How to Organize a Medical Billing Company With at Home Workers
Medical billing businesses are a fast-growing industry. As doctors and medical facilities find themselves lost in the pile of paperwork that accumulates with insurance claims and record-keeping, billing often falls to the wayside. Since receiving payments is what keeps any business thriving, a medical billing company is a profitable business. Having at-home workers for your billing business means that you have no brick-and-mortar costs such as equipment, utilities, rent, and so on. Understanding how to organize a medical billing company with at-home workers makes getting your business under way a bit easier.
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Instructions
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Decide whether your at-home workers will be independent contractors (IC's) or employees. Independent contractors are self-employed workers who will contract with you to do the jobs you assign to them, like freelancers. They are responsible for purchasing whatever equipment is necessary for the job, and they pay their own taxes as a home-based business when they file. Employees, on the other hand, are payroll workers that you hire according to your terms. You may or may not have to supply their equipment, depending on what your agreement with your employees states. You will be responsible for deducting the appropriate government taxes from their pay, and you must pay any worker's compensation fees that apply in your state for having employees.
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Create a business plan. By specifying where you will recruit clients as well as workers, you will be able to get a head-start on building your business. Your plan should include a financial profit goal for the first year as well as a detailed budget. You will need to create a mission statement for your business and an employee or IC packet so that your at-home workers are following the same rules, criteria and standards that you intend your clients to benefit from.
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Recruit your at-home workers using online sites such as www.craigslist.org or www.wahm.com, which are both excellent classified outlets for experienced home workers. Don't let distance intimidate you, as Internet, telephone and fax make someone a thousand miles away be just as efficient in communicating and sending information as your next-door neighbor would. As you interview potential contractors or employees, be sure that they have medical billing experience and that their availability matches the needs of your business. Their professionalism with you will be the same level of professionalism used with the work they perform. Choose workers wisely: The work-from-home world is highly competitive, and you should have a wide range of workers to select from.
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Register for an instant messaging service online, such as AOL's "AIM" service or Yahoo's "YIM." This way, communicating with workers and clients will be as simple as clicking a button and typing words, just as if you were across the room talking to one another. Instant messaging services provide a practical solution to the distance between workers under the same company.
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Visit your attorney before officially launching your medical billing business, to be sure that you have complied with all state, federal and local laws regarding self-employment, contractors and small businesses. Ask your attorney to review your contracts for clients and workers to be sure that all legal angles are covered. Once you have your attorney's approval, you are officially set to begin sending files from your clients to your at-home workers.
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References
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