How to Start Medical Billing & Coding From Home

Of 1000 doctors, two or three will urgently need a medical billing specialist.

The advent of telecommuting has made medical billing a wise choice for a home-based business. However, the task is not an easy one. Self-employed individuals need to promote their services. Entrepreneurs in any field must demonstrate business savvy and determination. Power Home Biz states that the field of medical billing has potential for future growth. For those with focus, medical billing and coding from home can be the start of a satisfying and lucrative career.

Instructions

1. Get formal training and certification. The success of any business venture might depend on background and training. An online program will provide knowledge as well as add to a resume.

2. Apply for a position in a medical office. Although the goal is a home business, without hands-on experience, obtaining clients may be difficult. Working for a company as a medical billing agent will add foundation to your business. Consider employment for six months to a year.

3. Write a business plan. Most successful companies begin with a well-thought-out business plan. A plan helps organize the structure of the company and shifts focus to areas that need attention. A plan should include a statement of purpose, marketing options, funding and basic operating procedures. Include a list of supplies needed, such as new software or computer hardware.

4. Gather the financial resources needed to start the business. All Allied Health Schools suggests a home-based medical billing company might need $3,000 in start-up funds. This covers software, office supplies, licensing fees and marketing.

5. Apply for a business license if required in your area.

6. Print business cards and fliers. You will need marketing material to develop a client base. List your qualifications on all printed material. For example, if you belong to the Medical Association of Billers, that should be noted on marketing publications.

7. Plan a strategy to create a client base. Electronic Medical Billing Network (EMBN) uses a supply and demand technique to analyze a market. Within 10 square miles, assume there are 1000 doctors. Of these physicians, two or three will urgently need a billing service. See how many billing specialists currently work in that area. Take 25 percent of the number of billing services to determine how many still seek clients.

   10 square miles = 2 or 3 medical offices that need billing services
   Same 10 square miles = 4 medical billing specialists listed in the phone book
   4 X 25 percent = 1 medical billing specialist actively seeking clients

   At least one or two doctor's offices in this area are potential clients. Flood the areas deemed marketable with advertisements and personal visits.

8. Set up your home office. Purchase the supplies needed to operate your home business. For best results, set aside an area for privacy. Working at home takes focus and dedication.

9. Make contacts through professional organizations. Go online and look for any organization that will open doors. Some will allow postings for those seeking new clients. Others may list offices looking for a billing service.

References

• Power Home Biz: Starting a Medical Billing Business
• All Allied Health Schools: Work at Home in Medical Billing and Coding
• Electronic Medical Billing Network: Frequently Asked Questions

Resources

• Medical Association of Billers
• Small Business Administration: Write a Business Plan