How to Jumpstart a Successful Medical Billing Service

Medical billing services serve as the liaison between healthcare providers and insurance companies

The intricacies of medical billing have never been more complex. Physicians, hospitals and allied healthcare providers, just to name a few, are dependent on medical billing professionals to serve as their liaison to the insurance industry, both public and private, to file claims and process payments. While many utilize in-house medical billers, a hugely popular and profitable industry of third-party service providers offers the convenience and cost savings of outsourcing. Jumpstarting a successful medical billing service is a challenging but potentially profitable enterprise.

Things You'll Need

• Experienced, home-based medical billing contractors
• Background checks
• Security liability insurance and bond
• Association membership

Instructions

Jumpstarting the business

1. 

   Home-based contractors provide savings in benefits and taxes.

   Hire experienced, home-based medical billing contractors who have earned certification from an accredited training program. Using contractors eliminates the need for additional benefits and tax costs. Negotiate pay rates based on either an hourly or per file rate. Be certain that they are using newer generation computers and have secure, high-speed Internet access. Require the contractors to sign aconfidentiality agreement that covers all aspects of the Health Insurance Portability and Accountability Act (HIPAA).

2. Order background checks on all employees, including yourself. The American Medical Association recommends through background checks on all employees to further ensure the confidentiality of patients and their records.

3. Purchase security liability insurance and bond through an insurance and bonding company. The policy and bond serve as assurances to potential clients that should a breach in security occur, that the billing service has the ability to cover legal expenses and judgments.

4. Join a national association, such as the Healthcare Billing & Management Association (HBMA) or American Medical Billing Association (AMBA). These associations have strict ethical codes that their members agree to support and provide immediate credibility to new businesses.

5. Contact all physician offices, allied healthcare facilities, medical laboratories and surgery centers in the area. Present them with a basic description of services and offer to meet with the office staff to discuss their needs and challenges.

Tips & Warnings

• Be persistent. Healthcare offices are growing busier by the day and their needs are growing. They can often benefit from a third-party medical billing option. Make your service the most convenient and most profitable option available and maintain the highest standards of professionalism and confidentiality.

References

• Medicalbillingandcoding.org -- What Kind of Jobs Can I Get in Medical Billing and Coding?
• American Medical Association -- Physician Compliance
• Healthcare Billing & Management Association - HBMA Code of Ethics