops or files home with sensitive medical data can leave your company open to investigation. A simple conversation among employees that can be overheard by others could lead to a HIPAA violation.” Ms. Scott said that one way to protect your company is to use professionals to help you protect your data.
Some of the most common errors Peace of Mind Billing Specialists see in their office is incorrect claim forms. Something as minor as a wrong date of birth can result in a rejected claim, delaying payment from the insurance company. When there is secondary insurance, many practitioners are unsure how to bill two different companies for the same procedure.
“We have seen claims sent to the wrong insurance company, invalid diagnosis or procedure codes and a lack of understanding of benefits available to patients,” Ms. Scott said. “It isn’t necessarily the fault of the medical agency as insurance claims can be extremely confusing. When the person who handles your claims also has four or five other things on their desk to manage, it is easy to make errors. Our entire job is to handle claim forms, deal with insurance companies and get your claim paid as quickly as we can so your employees can focus on your patients.”
Healthcare practitioners understand that there are many things that must be tracked outside of seeing patients. In addition, software and updates to that software can get expensive. As practices grow, the need for additional staff to handle the administrative duties also grows. As a healthcare provider, you don’t want to spend hours on the phone with insurance companies trying to get a claim paid and you don’t want to spend your weekends handling administrative duties because you prefer spending your office hours with your patients.
“Our goal is to help small businesses focus on growing their business and leave the payroll/billing to us where they can have peace of mind,” Ms. Scott said. “The cost to use our service can be less than you would pay an employee to perform the same duties and would free up that employee to handle other tasks for you that would better improve customer service. We treat your business as if it were our business.”
To give companies an idea of how Peace of Mind Billing Specialists can help them, the company is offering one month of payroll services for free. Individuals can contact them by phone at 443-848-9721 or 302-470-5769. Ms. Scott can be reached via email at email@example.com and Mrs. DeHaven at firstname.lastname@example.org. Businesses can learn more about the company by visiting www.peaceofmindbilling.com or their Facebook page at https://www.facebook.com/Peace-of-Mind-Billing-Specialists-LLC-1752529518344453/.
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