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Is A Medical Billing Business The Right Opportunity For You?
Medical Billing Business - Is it right for you?
There are a lot of ads out there about starting a medical billing business. Schools are popping up all over the place. Many offer online courses making it even easier for people to learn medical billing. The ads indicate that you can make a lot of money doing medical billing. That can be true, but this is by no means a get rich quick opportunity. It is a profession that requires a lot of hard work and sweat.
There are lots of people out there who have no experience in medical billing that are drawn to the field. Without experience, can you succeed in starting and running your own medical billing business? Well, it can be done, but experience in the field is definitely helpful.
If you have experience in medical billing great, but if you don't then you may want to consider a course. Make sure you do your research. Not all courses are created equal. Look for one that will provide references or allow you to contact others who have completed the course. Watch out for ones that offer things that are too good to be true. For example, if they guarentee that you will make a six figure income or they promise that you will get x number of clients in the first six months. Usually if they are making promises that are unbelievable then the course will also be unbelievable - and not in a good way.
In order to succeed in this industry you will have to be a well organized, highly driven individual who is capable of multi-tasking and working in a fast paced environment. It doesn't have to be high stress, but it is fast paced. Things in this industry are always changing.
You also need to be persistant and not one who gives up easily. Contrary to what some in this industry try to tell people, the providers are not just sitting out there waiting for you to come along. You need to market yourself. Marketing is the toughest part of getting a medical billing business going. You will face a lot of closed doors and hear a lot of 'no's'. If you give up easily then you won't succeed.
Reasons Medical Billing Is A Good Opportunity
If you feel that you are the right personality for medical billing then it can be a very good opportunity. In this economy, more and more providers are realizing that outsourcing may be a good option. Having someone that is experienced in billing and focused only on billing can be a great benefit to them. If there current billing system is not good they are most likely losing a lot of money.
Many providers lose a lot of money every year unnecessarily. It is usually do to poor billing practices. Many times the person doing the billing in the office has multiple duties or is just too overwhelmed to handle all issues regarding billing. Usually it is the aging reports that are put on the bottom of the pile and that is a costly mistake. Also, sometimes the billing person just doesn't know how to handle many of the issues such as denials. So they just write them off.
Another issue may be if the providers office has a lot of turnover of their staff. That can be a huge problem. Usually that also means that the training is not sufficient.
Many times providers are unaware of what is actually happening in their billing department. As long as a certain amount of money comes in each month they are good. They don't look at the numbers as far as how many patients are they seeing? How many claims are being processed in under 30 days? How many write offs are done in a month? Year?
In this economy providers are realizing that they need to tighten their belts. Insurance reimbursments are lower, patients' out of pocket expenses are higher, and claim processing is getting more complicated. They realize that they need to take a closer look at their billing process.
If you can go in and educate them on them on the areas that they are probably losing money and how using your service can help them, they are more likely to sign up.
Bottom line, more providers are looking to outsource in order to tighten up their offices. And unfortunately, as with most industries, there are a lot of bad billing services out there. If you can get a good reputation for doing a good job, you will most likely get many referrals.
If considering a future in this field, make sure you research all areas first. Covering all your bases, and making sure you do all of homework will help ensure success. There are a lot of resources out there for medical billers.
Experience or No Experience?
Do you believe that someone with no experience can start a medical billing business?
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