Medical Billing Forum
General Category => New! => : djohnson1026 October 31, 2011, 08:22:24 PM
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Hello, I have been working as a medical billing for about 2 years now and I absolutely love it! I knew from the day I was hired at the DME company that I am employed by, that I would one day own my own medical billing service. I have taken several courses before working there, and it was the plan to get the experience for two years and then start my business. Well, that time has come and needless to say I am afraid of the unknown. How long should I countinue to work before I leave to work my business full time?Do I need an office space being that there isn't a space in my home that I can call my office?How much should I anticipate on saving to start the business? How long will it take to turn a profit? I don't know I just don't know where to start as far as choosing the speciality. I have only filed claims for SC Medicaid, and thats really the only insurance I know thoroughly. So filing for all other insurances is a little daunting. Any words of wisdom or advice would be greatly appreciated.
Thanks,
Donyelle
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Hi Donyelle, I don't think anyone can really answer most of the questions you have because it really is all up to you. If you feel you are ready then you are ready. Yes you will need office space if you don't have any in your home, just be aware your start up costs and overhead costs will be substantially higher for an outside office (space, leasing, insurance, etc) It could also take longer to recoup those costs and you might need more than the "at home" billing company in regards to clients to profit and that could take more time. THE average start up billing company will take approximately 6 months to 2 years for that first client, that's a large window, I know, but again it really depends on the person, their experience and their marketing efforts. I wouldn't let the fact that you have only filed one carrier be a deterrent, you have the basics plus the time of experience. I'd say your only disadvantage will be your overhead costs due to needing office space, however if you do have the start up funds, this shouldn't be a problem. Just be aware it could be a bit longer than the average start up to see a profit. If you should decide to specialize in DME, then to me, that's another advantage. DME can be quite challenging and the fact that you have 2 years experience is definitely a PLUS :) If I were you I would do a little market research in your area and see where the need could be an analyze the market in your area for your specialty. If you should decide to do all specialties you also have another advantage because DME is a bit harder and more involved than let's say a family practice .. so again..that's a plus :) One more tiny detail..be sure you look at your employers policy and obligations before you do anything and be sure you don't violate any non-compete or similar company policies.
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What type of insurance would I need? Also do you know where I can go to have someone conduct the market research for me?
Thanks,
Donyelle
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The types of insurance you want to look into are E/O (Errors & Omissions) and you will want business insurance. As for market research, personally this is something you want to do yourself because only you are going to know your business, what you want to start with, specialties you want to market, etc. I'm one of those types that if I want something done "right" I do it myself. No sense in paying someone to do something you can do PLUS it's part of the learning process.
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Thanks Linda, your advice has been very helpful :)
Donyelle
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Just remember Donyelle, that it is going to take time to build your client base. Don't give up! It will eventually happen. I have been marketing since April 2011, and I do not have any clients yet, but I know that I am going to get a lot of No's before I get that Yes that I am looking for.