The health care industry is a booming sector of the American economy, with revenue in the trillions, and medical billing is an increasingly in-demand aspect of this flourishing field. But while the need for knowledgeable, experienced medical billing professionals has increased, the fierce competition for clients has grown along with it; thus, it pays to understand the particulars of starting and maintaining a medical billing business before attempting to strike out on your own.
What Will I Need to Start My Own Medical Billing Business?
Medical billing, the process of obtaining payment from either insurance providers or patients in order to compensate physicians for medical services rendered, requires far more than a simple interest in medicine and a basic understanding of the billing process. Professional medical billing entrepreneurs must also understand how to run and maintain a business, how to market and promote themselves in order to expand their business, and how to manage their own finances in addition to overseeing the finances of their clients. Prior experience in the field of medicine can be a great asset to any aspiring medical biller, both in terms of grasping technical terminology and establishing contacts for networking opportunities, but there is plenty of help available for those who are entering the field for the first time. First of all, you should enroll in medical coding and billing classes, either at a local college or via an online study-from-home course. These classes will provide you with detailed information regarding medical terminology, anatomy, insurance forms and procedures, coding systems and billing computer software, and providing a medical billing service - information you need in order to obtain your certification and establish your business.
How Much Can I Expect to Earn with my Medical Billing Business
Next, you should prepare a business plan, including a list of the resources already available to you and the challenges you will need to overcome. Medical billing is ideal for adapting to a home office setting, so if you have a computer, fax machine and high-speed Internet connection, you may be already possess the basic tools necessary to establish a successful home-based business! Expect your start-up costs to be somewhere in the neighborhood of $3,000, depending on the tools that you already have at your disposal; in addition to your education and basic office equipment, you will also need coding reference books and medical billing software, which can be expensive. The financial rewards of a successful medical billing services business can be great, however; expect an annual income anywhere in the $20,000 to $100,000 range, depending on the size of the workload you plan to take on. When first starting out as a biller, you may want to select a target market in order to narrow your focus and reduce the amount of jargon and medical codes you'll need to know: Remember, you can focus on any type of medical professional imaginable, from pediatricians to plastic surgeons to psychiatrists. Even dentists, nursing home caregivers, pharmacists and medical equipment manufacturers require the services of medical billers. Cast your net wide and your customer base will expand accordingly!
How Can I Effectively Market my Medical Billing Business?
Another important consideration when establishing your own medical billing business is marketing. The best way to market yourself and your business is through networking and the generation of positive word-of-mouth. Start by approaching your own doctor in order to let him or her know that you are entering the medical billing field; while you should never pressure your own physician to utilize your business, they may be able to provide you with helpful referrals to colleagues in need of billing assistance. Referrals are indispensable when you're first starting out, so use them to your full advantage! Another great networking method is direct mailings. By sending a cover letter and an attractive, informative brochure to a variety of doctors in your area, you're getting your name out to potential clients while simultaneously giving your business validity in the public eye. Make sure to follow up any mailings with a phone call; physicians tend to be extremely busy, and may forget to call you even if they're interested in your services, so take the initiative and dial away!
Are There Any Hazards I Should Avoid when Starting my Medical Billing Business?
A final thought to keep in mind: When starting your own medical billing business, you will come across a number of scams – unscrupulous vendors that will attempt to sell you outdated, shoddy software, ask for a fee in exchange for a "guaranteed" list of clients eager for your business, or simply promise that with their method, you can become a professional medical biller overnight, with no formal training required. Don't fall for it! There are no shortcuts to a career in medical billing. However, with the proper education, a firm grasp on the billing procedure and a strong base of loyal clientele to sing your praises, starting and maintaining your own medical billing business can be simple. As a professional medical biller, you will be an important link in the patient-physician-insurance provider chain: Your services enable doctors to focus on medicine rather than money, which in turn allows them to treat their patients more effectively. Starting your own medical billing service business can be the beginning of a long, lucrative and rewarding career!
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