Medical Billing Business Idea
If you have a technical mind and an eye for detail, consider starting a medical billing business. As our population gets older, more people are going to the doctor both to address serious problems and as a preventative measure.
Regardless of the reason, more visits result in more bills, which means more paperwork for doctors and hospitals. A medical billing business assists these medical professionals in getting paid.
As a Medical Insurance Biller (MIB) you will send claims electronically and by “snail mail” from doctors to clearinghouses or insurance companies to process. You may also keep track of claims that are submitted, owed and paid.
In medical billing from home, your job may also include contacting patients regarding billing matters.
Starting A Medical Billing Business
Although having a medical background is a bonus, it is not necessary for starting a medical billing business. However, there is a great deal of medical terminology, and it may be worthwhile to get training either through an online course or through a local technical college.
If you’re starting a medical billing business, you can work with any type of doctor, from pediatricians to psychiatrists, from dentists to dermatologists. Important Tip: You may want to start off with a specialty. Why? It helps you gain proficiency in one particular area and terminology before branching to others.
Consider also that some types of doctors see more patients in a day than others. Dermatologists, for example, probably see more patients than neurologists, so billing for dermatologists will be more time intensive for the same amount of money.
Because most MIBs charge per claim paid, the greater volume of claims you can process efficiently, the greater your income potential.
While the majority of claims are paid through insurance, some claims are also paid directly by the patient. Excellent customer service skills are key to working with both the large insurance companies and the individual patients to make sure the claims are paid quickly.
A computer with Internet access is your most powerful asset. In addition, you will need to have and be comfortable with medical billing software and spreadsheets.
A fax, printer and phone are also necessary. In your medical home based business you may also want a postage machine for mailing paper claims.
In addition, you’ll need several reference sources for medical codes: ICD-10 (International Statistical Classification of Diseases and Related Health Problems, 10th Revision) and HCPCS (Healthcare Common Procedure Coding System) are two common books to begin with.
How to Get Clients
When starting a medical billing business, you want to build a successful relationship with medical professionals who trust you to help get them their money. They need to feel comfortable with you, so the best way to begin is to get referrals from your friends, neighbors and your own doctors.
Drop your business cards by doctors’ offices. Consider other medical professionals as well, such as pharmacists, durable medical goods suppliers and ambulance services.
Smaller offices may be most in need of help because they may not be able to afford in-house help, yet be too busy to stay on top of the claims process.
With commitment and care, you’ll be on your way to a successful business.