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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.
