Many who have entered into the medical billing and coding field have expressed interest in starting their own business and a medical billing professional. It is always best to work in a private clinic, hospital or doctor’s office as a medical billing and coding specialist to gain some experience. Once you have gained some experience then you will know for sure if you feel it is something you would be willing to start a business in.
Starting a business from home can be a daunting task and will require a good amount of money upfront and of course you will need a decent client base to help you get started, not to mention you will need to obtain all of the required business licenses for your state.
What are some other issues that you would have to contend with if you are looking to work from home?
- If you do not currently have a client that utilizes your services then it could prove difficult to find a client without being able to provide them with testimonials from past clients.
- Medical billing and coding software is expensive
- The software can be difficult to learn since it is not as simple as just entering in a few numbers
- As an independent billing and coding specialist you will have to take time to understand the various rules followed by the various insurance companies and medical offices you are may have the chance to work with.
- You will have to do some footwork to have an understanding of the employment opportunities in your area. This can be done by speaking with the people that work in the local billing service company’s human resource office. This is something to do regardless of whether you decide to start your own business or if you decide against it.
So while you are in the midst of deciding on starting a business or if you should spend a few months or years working for an actual billing service, a hospital or other healthcare facility, as stated above it would not be a good idea to start a business without any prior experience or at least have a client.
One way to get started on the right track is by speaking with a doctor you may have some background with and ask if they would be willing to try out your services given if your rates are lower than the current billing service they are presently using. There is also financial aid available in the form of small business grants or loans that are designed to help those wishing to start a business with the necessary funds to get them on the right track. The one thing you can do on your end to ensure that you are approved for financial aid is to make sure that your training is from an accredited college or online school.
Working From Home Rules and Regulations
As a work from home individual and a medical billing and coding specialist you will have to learn the various rules and regulations set forth by the company you are currently working for and dedicate yourself to these certain rules. The Health Insurance Portability and Accountability Act (HIPPA) is a law put in place to give individuals and their sensitive healthcare information federal protection. As a work from home medical biller and coder specialist you are more susceptible to being in trouble for not adhering to the HIPPA rules and regulations.
The Centers for Medicaid and Medicare Services (CMS) and the Office of Inspector General (OIG) are by law required to assist in making sure that the Health Insurance Portability and Accountability Act (HIPPA) laws are complied to. As an at home medical billing and coding specialist and even if you worked in an actual office, you will be in contact with clients that have different forms of insurance which will include:
- Private insurance companies
- Government insurance (Medicaid and Medicare)
This cannot be stressed enough when you work as a medical billing and coding specialist from home, you will need to be careful in how you handle the clients’ personal information that is often included in their insurance information and with their health insurance information all together.