The medical coding and billing business has grown in the past few years and according to a study conducted by the United States Bureau of Labor and Statistics (BLS.gov), it will continue to grow in years to come. This also means that while the demand increases the competition for getting a job in the market just as fierce. There are many well established businesses that offer top-notch medical billing services flooding the market, so if you are wondering if there is room for a small, home-based medical billing business? There is, below you will find a guide on how you can start your own medical billing business.
What You Need to Know to Start Your Business
Once you have become a medical billing professional, you will be able to provide your clients the following services:
- Submit patient information into medical billing software efficiently and accurately
- Prepare electronic and/or paper claims to virtually any health insurance company to ensure that the medical office you are working for will be paid in a timely fashion. Some of the insurance companies you will work with will include- Blue Cross Blue Shield, Humana, Medicaid, Medicare, etc.
- You will prepare statements and mail them out to patients’
- Post payments collected
- Follow up with unpaid invoices, denials and even appeals
- Making what is known as “soft” collection efforts for patients that have not made a payment on an overdue invoice
- Submit detailed reports to doctors
- Answering and handling any and all inquiries made by the patient
Medical billing and coding is a business that will require you to have specialized knowledge and skills that can ONLY be gained through training and the proper education. The first step you will have to take is enrolling into a billing and coding course at a college or recognized and reputable medical billing and coding home study program.
In order to have a successful business is through gaining your clients confidence and trust in your abilities as a professional. Doctors and the healthcare field as a whole depend on billing, without it they do not get paid and they cannot afford to outsource to someone that is inexperienced, since it may endanger their source of income and the income of the medical staff that works with them. It will be in your best interest to keep an updated list of updates references to offer up to potential clients.
Medical Billing and Coding Business Tips
Starting a medical billing and coding business is no different from any other business. You have to plan it, setup, know the market, market yourself to possible clients, mange your business and provide excellent customer service. Below are some basic tips to starting a business.
Think of your business plan as your own personal roadmap to success. Having a business plan will help you in your decision making process, you will be able to mentally and physically view the resources you do or do not yet have and any obstacles that may stand in your way.
Forms of Business
What form of business do you want to have? You have a few paths you can take and they include:
- Sole proprietorship
- Limited Liability Company (LLC)
If you conduct some research on each of these business forms you will be able to learn their advantages and disadvantages and which is best suited for your business needs.
Business Registrations, Permits and Licenses
Prior to starting any business you need to complete the requirement to business registration these requirements include choosing your business name.
Zoning Requirements and Home Office Setup
This is a crucial part for you, especially if you plan on making a home office for your medical billing and coding business. This is also important if you plan on meeting with clients in your office at home, setting up a business sign, and if you will be receiving frequent mail delivery. Once you have the zoning completed your next step will be setting up your home office environment. If you plan on setting it up inside the home then decide what part of the home you are able to use. A room that would be best for a home office to see clients is one that has enough room for you to keep and maintain files, patient and client records, a room where you will able to place all of your equipment (additional phone and phone line, fax machines, computer, etc.).