How to Start a Medical Billing Business in 5 Steps

medical billing home businessMedical billing can be an excellent opportunity for people interested in starting a business based from home. For an experienced professional, building a profitable medical billing business from a home office is an attainable goal. A home-based business gives you the flexibility to work on your own time, eliminates the expense of a commute and creates a great sense of satisfaction in building a successful venture from the ground up. Here’s how to do it.

1) Gain experience at an established company. Starting a medical billing business — or any business, for that matter — requires that you be a self-motivated person who’s capable of making detailed plans and following through with them. In most cases, you’d benefit greatly from doing this under someone else’s management before you decide to do it on your own. (See: Medical Biller Job Description)

2) Get medical billing training. These courses not only train you on the billing practice itself, they also prepare you to run your own business. You can train for a medical billing career at any of a number of schools across the country, or online. Before you enroll in a medical billing training program, make a list of your priorities (Budget? Flexibility? Reputation? Pace?) and choose a program that suits your needs. (See a list of recommended medical billing programs, or find programs by zip code.) You may also want to consider being certified.

3) Take out a small business loan or find another avenue of funding to start your business. You may have enough savings to fund the company, but you’ll probably be better off keeping your personal finances separate. Before you approach a bank for a loan, create a business plan to prove your ability to pay back the debt. Estimate how much you’ll need to start the business, how quickly you’ll be able to grow revenue, and how you plan to market yourself. (See: average medical billing and coding salaries.)

4) Set yourself up for business. You’ll need to align yourself with a reputable, reliable clearing house to reformat your data and check your claims for accuracy. Also, make sure your computer setup suits your business needs. Experiment with different software, and find one that works for you. Make sure it comes with reliable technical support to avoid headaches.

5) Finally, market your services to local doctors and hospitals. Your training should show you a thing or two about doing this. Focus on the qualities that differentiate you from your competitors to gain a loyal base of clients. Building a business is hard work, but the results can be extremely rewarding.