Managing the Medico-legal Business
In regards to timescales, it is better to be realistic in determining the time for waiting to receive the payment.
February 18, 2014 (Newswire.com) - Medico Legal Services can be highly rewarding. However, it could also be administrative in nature, thus reducing the capacity or motivation to take such work. Moreover, getting paid can be considered as a full-time job. Hence, there are several things to be taken into account, if someone is interested to be in the domain of medico legal or already has started on such work.
Rates to be charged: Hourly or flat fees
Based on the field of expertise, the individual might charge a set rate per report, or to decide on the hourly quote and rate on a particular case basis. For instance, within the domain of neuroscience, cases could be specifically complex or might require the person to review a good number of medical records. Hence, the individual needs to have the flexibility in quoting rates, which are reflective for the work in hand, and could be broad estimations between six and twelve hours.
Flat rate fee could be a better way in boosting the work load and the medico-legal profile. But, it could also mean that the person runs the risk of taking the case at a fee that actually is not commensurate with the involved work, or to reject more work than is accepted.
These scenarios are just not idea and could lead the person getting broke in the process. Therefore, a flat fee could be considered much more beneficial, especially if the work scope is not much.
Furthermore, to survive in Medico Legal Services profession, the individual needs to be competitive.
If the person is unsure of the existing market rates concerning the expertise, then it would be a better idea to discuss with fellow professionals or to browse through the different reviews put up by others on the web. While making a decision on the fees, the person needs to take into account any time waiting travel expenses and court appearances.
Payment Conditions and Terms
Another big consideration is the payment terms, in which the person would be required to add court appearance, patient appointment cancellation charges, etc.
This also would depend on the work volume that the individual is prepared to take. By considering three or four reports a year, it would be worth providing twelve month payment terms or 'end of case'. Sit would help in generating work and to establish the profile in the domain of Medico Legal Services.
In case, the person aims to secure or to achieve significant volume, then having a tighter payment term would make cash flow and credit control much more manageable. The individual also might like to consider providing various payment terms to various clients, which would depend on their reputation.