Author Topic: Starting a new business  (Read 4896 times)

voquendo6167

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Starting a new business
« on: August 24, 2016, 01:07:52 PM »
Hi, Im very interested in starting my business from scratch. How important is it to hire a lawyer and an accountant before anything?

PMRNC

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Re: Starting a new business
« Reply #1 on: August 24, 2016, 04:24:36 PM »
A lot of business startups don't go directly to an attorney or accountant, you can begin by registering your business, put together your business plan, marketing plan, etc. The lawyer will be needed to review any contracts you will need as well as any other legal business issues for your state.



Linda Walker
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voquendo6167

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Re: Starting a new business
« Reply #2 on: August 25, 2016, 10:40:03 AM »
Great, Thank you!

voquendo6167

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Re: Starting a new business
« Reply #3 on: August 25, 2016, 11:25:40 AM »
Hey Linda,
Im also looking into sole proprietor instead of LLC.  As I mentioned earlier, I'm starting from scratch, so I will not have employees or partner.
Any advice?

Thank you in advance!

Vanessa

PMRNC

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Re: Starting a new business
« Reply #4 on: August 25, 2016, 12:15:24 PM »
Sole proprietor is a better way to start. Later on you can decide to go LLC. It will also save you on E/O insurance. For some reason E/O carriers charge more for the corp's than they do the sole proprietor.  I went LLC only so I could put my billing business as a division of my LLC that saved me a lot of trouble, but I still pay more in taxes and such.

Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

voquendo6167

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Re: Starting a new business
« Reply #5 on: August 25, 2016, 02:45:07 PM »
Thank you.
I also wanted to know, if I need to hire an accountant once my business is registered or is QuickBooks easier and cheaper?

kristin

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Re: Starting a new business
« Reply #6 on: August 25, 2016, 10:47:35 PM »
I can see hiring an accountant to do your business/personal tax returns. Beyond that, I don't know if you will really have the need to.

Michele

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Re: Starting a new business
« Reply #7 on: August 26, 2016, 07:22:40 AM »
Agree with Kristin.  When we first started we hired an accountant to do our taxes but we did our billing to providers thru quickbooks.  When we hired employees we started out doing our own payroll and taxes but switched to an accountant after a while because it was a bit complicated.
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PMRNC

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Re: Starting a new business
« Reply #8 on: August 26, 2016, 01:38:14 PM »
 I use Quickbooks and it's pretty good for what I need. I also use TurboTax for Home and business.
Linda Walker
Practice Managers Resource & Networking Community
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voquendo6167

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Re: Starting a new business
« Reply #9 on: August 29, 2016, 02:02:56 PM »
Thanks guys!!! I love this forum, its such a GREAT help! :)

angelina59

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Re: Starting a new business
« Reply #10 on: September 02, 2016, 10:31:45 PM »
Hello Ladies, I graduated in 2012 with an associate degree for medical billing/coding and basically gave it up because of coders being pushed out. I had no idea that billing was still a separate department. In fact I was told in the medical office/facilities, the billing office were also handling the coding as well as coders the billing. I haven't looked into any of this for over a year now. So if this is the case why would a Dr. outsource the billing? I would love to get back into this if I knew it was going to go somewhere. I was going to also get into medical transcribing till I heard it was being weeded out also. If you apply for a medical billing position you would almost have to know coding also, wouldn't you? If I thought about opening my own business, I would almost have to work for a DR first, wouldn't I ? This is very interesting  to me. Maybe I can put my degree to work after all ;)

PMRNC

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Re: Starting a new business
« Reply #11 on: September 03, 2016, 09:35:09 AM »
There are still many reasons why physicians would outsource. The main reasons are costs of course, benefits, training, etc. Physicians are more apt to hire bilers than they are coders. If you are a certified coder along with having billing experience that's an added bonus. If you only have your degree, no certifications or actual experience it will be much harder for you to get your foot in the door. Some, like myself will argue that it's easier to market yourself as a business rather than looking to get into a position. Both are difficult to do without actual experience. You might want to look into certification to juice up your resume and add value to your marketing.

Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

angelina59

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Re: Starting a new business
« Reply #12 on: September 03, 2016, 11:34:54 AM »
 Thank you for your response PMRNC :D, I will look into the billing and coding certification.

voquendo6167

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Re: Starting a new business
« Reply #13 on: September 09, 2016, 08:11:35 PM »
Hello, I have a question. I've heard of people starting their business in their home. Im looking to start in my bronx, ny apartment. Is that going to be a problem?

Michele

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Re: Starting a new business
« Reply #14 on: September 11, 2016, 04:37:45 PM »
You need to make sure it is ok to have a business in your home.  Some residential areas it is not ok.  I have heard of someone who lost their home because they did not check first.
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