Medical Billing Forum

Starting a Medical Billing Business => Starting Your Own Medical Billing Business => Topic started by: bzalmano on May 02, 2012, 04:17:49 PM

Title: Is this still a good business to consider
Post by: bzalmano on May 02, 2012, 04:17:49 PM
I am have an IT background and I am currently working on a Masters in HIM.  I am thinking about starting my own billing business and plan on expanding it to be a full service Medical IT consulting business.  Is this still a good time to enter into this space.  With all the changes entering into the space and new software including web based software are doctors still outsourcing their billing or are they starting to pull it in house? 
Title: Re: Is this still a good business to consider
Post by: Michele on May 03, 2012, 06:50:13 AM
IMO this is a great time to start in this field/business.  With the economy and all the changes in Medicare/Workers' comp and commercial insurances it is crucial that drs collect all they are due and that they tighten up the holes.  It is crazy but historically most providers lose money regularly but don't do anything about it.  Usually it is due to not having billing staff that understands billing or just don't have the time to do all needed.  Now providers are looking to find ways to stop this loss of income.  Outsourcing is a good option. 

That's JMO.  :)
Title: Re: Is this still a good business to consider
Post by: PMRNC on May 03, 2012, 08:55:20 AM
As usual, I agree with Michele, this is the PERFECT time. Marketing wise, I've found I'm taking more calls now than I did a few years back. I think the industry is RIPE and the time finally has come where providers are relinquishing a bit more of control in exchange for quality service as well as a company to keep up-to-date in this ever changing industry. There are a few changes that make a big difference today than it did a few years ago. I think today's billing company MUST MUST be diversified. I've seen many billers turn down clients because they did not want to relinquish control or use of their PM systems..when in today's world of technology you can remote access any system, the key here is the biller needs to be familiar with PM software IN GENERAL. If you are new and you go take a class on medical billing your going to learn on (hopefully) one system, in some cases the vendor has a discount and you become only familiar with that one software and purchase it, but you need to stay open to the use of other systems. Over the last decade more provider's have invested in higher cost systems. Years ago every other practice used Medisoft, today, it's much different in where provider's have spent good money on good systems and outsourcing to them may mean they have to "wash" those costs, thereby making them very reluctant to outsource. If you are diversified you can offer the provider the best of both worlds, ease of access/control WITH the experience/service of a good medical billing company. Certainly being new in this business can make this goal a bit harder but IMHO it's necessary today or you will lose out to the competition that does have experience.

The next biggest change I've seen is that finally doctors are willing to either be educated OR they are letting a billing company take over and use their expertise. This means today's billing company has to be very educated on MUCH more than just the day to day billing, but compliance, procedures, audits, etc.. the whole nine yards. GONE are the days of "claims only services".  Good bye to the ad's in magazines with the woman in her PJ's and the kid on her lap advertising they can make $29,000 a year so long as they can type 30 wpm!  (yes you will still see this ad in TV guide from time to time, good humor)   5 or 6 years ago you would see someone just throw $5000 to a biz op vendor and then be sorely disappointing when they realize how complex the industry really is.  I think we have much more credibility than we did then and that is a plus in marketing our services. Today's billing company knows they have to be completely educated and ready to handle all aspects of the entire billing/practice management side in order to stay competitive.

Title: Re: Is this still a good business to consider
Post by: bzalmano on May 03, 2012, 06:14:36 PM
Both of you mentioned training.

What training do you recommend?
Do I need to be a certified coder as well as learning the billing?
Would you recommend purchasing one of the all inclusive packages that provide software and training such as: (

Should I take the courses offered at the local Junior College?

I am working on a post graduate certification in Health Information Systems and Exchange but that deals more with EHR, HIE etc. than with billing and coding.
Title: Re: Is this still a good business to consider
Post by: Michele on May 08, 2012, 09:09:45 AM
I don't personally have any training that I recommend.  I am not familiar with however my experience with the all inclusive packages that provide software is that the training is usually specific to their software and more focused on the use of the software.  It is not very in depth regarding actual billing training.  JMO, truly just an opinion, but I find them overpriced for what they include. 

Hoping others will reply with their experience and opinions!   :)