kimberly0202
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I am in the process of starting a home-based medical billing business. I need some advice and encouragement!!
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Wiki Starting Billing Business
- Thread starter kimberly0202
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Pam Warren
True Blue
There was a very well-written article that I posted here a couple years back, http://www.medicalbillinganswers.com/medicalbillingservice.html, that was very informative. It pretty much tells it like it is.
Personally, I prefer to work for someone else, mostly because I'd hate to work for me, but if you are very experienced, have lined up some clients, can afford the software and the I-10 conversion, I understand from other people who own their own billing companies that it's great work. Emphasis on work. I wouldn't recommend you start out on your own if you don't have a lot of well-rounded experience, since the legal and financial implications that you'll be responsible for could bankrupt you (or land you in jail) if you make a mistake. Devise a business plan, a financial plan and a marketing plan, because in order to do this successfully, you'll need to invest some capital. Get yourself an attorney and an accountant. A lot of people will tell you that you don't need either one. You do, because your clients will all have attorneys and accountants, and if things should unfortunately go very wrong, you will be glad you have the professional expertise. You'll need liability insurance, software (and software support), a secure workspace and excellent internet connectivity, such as a static IP address. You'll need a private office, communications equipment (fax, phone, scanner, etc) that can all deliver documents securely. Be sure to get contracts from all of your clients, and be very precise about what you will and will not be responsible for--for example will you obtain pre-certifications? Do you skip trace? Can you run financial reports?
If this hasn't scared the bejesus out of you, and you think that you're good to go, spend some time talking with people that already do this kind of work. Then be prepared to figure out how you're going to be able to do this work better than they can, because they're your competition. If you lowball your fees, you're not going to be able to earn a living, and if you're too high, you won't get work. (that's why you need a business plan....to illustrate how you're going to be different).
Be meticulous, confident and accurate, and your good work should speak for itself. Good luck and let us know how it goes.
Personally, I prefer to work for someone else, mostly because I'd hate to work for me, but if you are very experienced, have lined up some clients, can afford the software and the I-10 conversion, I understand from other people who own their own billing companies that it's great work. Emphasis on work. I wouldn't recommend you start out on your own if you don't have a lot of well-rounded experience, since the legal and financial implications that you'll be responsible for could bankrupt you (or land you in jail) if you make a mistake. Devise a business plan, a financial plan and a marketing plan, because in order to do this successfully, you'll need to invest some capital. Get yourself an attorney and an accountant. A lot of people will tell you that you don't need either one. You do, because your clients will all have attorneys and accountants, and if things should unfortunately go very wrong, you will be glad you have the professional expertise. You'll need liability insurance, software (and software support), a secure workspace and excellent internet connectivity, such as a static IP address. You'll need a private office, communications equipment (fax, phone, scanner, etc) that can all deliver documents securely. Be sure to get contracts from all of your clients, and be very precise about what you will and will not be responsible for--for example will you obtain pre-certifications? Do you skip trace? Can you run financial reports?
If this hasn't scared the bejesus out of you, and you think that you're good to go, spend some time talking with people that already do this kind of work. Then be prepared to figure out how you're going to be able to do this work better than they can, because they're your competition. If you lowball your fees, you're not going to be able to earn a living, and if you're too high, you won't get work. (that's why you need a business plan....to illustrate how you're going to be different).
Be meticulous, confident and accurate, and your good work should speak for itself. Good luck and let us know how it goes.
MCook
Guru
What a well-written thoughtful response Pam!
People ask me all the time with my years of experience why I don't start my own business. My response is "not in a million years"!! I will have to keep your comments handy as it addresses points many don't even consider. It is not as easy as it seems. Not with all the legalities and regulations in today's world.
People ask me all the time with my years of experience why I don't start my own business. My response is "not in a million years"!! I will have to keep your comments handy as it addresses points many don't even consider. It is not as easy as it seems. Not with all the legalities and regulations in today's world.