Best Home Business for 2014: Medical Billing

You’d be amazed by how many medical offices outsource their medical billing.  The push to devote the in-house staff to other purposes is in force more than ever, opening up a broad frontier for people looking to open a business from home.

Being a medical biller means being an accounts receivable specialist.  You get claims from the doctor’s office and shoot them off to the insurance companies.  You’ll also communicate with customers as needed.  You get paid a percentage.

There’s a pretty high demand for this sort of work right now.  New healthcare laws are, of course, bringing more and more patients to insurance companies and into doctors’ offices.  If you have a head for numbers and understand basic billing software, medical billing is a great home business.

How To Do It

Oddly enough, knowing how to bill and code is necessary.  However, it’s not so hard.  You’ll be able to find a wide variety of courses online, not to mention local community colleges.  Load up on reference books such as HCPCS Expert 2000.

From there it’s a general business license.  Then, you’ll just need some basic office equipment.  You probably already have a printer and an up-to-date PC.  Add medical billing software, a business phone line, and a fax machine, and you’re ready to roll.

Getting Clientele

One of the key issues as you get started will be defining your clientele and filling up your roster.  This will entail doing some research and making contacts.  Remember, you can bill with a wide variety of medical practitioners, including specialists of all kinds, plus dentists.

The next step is to advertise your services through relevant message boards and other communities, and perhaps via freelancing websites.  Many medical billers build a small client base and have a consistent workload.  Working for fewer practitioners who each have a pretty large clientele, as opposed to grabbing a lot of piecemeal jobs from many practitioners will allow you to have the best idea of your workload from month to month.  Some practitioners find that cold and flu season—December through February—picks up for them, bringing in a quick infusion of cash while requiring more hours than usual.

You’ll also have to set your prices, which can be done by checking out other billers.  You may have the best success by charging very competitive rates at first and then ramping up only after many successful months with good relations with the doctors for whom you’re billing.

Remember, one thing to do is to talk to some local doctors and their staff and find out how heavy their billing load is.  If they tell you that they’re absolutely swamped, that should give you that much more motivation to get going in medical billing.