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

Starting a Medical Billing Business

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voquendo6167:
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:
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!

kristin:
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:
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:
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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