Author Topic: Starting a Medical Billing Business  (Read 1290 times)

Tasha

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Starting a Medical Billing Business
« on: October 21, 2016, 01:28:30 AM »
Hello All,

I am new to this website and so far I've found it very helpful! I want to start a medical billing business from home along with a friend who is also in the field. So far we are in the researching stage but we have a huge vision. What would you all consider the most important key points of starting a business? Also, how important is it to actually become a certified biller and coder? The both of us graduated from the MIBC program with a diploma. We have a few years of experience but are not certified. Any advice is greatly appreciated.

Thanks,

Michele

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Re: Starting a Medical Billing Business
« Reply #1 on: October 21, 2016, 07:13:43 AM »
You will find that many have different opinions on certification.  I personally do not think it is necessary for a medical billing business to be certified.  I have been running our business for almost 23 years and I have never once had anyone or any doctor ask me if I was certified.  I have also never lost an account because I wasn't certified.  We also do not have any certified coders that work for us.  We have employees that have taken coding courses.  It is important to understand coding but as a MBS we are not coders.  So Personally I do not feel either are needed. 

As for the most important points of starting:  Marketing, marketing, marketing.  Marketing is the most important part and the hardest part.  If you go back to previous posts you will find many tips on marketing.  I couldn't possibly mention them all, but there are many.  A lot of members have shared what worked for them. 

My second tip would be to say make sure you have systems in place for each aspect of the work to make sure all is getting done.  Many people put the working on the aging report as the least important task and if they don't get time, they don't do it.  That is a mistake.  Make sure you identify all areas and set up a schedule and system for getting the work done.

Good luck!!
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williamportor

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Re: Starting a Medical Billing Business
« Reply #2 on: October 21, 2016, 12:05:52 PM »
Hello - Michele hit most of the high points here, and yes, marketing is key to your success. A few others things to look at if you've not already done so:

* Track your efforts and results: Are you doing telephone prospecting? Door to Door marketing?, Direct Mail? How many attempts, pieces of mail, calls etc. What are your results?? Doing this will tell what is working and what is not.

* Get your financial house in order first: It may be months before you see your 1st paycheck. Can you afford to pay your living and business expenses during this time?

* Write out a business plan: 2-3 pages will be enough to start, but have a clear direction to follow. What are your goals? Where do you want to be in 5,10,15 years? Use your tracking numbers to make changes to your business plan as you get new tracking info.

Yes....read everything on this forum. It's the best free education you'll get. Best of luck.  :) 


Tasha

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Re: Starting a Medical Billing Business
« Reply #3 on: October 22, 2016, 12:39:55 AM »
Thank you so much ladies! We haven't started marketing yet. I read somewhere on this forum that we shouldn't start marketing until we are ready to take our first client. We are really excited about this change! I plan to stay at my current job until we are ready. It is a lot of work to be done and I am ready for the challenge.

tallmanusa

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Re: Starting a Medical Billing Business
« Reply #4 on: October 26, 2016, 10:15:05 AM »
Don't quit your day job.
Finding and keeping clients who pay is an uphill battle, very few win.

voquendo6167

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Re: Starting a Medical Billing Business
« Reply #5 on: October 26, 2016, 11:57:18 AM »
Hello, Im looking in to starting my own business as well soon. I am currently working, how many clients do I need to have before I quit my job?

Michele

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Re: Starting a Medical Billing Business
« Reply #6 on: October 26, 2016, 03:34:15 PM »
That is a question that only you can answer.  THere are things you need to consider:

1.  How much do you need to be bringing in (profit) to replace your income?
2.  What size accounts are they?
3.  Are the accounts reliable?  Do they pay and pay on time?  Are you confident they aren't going anywhere?

Personally I would suggest having some money put away in case you develop any issues as well. 

Accounts vary greatly in size.  A part time social worker may only bring you in a couple of hundred dollars a month where as a full time MD will be a couple thousand. 

I hope this helps you figure out what you need.

Good luck!
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kristin

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Re: Starting a Medical Billing Business
« Reply #7 on: October 26, 2016, 06:00:39 PM »
Ditto what Michele said. It is like she was reading my mind!

I have worked for two billing companies for the last few years, in addition to my regular office manager job, which I have had for over 20 years. I was just able last week to pull the trigger on giving my notice at my office job. I had been running the numbers for the last year, and came to the point where I realized that I would be better off financially just working for the billing companies remotely, and not keeping my regular job. You really need to run the numbers, and consider every little thing.

One huge factor for me was transportation costs/time. I spend an hour driving to and from work 4 days a week. That is four hours I could be billing from home. Add to that my husband and I will be able to get rid of a car, and go down to being a one car household. That is $600 a year or so insurance money being saved, not to mention gas/upkeep on the car.  It is things like this that made my decision for me.


voquendo6167

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Re: Starting a Medical Billing Business
« Reply #8 on: October 26, 2016, 07:00:26 PM »
Great, very helpful.  But if I let the Dr's. know that a have a full time job wouldn't that push them away from signing my contract?

Michele

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Re: Starting a Medical Billing Business
« Reply #9 on: October 27, 2016, 07:42:24 AM »
I wouldn't mention the job (unless outright asked).  As long as you are going to be able to do the work that is what matters.  I would think the only issue might be if you are able to answer phone calls during the day (when most offices are open).  Or maybe you will target part time providers who work evenings.  We find many providers who have day jobs, and then private practices in the evening.  Also, providers who go to nursing homes and don't have regular offices.  These types would not need to contact you during the day time hours.  These are all things you need to consider while getting started.  A full time PCP office may not work for you in the beginning.  Or if you are able to take phone calls then it may be ok. 

Personally I find that many doctors are also moonlighting and they understand.  The ones that it won't work for are not good fits for your situation.
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