Starting a Medical Billing Business
This article gives you an overview of the medical billing business. Learn more about the ins and outs of the medical billing trade.
The medical claims billing service is ideal for people who prefer to work from the comforts of their homes.
The healthcare industry in the country has grown in leaps and bounds over the years. Unbeknownst to many, this industry is not monopolized by health care providers backed with decades worth of education and training. Even people without any medial background whatsoever can work in this field.
Starting this business is not complicated at all. In fact, as mentioned above, you need not hire medically trained professionals. All a person needs to do to work in this business is to familiarize himself with the codes and terminologies used in the trade. There are several institutions that offer short courses on the topic. In deciding where to enroll, choose a class where the following is included in the course outline: insurance claims rudiments, basic medical terminology, and medical insurance claims and third party reimbursements.
Basically, the object is to document all the patient information in a software program intended for such purpose. This in turn will facilitate the processing of payments. At times, you may be required to entertain inquiries made by patients regarding their statements.
To begin, you need to procure the necessary permits and license. As for the equipment, you will need a computer (with internet connection), printer, phone, answering machine or voice mail, and fax machine. If you’ll notice, all of the things mentioned here are commonplace gadgets in most homes. Ergo, quite chunks off your start-up capital.
On top of the equipment, you will need the services of a clearinghouse. A clearing house is a company that relays claims electronically from the doctor to the medical claims processor (you) then to the insurance company and vice versa. Fees for this service range from $50 to $300 plus an additional of at least $50 per doctor sign-up...
The key tool you will need is medical billing software. There are several out on the market which you can buy for as low as $500 to several thousands of dollars. Be prudent in buying this software. Don’t be too hasty for there are a lot of things you should consider first before purchasing. Ask yourself these questions: Are the features included in the package really necessary for your business? Does the software provider offer technical assistance? If so, how adequate is the support given? Does the software provider have a good and solid reputation? Has he been in the business long? Are the feedbacks from users generally positive? Is the software user friendly?
It will be up to you to get a client. Therein lays the challenge. How quickly you can build a client base is totally dependent on how adept you are with your marketing skills. There are many ways you can source out possible clients. You can visit or send your business proposal to the doctors in your vicinity. You can place an advert in the papers or conversely, you can scour the papers for adverts from doctors or pharmacists. Rest assured, as you get established in the industry, this aspect will no longer pose as a challenge for by then you have already built a workable client network for your business.
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1. Patient demographic.
2. Eligibility Verification.
3. Charge Entry.
5. Payment posting.
6. AR follow-up.
7. Denial Management.
8. Patient services.