Starting a Medical Billing Business > Starting Your Own Medical Billing Business

Advice Needed!

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FalconMedicalBilling:
Hello everyone!

I am super excited to find a message board like this so kudos to the creators and everyone involved!

I have been working 9-5 jobs for the last 6-7 years within the healthcare industry and was never really too happy. I currently will be starting a new job (where I will be meeting with a lot of providers daily!). Last December, my wife and I started looking into starting our own Medical Billing business. Biggest reason for me is I want to prove to myself that I can do it, I have experience in the healthcare/medical billing world and I am tired of being in debt. I know this isn't going to be a quick rich scheme but I am ready to grind and build it into something successful.

My question for everyone, if you don't mind, how did you start? I am going through a course right now but its been over 7 months and I haven't started the actual business just yet. Any advice, help, or anything would be helpful, thanks!

Michele:
Welcome and congratulations on your decision to start your own business!

As for starting, there is really no simple answer.  Everyone has their own story/methods.  What is the course you are taking?  Do they cover the business part?  Or just the billing part?

There is a lot of information on this forum, but without knowing a bit more it's hard to point you in a direction.

kristin:
As Michele said, there is a lot of information on this forum. Many others have asked a similar question to yours in the past, with a lot of advice being given.

While I don't own a billing company (although I had considered it in the last year, but decided against it), I have worked/do work for various billing companies.

Generally speaking, the hardest part when starting a billing company is getting your first client. From there, you want to retain that client, and hopefully through referrals, get more clients. You want to make sure you are charging the client legally within your/their state, and that what you are charging them actually accounts for all the work you do. This is why percentage billing is not the best route to go, usually.

If you plan on offering a full RCM service to your clients, realize this will take A LOT more time than you think it will. You say you are starting a new job...if it is a full time job that you plan on keeping for income after you get your first client, you will definitely need someone (your wife, in this case) to handle all the things that need to be done during regular business hours for clients....contacting insurance companies, taking patient phone calls about statements, etc.

You said you are taking a course right now, I am guessing it is some kind of course that ends up with you being a CMB, or something similar? While that is great, there are some downsides to those types of courses. They aren't always accurate in terms of what happens when you actually get into the "real world" of billing.

Finally, you said you are ready to grind and build your business into something successful. That is EXACTLY the attitude you need, if you want to be successful, and no, this isn't a get rich quick business. With most clients, you will break even or make a enough of a profit to live on. Case in point, I have been working for a particular billing company for about 8 years. We have 10 clients. 8 of them we break even on, or make a small profit. The other 2 are the moneymakers, and they are the reason we are able to keep the other 8 clients as clients.

Best of luck to you in your new venture!

williamportor:
Congrats on your decision to start a medical billing business.

How did I start?  My wife started the business about 9 years ago, working for a Chiropractor, she taught me how to fill out a HCFA form, I took things over when she found a full time job, and began to build my client base. I now have 6 provider clients. 4 Chiropractors, 1 Ophthalmologist, 1 Psychiatrist.

The best advise I can give you is to read these forum posts, the bulk of what you need to know is here. This can be a great business, but Kristian is correct, it's tough signing up your first client, so please pay serious attention to the posts on marketing.

Best of luck   

FalconMedicalBilling:

--- Quote from: williamportor on July 15, 2021, 11:18:26 AM ---Congrats on your decision to start a medical billing business.

How did I start?  My wife started the business about 9 years ago, working for a Chiropractor, she taught me how to fill out a HCFA form, I took things over when she found a full time job, and began to build my client base. I now have 6 provider clients. 4 Chiropractors, 1 Ophthalmologist, 1 Psychiatrist.

The best advise I can give you is to read these forum posts, the bulk of what you need to know is here. This can be a great business, but Kristian is correct, it's tough signing up your first client, so please pay serious attention to the posts on marketing.

Best of luck   

--- End quote ---


Thank you William,
As you can tell by my late response to you, I have bit a brick wall in starting. I was actually wondering if you had time to chat over the phone and if I could just pick your brain on how I should start exactly?

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