Medical Billing Forum

Starting a Medical Billing Business => Starting Your Own Medical Billing Business => Topic started by: easternbikes540 on July 10, 2009, 12:41:32 PM

Title: Getting Started
Post by: easternbikes540 on July 10, 2009, 12:41:32 PM
For those of you who have started your own billing business I would just like to know how long it took you to get going. How long did it take to get your first client? How long did it take to start turning a profit? And how long have you had your business today and how successful/unsuccessful has it been? Have you enjoyed doing it? 
Title: Re: Getting Started
Post by: PMRNC on July 10, 2009, 04:09:17 PM
Oh thank goodness you didn't ask anything too complex today <g>

You will probably get a few different responses, but I'm sure that's what you want :)

My background started in late 80's. I worked as an insurance claims examiner, worked in underwriting, audit and fraud units for various companies. I landed my first client before actually starting my business, there after I obtained 3 more clients by referral. After I left my job and decided to market I quickly landed 4 or 5 more. In all honesty I made a profit in the first year of business, but to be fair this business found me rather than me finding it. Later on I went on to building one of the largest resources for medical billers out there and took some time off from billing but did a lot of consulting and I also went back to school and got my paralegal. I found there was more money in consulting. Flash forward to now. I recently re-started my billing company late March early April and did two mailings and obtained 4 clients. (one was current consulting client)
For me this business has never been hard to market but I do believe my experience has a lot to do with that. Less experienced billers will have a tougher road but it can be done! As for enjoying it, health insurance has been in my blood for over 20 years and I can't see myself doing anything different. I especially love the challenge and thrive on some of the stressful situations that come up <g>.

Hope this helps. As I said earlier, you will get a lot of different stories on this subject. I have seen billing companies take a long time to land that first client but in the end if they stuck with it they were and are quite successful today. Likewise I have seen many get into it and quit early on.
Title: Re: Getting Started
Post by: Michele on July 11, 2009, 09:45:56 AM
I agree with all that Linda said, but our story is a little different.  I had the background in insurance, working as a senior level approver and team leader for a major insurance carrier.  Alice had business experience and we decided to start our business together.  We were not as lucky as Linda in getting clients so quickly.  We got a few small clients fairly quick, and we continued to grow, but small clients refer other small clients.  We had experience but not as much as Linda so it was harder for us when we met with larger clients to convince them we knew what we were doing.  However, we persevered.  It took a couple of years before we were really turning a profit, but there were two of us.  Now, we have been in business for over 15 years and we do well.  As for loving it, like Linda it is in my blood.  I enjoy the satisfaction I get when we do a good job for our providers.  However, there are days when I think "I must be crazy!"  LOL

Title: Re: Getting Started
Post by: PMRNC on July 11, 2009, 12:17:23 PM
What I think it was in my situation was pure "LUCK". I wasn't even looking to start my own business, I should have clarified that. My kids pediatrician who was also an old family friend and MY pediatrician when I was little suddenly found himself without the only office manager he had in 30 years and was utterly desperate, he knew I worked in insurance claims and called me in a panic (the OM had died suddenly) After a few weeks and getting him situated he offered me a permanent job and by then I was already doing it from home and working full time and so I said yes.. later on he gave my name to a neighbor who was a chiropractor and that's when it hit me.. "Hey I could do this as a business" this was back in the mid to late 90's and home businesses were really JUST getting hot. Had that not happened I would probably STILL be where I was ( I loved my job)  It was just a case of being in the right place at the right time, I am not so sure I would have really done this had the opportunity NOT presented itself. I don't want to give anyone the wrong impression. I know that I got very lucky and I see the climbing and clawing other billing companies have had to do and are doing.. back then it was a whole different ball game, the market is much steeper now and it is MUCH harder to break into.
Title: Re: Getting Started
Post by: Michele on July 11, 2009, 03:05:59 PM
Whewwwwww.....  I feel better!  We didn't fall into it quite that easy, but I'm glad it worked out that way for you!