First Steps to Starting My Own Coding & Billing Business
As the health care industry continues to grow, coding and medical billing specialists are needed by large and small doctors' offices, hospitals and clinics to handle insurance claims and maintain accurate patient records. If you have medical training or are interested in a career within the medical field, running a successful coding and billing business can be very lucrative and exciting.
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Instructions
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First Steps to Starting My Own Coding and Billing Business
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1
Decide if starting a coding and billing business is the right choice for you. If you have medical training, bookkeeping and billing experience, or you've worked in customer service, you already have many of the skills needed to start and maintain a profitable business.
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2
Research the coding and billing industry by visiting health care and medical billing websites, or by contacting local medical professionals and those who run successful coding and billing businesses to learn more.
Medical coding and billing usually involves the following:
-Attention to detail;
-Knowledge of medical terminology;
-Knowledge of health insurance terminology;
-Ability to meet all deadlines;
-Accurate record keeping;
-Customer service skills; and
-Some marketing skills. -
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3
Contact vocational schools either locally or online to find a coding and billing degree program. Programs may take 6, 12 or 24 months to complete depending on the courses offered.
Courses required may include:
-Medical terminology;
-ICD-9-CM coding;
-Medical transcription;
-Medical billing; and
-Anatomy and physiology. -
4
Determine the need for coding and billing specialists in your area. If you live in or close to an urban area, you may find more opportunities to secure clients than if you live in a rural area. Contact medical professionals, search online job boards and attend local business events as part of your research.
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5
Develop a business plan. Creating a business plan will make starting your business much easier. Determine the costs of equipment, computer software, marketing materials and other expenses. Create financial goals for your first year. This will help you determine the number of clients you will need.
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Tips & Warnings
Working in a medical office after completing coding and medical billing training can give you the hands-on experience needed to increase your client base. Distribute business cards or create brochures that highlight your skills to everyone you meet to increase awareness of your business.
Carefully research all online training programs to determine if they are legitimate and offer the best education and training.
