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10 Smart Ways to Start Your Medical Billing Business Without Investing Too Much Money
1.Start with a good business plan (you don't have to hire a
professional to do this for you, you are the entrepreneur, you
have the ideas, so you can make your own business plan! You just
perhaps need a guide on how you will present it. There are many
free information available on the internet on how to do this!!)
& proper registration, paper works for your business (you may
contact your county's Small Business Administration Office, they
provide free consultation, guidelines and information on how to
register your business!)
2.By now, you should know what software to buy (at least, that
would be the software you are experienced and familiar with)
---but DO NOT buy it yet!
3.You must market your medical billing service first before you
purchase that software (it is safer to have a client first in
hand before you make the purchase, this way, you're sure you
have a client before investing on the software--- they're
expensive!). I suggest, you contact your own doctor &
specialists that you visit, and your friends who are in the
medical field who trust you and knows what you do
4.Find your first client. How are you going to do this? In the
yellow pages, insurance companies website (you can access many
of insurance companies' doctors' database even if you are not a
member of that insurance company) and your friends in the
medical field. Looking at the job ad in the newspaper or on any
internet job site who needs medical biller is also a good
prospect!
5.How do you market it? Send out newsletters, pens, calendars or
any give-aways to the doctor's office. But remember, it is best
to convince the office manager about your service! Believe it or
not, newsletter I think is most effective. Give them something
they can read that shows them beneficial to their practice,
especially on their cash-flow crisis!
6.Offer
your prospect the most competitive rate (anyway, you are
still starting and you need to prove your work-quality as a
start-up business! - break even for the first 3 months is just
logical)
7.Here's the most important thing (if you can do it) --- upon
signing of "service contract", ask for a start-up fee (to set up
their practice' database in your server) of at least $500.00.
This will then be refunded to them on their 3rd and 4th invoice.
If you send your invoice every two weeks, you will refund this
start up fee on the 7th and 9th week (that's approximately after
2 months!), fair enough? Right?
8.You have now a cash-on-hand of $500. It's time to contact your
billing software reseller and purchase the software. Let them
guide you how to set up the software (this is easy to do!). If
the software will cost you $1,000, you only had to pay $500
out-of-your pocket for that software because you have already
collected $500 as a start-up fee from your 1st client.
9.Set up your client's database on your billing software (you
can upload their database and download it on your system!---take
note of compatibility of their software!). Or if not, set it up,
manually.
10.Start processing claims immediately!, deliver results!
collect their money and make your provider very pleased with
your service!
The above 10 smart ways are just my ideas. Trust no one but
yourself. You can not imagine you can be victimized by scams!
Read more, get more information. Remember, knowledge is power!
There are no shortcuts to success!
About the author:
About the Author: Pinky Mcbanon is a Systems Engineer and a
Medical Biller/Coder.
She shares her medical billing and coding expertise with
http://www.medclaimsplus.com and her technical support expertise
with http://www.fix-exchange.com.
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