How To Work From Home As A Medical Biller: Tips And Tricks
This article will discuss how to work from home as a medical biller, starting with the basics of how to set up a business entity.
There are two ways to become an entity: a traditional corporation or sole proprietorship. If you choose sole proprietorship, you will create an LLC or a partnership.
Although, you don't have to do it this way to set up a business entity, doing so can provide tax benefits. If you choose to do it the traditional corporation route, which is considered a big business, you will need to go through the route of partnership.
All this said, being an entrepreneur isn't easy. My advice is to not only take the time to get an expert to review your business entity, but also make sure it is something that is "convenient" for you.
An expert will help you with tax matters as well as legal and accounting help.
Identify the needs of your business
Now that you have your business entity and goals in mind, you need to decide what you will focus on.
Maybe you want to start as a phone support provider, which means you can get your medical billing business off the ground.
Or, perhaps you will go into medical billing for doctors. Whatever you want to do, you need to research it enough to be able to answer the questions you will have when starting.
One example is, is there a way for you to give out your new business cards that are not paper?
Research your competitors
Now that you have decided what to focus on, it's time to look for some competitors.
This can be done in many ways: finding a directory of medical billing services online, looking through relevant media, or asking other medical billing services about their practices.
If you find companies you like, talk to them to find out about their rates and the type of services they offer.
You may find that they are undercutting you, so make sure you are going to be able to compete with them.
Talk to patients to find the best fit
Once you have researched some competitors, it's time to talk to the patients they have.
You can do this in person, by dropping by their offices. The online way to do this is to use telemarketing.
This involves cold calling a large number of physicians in the area. The idea behind telemarketing is to ask your audience the questions you want them to ask you.
For example, will they provide references for your services and will they provide references for your competitors? Telemarketing is best for the type of service you are offering.
Determine your fees and utilization
Since the one thing that medical billing does, as we discussed before, generates money, you need to determine what fees you will be charging for your service and the number of billings per day you will be sending out.
On the other hand, you will need to determine the number of hours per month you will be working.
The third thing is to decide if you are going to bill Medicare or not. Most billing companies bill Medicare, but there are other options, too.
Get all the documents in order
Now that you have figured out what you are going to do and when you will start, you need to get all the forms and paperwork in order.
There is a lot that goes into starting a business, but the paperwork is not as hard as you think it is. If you want to do it right, make sure you get everything in order before you even start.
Select a bank for financing
Your next step is to find a bank to work with. One of the first things to determine is whether you want to get a business loan or a traditional loan.
The business loan option has much better terms because you are more likely to get a high-interest rate, but you are also paying for it every month.
The conventional loan option has better terms, but you are also taking on a lot of debt and you won't be able to easily get the paperwork in order before starting.
Another option is to just pay for the loan.
Paying for the loan is not good, but at least you won't have to pay interest to a lender and can work on getting everything else in order before starting.
Go to new grad school
Once you get all the paperwork in order, it's time to enroll in a new graduate school program.
As you are getting ready to go to school, you will need to register your new business, get your books, and get your office set up.
You will need to show up in class a few times to get everything in order. Then you can begin to learn the concepts of the curriculum you are in.
Start the business
Once you get all your paperwork in order, it's time to start the business. When you are ready, go to your local chamber of commerce to sign up for the incubator program.
You will need to show up at the beginning of your program and do a 10-minute presentation.
After you are finished, you will receive instruction for 3 months, where you will be assigned a mentor and do the same thing over again.
You will be helping build the program, which will help boost the credibility of your business when you are ready to launch.
After 3 months, you will have 10 more minutes to present and another 5 minutes with a new mentor. You will then be out of class and ready to start your business.