Author Topic: Need Advice!  (Read 2445 times)

Michelle1965

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Need Advice!
« on: August 25, 2014, 06:53:17 PM »
I have been reading a lot of the topics in the forum, so I'm not quite sure if I'm better off running my own Billing Company or working remotely for an hourly rate due to the expense of running your own company. Any suggestions would be greatly appreciated!  :)

kristin

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Re: Need Advice!
« Reply #1 on: August 25, 2014, 08:46:35 PM »
Hard question to answer, without knowing your personal situation. For me, having a full time job, it is better for me to remotely bill for other doctors in my spare time. If I didn't have a full time job, I might consider starting my own billing company. Yet, there is SO much that goes into that, that I honestly don't know if I would want the responsibility, if I am making enough from my remote work to live on. It isn't just the expense of having your own company, it is the responsibility aspect, and I would just as soon not have that in my life, beyond what I have to do as a contract biller. Your situation may be different, I don't know.

I can say this...start-up billing companies seem to be rampant, and they have to really work hard in most cases to get that first client, and subsequent clients. Whereas I wasn't even looking for remote work, but had three billing companies find me on various boards and offer me work in a short period of time, and it has proved most beneficial to me financially, and has led to consulting work also. So I guess it is a matter of what you are willing to take on, and what works with your situation right now.

Michelle1965

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Re: Need Advice!
« Reply #2 on: August 26, 2014, 06:08:53 AM »
Thank you Kristin for the advice!  The hard part is going to be finding the work either way.  I currently work for an Ophthalmology office, and honestly I was leaning towards finding something remotely I could do part-time in the evenings or on weekends, but that seems to be very difficult.  Most of them want full time, and I'm a little nervous about just quitting my full-time job just to try out the remote work. I will really have to think about what direction I want to go in. :-\  Thank you again!

PMRNC

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Re: Need Advice!
« Reply #3 on: August 26, 2014, 09:43:21 AM »
There is a huge difference in starting your own business vs. getting a "work at home job". Doctors if they plan to outsource want to do so to SAVE money, the liability alone with hiring a remote worker is tripled, not to mention their expenses for setting up the remote location. IRS would indeed have a problem with all costs being absorbed by the "remote" employee. So that would squash marketability for a remote position. Even assuming a provider adds this cost, they would be foolish to do it without hiring someone with quite a bit of experience.

I wrote an article on the differences so you can see what your up against. My best advice if you want to break into the business but don't want the costs associated with starting a business is to get your foot in the door with proper training and start entry-level in an office setting or hospital.

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

kristin

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Re: Need Advice!
« Reply #4 on: August 26, 2014, 06:31:34 PM »
You are welcome, Michelle!

Now that I know a little more from you, I personally would stick with your full time job, and see if you can find remote sub-contractor work to do on the side. You are in a specialty field with ophthalmology, and that could work in your favor, if it is difficult to learn/code/bill. That is why I ended up with so many remote jobs. I only do podiatry, and apparently, it is considered difficult, although I never knew that until all these billing companies got podiatry clients and didn't know how to bill it. LOL!

Sign up for as many forums and boards as you can, and if they have areas specific to your specialty, answer every question you can someone may ask, and perhaps someone will contact you for remote work like happened with me. I wasn't even looking for work, but it just came my way. If I come across anyone looking for someone to bill in your specialty, I will let you know.

Michelle1965

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Re: Need Advice!
« Reply #5 on: August 26, 2014, 08:32:13 PM »
I totally agree that there is a huge difference between having your own Billing Company and working at home for an Employer. I went and read the article at the billers website you recommended, and after reading the article I realized that I might as well start my own business, because I have been working in Physician's Offices for the past 4 years, and none of them have ever paid for my CEU's or my Coding Books, but because I didn't have the experience at the time I just took the positions. 
Now that I have the experience, and knowing the potential I could bring to a Practice , it does make more sense to start my own Medical Billing Company. I honestly don't feel I make what I am worth anyway as an employee, so the idea of being able to charge my own fee's and make what I'm worth is very appealing to me.   Thank you for everyone's advice, because it really has helped me see things more clearly.  :D

Michele

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Re: Need Advice!
« Reply #6 on: August 27, 2014, 08:46:28 AM »
Now that I have the experience, and knowing the potential I could bring to a Practice , it does make more sense to start my own Medical Billing Company.

Best wishes to you!  Sounds like you will do great.  You are asking all the right questions and showing that you do your research.   :D
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PMRNC

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Re: Need Advice!
« Reply #7 on: August 27, 2014, 05:39:23 PM »
If I could interject..
5 years ago my advice would have been completely different..I would have said to demo many different software's and try to determine the best for your business, however TODAY, it's totally different.. IF you have experience in this market you can work with any PM system, that gives you an edge over the other companies that push to sell their software or transition a client to their software.. you don' t have to do that. You get to market that you can diversely work with any PM system, not absorb the costs, technical support or the headaches of a transition! With that ONE model in mind you can cut your start up costs practically in half. :)
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

Michelle1965

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Re: Need Advice!
« Reply #8 on: August 27, 2014, 06:06:32 PM »
That is great advice, because that was one of the questions I was going to ask. Most provider's are set in their own ways, and that would be very difficult to sell them on the idea of switching over to my software.  Thanks for your help!  :)

PMRNC

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Re: Need Advice!
« Reply #9 on: August 28, 2014, 08:00:28 AM »

Quote
That is great advice, because that was one of the questions I was going to ask. Most provider's are set in their own ways, and that would be very difficult to sell them on the idea of switching over to my software.  Thanks for your help!  :)

I have seen a lot of billing companies turn clients away over this. Practices are more apt to outsource if they feel they can stay in control and utilize the systems in place that cost the practice money to-date. I wish I had done this back when I started. On the other hand I might not have had the experience I have with working with so many softwares. I worked with good, bad and terrible systems and been through so many conversions and each one was a learning experience. I am glad to be done with the messy termination, software expenses and tech support costs. :) I've increased my profit margin using this model big time. If I run into a client that doesn't want to utilize their PM system anymore or they don't have one, I have a master list I send them with contacts, info, demo mode, etc. They choose and I work. :)
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com