How to Start a Home Medical Billing Business

Medical billing is one of the fastest growing professions in the medical field. As more and more physicians, hospitals and the like need to employ people who are knowledgeable in the ever-changing and growing list of government and health insurance regulations, medical billers are more and more in demand. Medical billers have great job security, high salaries, and flexible employment options – so flexible, in fact, that many medical billers are now choosing to work for themselves, and from home. Anyone can start a home medical billing business, as long as they are willing to invest some time and effort into the necessary preparations. These are the steps you will need to follow if you are interested in starting a home medical billing business:

Understand what your duties are as a medical biller. You must be able to provide a multitude of services to medical field professionals, including preparing claims for submission to insurance companies, using claims software to input and manage patient data, mailing invoices and statements to patients, posting account payments, handling disputes, appeals and denials, collecting on delinquent accounts, preparing and submitting claims activity reports to doctors, and handling patient complaints and inquiries.

Acquire the proper education. In order to be certified as a medical biller, you must complete training through an accredited program through either a college, a technical/vocational school, or an online training program. When looking for a reputable training program, consider the following:

Accreditation. Accreditation is a must, or else you will not be able to sit for a certification examination.

Coursework. A medical billing program should cover many subjects, including medical terminology, medical insurance and government health programs, insurance claims forms and invoices, coding systems and languages, and medical office computer software.

Hands-On Experience. Make sure your training program of choice includes plenty of hand-on experience, in the form of externships or internships. Not only are externships and internships a great way to gain valuable work experience while still in training, but they also allow to make important industry connections that can help you advance your career after you graduate.

Certification. Any reputable training program should prepare you to sit for a professional certification examination.

Prepare a business plan. Your business plan is your map for how to move along the path toward business success, and will lay the foundation for business operations. A good business plan should include details about your business’s purpose, the key business administrators, other staff (if any), income and expense projections, an assessment of your market sector (i.e. who your clients will be and what your competition is like), a marketing plan, and short-term and long-term business goals.

Choose a business form. You may opt to operate as a sole proprietorship, a partnership, or a corporation. Each type of business comes with its own set of advantages and disadvantages, and you will want to research each thoroughly before making a decision.

Obtain the necessary licensing. You will need a business license, as well as a fictitious name registration (if you choose to name the business something other than your legal name).

Make sure you are compliant with local zoning ordinances. You need to check with your local business regulatory agency to be sure that you can operate a home-based business if your home lies within a residential zone.

Set up your home office. You should have an area that is dedicated to your business records, and to running the day-to-day business operations. A room is ideal, but at the very least, you will need a desk, a filing system, office supplies, and the appropriate billing software.

Market your business. If you served an internship or externship while in school, then that employer is a great place to start. Ask for referrals, and if you can use them as a reference for potential clients. Additionally, you will want to send marketing materials to all of your area doctors, and to call them or even visit them in person.

Starting a home medical billing business is no small task. There is a lot of preparation and hard work that goes into it. But, if you put the necessary effort into building your business, you can expect a satisfying career in the medical field.

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