How to Start a Home Medical Billing Business
A medical billing business can easily be done from the comfort of your own home. Basically, a medical billing service handles insurance claims and information to help physicians obtain correct payment from insurance carriers and patients. The business of medical billing has had immense growth in recent years. There are a number of larger firms dominating the market, but there is still a lot of room for small and home-based medical billing entrepreneurs.
Medical billing professionals must be able to provide a number of services. You must be proficient in preparing electronic and paper claims to insurance companies, such as Medicare, Medicaid and Blue Cross Blue Shield. Medical billers enter patient information into billing software and mail patients' statements. You must be able to post medical payments and follow up on unpaid claims. This may entail making phone calls to patients or simply sending out past due statements. Medical billers also submit status reports to physicians and may handle patient billing questions.
The specialized skills and knowledge required to start a medical billing business can only be gained through education and medical billing training. Your first step will be to enroll in a medical coding and billing program. These programs usually last between one to four years depending on the level of degree or certification you are looking to obtain. During your medical billing training you will learn basic medical terminology, study the lifecycle of an insurance claim and the basic claims process for medical insurance, learn to use common insurance forms, study national diagnostic and procedural coding systems, and become acquainted with medical office computer software.
The true key to starting a successful medical billing business is to gain the trust and confidence of your clients. The more training you have upfront, the more business you'll be likely to get once your business starts rolling. Make sure the medical billing and coding program you choose is accredited and offers all the skills you'll need.
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