Medical billing home business is a very lucrative option that holds a great potential to turn into a bigger venture. Just like thousands of other home based medical billing professionals working from home, you too can set up your own business.
According to a recent survey, the demand for medical billing and coding professionals will keep rising over the next 5 years. In fact it’s one of the most viable home business options, if you’re really serious about turning home-based medical billing business into a full time gig. As a full-time professional, you can expect to earn at least $45,000 per annum if you manage to get an independent contract from a physician or working for a larger healthcare billing firm.
Physicians usually directly hire medical billing and coding experts to prepare and submit insurance claims and keep reimbursement flowing in the system. Now, not everyone is interested in going all the way to the physician’s office because one can utilize medical billing software to do the work from anywhere and at any time of the day. There are several large medical billing and coding firms that electronically assign and track assignments.
Education Qualifications and Skills Required to Set Up Medical Billing Home Business:
Earning a certificate in medical billing and coding will certainly help you hit the road running. However, this is not a prerequisite for setting up a medical billing home business as physicians and larger health companies look for people experienced in medical billing and coding. It’s good if you can convince them of your work experience by providing them with references of your previous employers or training institute. One big advantage of formal training programs is that they help you to understand the complex billing and coding system followed in the US while assisting you with placements as well.
It’s better to brush up your medical knowledge before approaching a client for home based assignments. Some areas that you must focus on include:
- Medical Terminology
- Knowledge about filling up and completing a wide range of forms
- Standard coding followed for all medical procedures
Setting Up the Medical billing Home Business
Now that you’re all set to start with your medical billing home business, you’ll have to focus on sourcing assignments. This is the most challenging aspect of running a home business. In order to source projects, you’ll have to individually approach physicians, clinics and even large medical companies. Preparing a sales pitch will always help you to convince the physicians or medical companies to outsource their medical billing and coding assignments to you.
The first few weeks will seem to be the toughest as you’ll have to work really hard to beat your competitors and get assignments. You’ll have to keep sending emails or call up your prospective customers (in this case physicians or medical companies) at regular intervals. Try to convince them as to why someone should outsource their medical billing and coding assignments to you. Basically, you’ll have to convince them that you’re better than others. However, the key to success is patience and perseverance. You can’t just shy away from competition and instead prepare yourself for a long and tough battle.
Don’t Fall Prey to Scams
Owners of medical billing home business are highly vulnerable to falling pretty to scams! The market is in fact full with scams where people are ready to rob you. Do not believe an offer that’s simply too good to believe. Double check with companies that ask for deposits before offering you a home based medical billing and coding assignment. Some online platforms like Upwork, Freelancer.com and Fiveer list genuine and authentic assignments. Try out these before falling for some shoddy offer.
Medical billing home business is a really profitable if you’re ready to put in some hard work and brains into setting it up. No more fence sitting – get down and enjoy the kind of financial freedom you desire.