Starting a Medical Billing Company while working full time

[missbiller]

Hello All!!

I'm a biller from NJ, with over 10 years experience, and starting a billing company has always been a dream of mine. My question is, is it possible to do while working a full time job?

[kristin]

It is possible, yes. But any clients you get would have to be understanding of the fact that you would not be available to them during your full time work hours. Some may have no problem with that, others might.

[PMRNC]

Fellow Jersey Girl I'm now in NY. I worked full time as a claims examiner and started my business. After i got 2 clients it was very difficult since many tasks had to be completed in the 9-5 time and also when you are starting out you need to consider most practices need their billing person available to them and patients. Not saying it can't be done but it is hard. Just FYI, and you might know this, but NJ requires registration of all third party medical billing companies in or working in NJ. The registration process is tedious but required.

[Ruthie1972]

Thank you for asking this quesiton. I am also considering starting a small business but keeping my full time position for my benefits and retirement. When following up on claims I know a lot of claim following up can be done electronically and some are open late correct?

[PMRNC]

When following up on claims I know a lot of claim following up can be done electronically and some are open late correct?

Yes some things can be done online but I find MOST is phone work. I've not seen carriers have their lines open late unless they use offshore call centers which I will not utilize if humanly possible.  I worked full time and started my business way back but it's not a long term sustainable plan.. I only did it for about 6 months, once I had two clients (small) I couldn't do the full time work anymore.

[kimmie963]

This is a very important question that was asked.  I also work full-time and in the process of getting my first client and soon hopefully a second. In general and I guess it will have to do how I set up my contract with my clients, Would it be feasible that 2 clients could replace  full time income? I ask this question because I have limited experience with billing and because of this and the niche I looking towards that I will be consumed  assisting them to get things up and running for their practice. 

[Michele]

It depends on the size of the clients and what income you require.  There is really no way to say what number of clients or what amount of money will work for every person. 

[PMRNC]

I agree with Michele, it's just too difficult to say. I've seen billing companies start off making profit with one large client and i've seen them take a year or two with some small clients barely breaking even. Like any other business startup it can take a year to three years to turn a profit. It also depends on how much you put into it, what your goals are and how you plan to grow your business.

[medwave]

As others have stated, it really does depend on your situation and a number of variables and I say variables because this business is entirely dynamic.

I'd agree, you might be able to knock it out of the park with one client. Let's say that client is a Genetic Testing Lab and the payout is through the roof, stellar. Well, you might be able to keep a full-time job and manage one or two clients that pay out a ton, in which case you are double-dipping for the win!

We don't have that many clients, yet gross around $2M per month (~10 clients). Yeah... we got lucky and landed a nice contract.

At the end of the day, it's about SCALING your business correctly and that includes taking on new clients as well in balancing your time and life.

BTW, I like this forum. :-)

[Marie_w01]

I was wondering a similar question, how do you make the transfer from working full time to starting your own business? As I make this transfer I would like to know if anyone has any additional tips?

Thanks 

[Michele]

There really isn't any magic answer to this question.  It's different for each person.  You have to weigh your situation.  Do you have money put aside to replace your income?  Do you get accounts first and work them on the side to build up before you quit?  There is a lot of good advice here about trying to calculate what would work best for you.  It can be a scary decision.  Like bungy jumping and wondering if the straps will hold.  You have to take the leap and trust.  It's hard to do.  So the best thing you can do is line up as much as you can, be prepared, and be diligent in your efforts.

I wish I had more for you!  But that's really all I can say.  You have to commit, and decide when is the best time to 'jump'. 

[Marie_w01]

Thanks again