How to Start a Medical Billing Service Business?

How to Start a Medical Billing Service Business?

Most health care professionals want to receive payment for their services quickly and efficiently. Many health care practitioners turn to medical billers to prepare and transmit medical claims for them for them to focus more on patient care. If you want to start a successful medical billing company from home, it requires tie and effort.
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How to Start a Medical Billing Service Business?

The following are the steps to start a successful business:
1.    Take a medical billing class through community colleges and vocational schools, online or through the mail to get preparation for running the business.  You need to know how to enter patient codes and practitioner information and how to send billing claims directly to insurance companies or through a clearing house.

2.    Apply for a general business license for your medical billing business.

3.    Decide where you will run your business.  You may convert a spare bedroom or basement into an office or you may also use a corner of your room to start this business.

4.    Determine which types of health practitioners you will serve.  You may provide services to general practice doctors, dentists, mental health practitioners or ambulance services.

5.    Buy the equipment to run a home medical billing business.  You’ll need claims processing software as well as basic office equipment like a desk, chair, filing cabinet, computer, printer, business telephone line, and a fax machine.

6.    Set prices for your home medical billing business. You may either charge a percentage for each bill, a per-claim fee or an hourly or monthly fee to your clients.

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7.    Hire a clearing house to handle the electronic transmission of medical claims.  They will serve as middlemen between the insurance companies and medical billers and will help cut down the time to process claims.

8.    Seeks clients.  You may visit practitioner offices, introduce yourself, and provide them with your marketing materials or you may also do cold calling and direct mail to spread the word about your business.

Tips:

⦁    Consider patient volume when setting prices for medical billing. Those with lower patient billing volumes may be less willing to pay higher fees.
⦁    Encourage doctors to provide word-of-mouth referrals for you. This is one of the best ways to get new clients.
⦁    Share information about your new business with everyone you know. Most people know at least one health care professional to whom they may refer you.

Cordell Davenport

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Cordell Davenport

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