How to Start Medical Billing at Home
The number of Americans working from home has become popular over the years. A survey from FlexJobs suggests that the community will continue to see an increase in remote workers in the next decade.
This trend is even occurring in healthcare for certain positions such as medical billing and coding.
With the rapid growth of the health care industry, the demand for in-house medical professionals and staff has increased. But companies and many doctors are now also outsourcing work from home-based and independent medical billing and coding specialists.
There are many reasons that healthcare providers seek professionals who do medical billing at home. As a medical billing and coding professional you will have many opportunities to find employment or start your own medical billing business at home.
If you want to start a medical billing and coding from home, then here are some of the steps that you need to follow with helpful tips along the way.
How to Start a Medical Billing Company from Home
Starting your own business can be fun and exciting but also very stressful and daunting at times.
You may have heard the famous quote,
“To be successful, you have to have your heart in your business, and your business in your heart.”
This is true for starting just about any business and for medical billing and coding it will also hold true.
If you think working from home will be easy, then it probably isn’t a good fit for you.
Sure, working from home brings a lot of freedom and flexibility into your life but with these perks comes great accountability.
So, if you think you are ready to take the leap and start your business, then these tips will help.
Here are the best tips for starting a medical billing business at home.
Starting a home-based business in medical billing and coding is not an easy task. You need to have the proper attitude, discipline, and focus. You must prepare yourself against the distractions and challenges that come from working at home, especially if you have a family to take care of. Ask yourself if you can do it. Do you have adequate equipment and materials to work at home? How many hours are you willing to work?
Research the local market
The Bureau of Labor Statistics reports that an estimate of 208,650 Americans in 2018 are employed in the field of medical records and health information technicians. California, Texas, Florida, New York, and Ohio are the top 5 with the highest employment in this field. You need to determine if your area is already saturated with medical billers and coders. Try to gauge if your business still has an opportunity to exist and succeed in your locality.
Get proper training
You wouldn’t be ready with the work if you don’t know what you need to do. Medical billing and coding require you to work with medical professionals. This means that you need to be knowledgeable in a wide array of areas, including insurance and medical terminologies. A medical billing and coding school provides the necessary degree, certificate, and training to prepare you for the tasks.
Before starting a home-based business, you may first want to work at a medical office to gain experience and skill. This will make you more desirable to companies and clients.
Prepare a business plan
The purpose of preparing a business plan is to help you answer two important questions. What do you hope to accomplish in your business? How are you going to achieve the goal? Determine your goals and write the steps that you will take to accomplish them.
Make an overall assessment of your finances and resources
If you plan on starting a home-based business, then you would need to spend a hefty amount of money. You need to plan a budget of $3000 to cover all expenses, including the business licensing fees, cost of software, initial marketing materials, and office supplies.
Get your business license
You can apply for a business license in your local area. Local government websites of most cities provide the necessary paperwork that you can download. All you have to do is to fill out the forms and drop them in the mail.
Ensure that your place is fit to host the business
Check if your area has zoning laws if you plan to meet clients at home or post advertisements at the front of the house. It is ideal if you have one room that you can exclusively use as an office.
Begin the marketing plan
After completing all the tips mentioned above, it is time to begin and look for your clients. Reach out and put your name out there. Try to market yourself by sending out brochures, letters, and cards that describe your business and services. Don’t forget to follow up with calls.
Build a network of clients by joining professional groups and organizations. Connect with agencies that specialize in medical staffing. Just like any other businesses, the market for medical billing and coding is competitive. You need to put constant efforts in your marketing strategies.
Take the Leap in Starting Your Medical Billing Business
There is no other time than the present..
..and there is never a better time to do something, then now.
Now is a good time to begin the leap of starting your home-based medical billing and coding company and career.
If you haven’t already, then enrolling in a good medical billing and coding school to get the proper education is a good place to start.
You will need to become a certified medical coder to start your business. Click the blue “Find Schools” button to search and compare medical billing and coding certification programs.