In the early ’90’s, home-based medical claims processing received quite a bit of publicity as one of the top home business picks at the time. Entrepreneur Magazine, as did the majority of the premier publications serving the home business community, gave medical billing rave reviews and rated it as an excellent opportunity.
As invariably happens, fly-by-nighters took notice and muddied the waters by promoting inferior courses and business opportunities; word got around about that and dampened people’s interest.
Medical billing is still an excellent choice for a home-based business. If you have worked in the medical field in any capacity—not just administrative—you already have a good foundation for a successful medical claims business; on the other hand, if you have no experience, there are a number of reputable course providers and some very good companies that will either show you how to set up a business of your own or that will provide a business model you can purchase with ongoing support.
For the entire package—training and business—you can reasonably expect to pay anywhere from $3-5,000 and that can vary a bit either way. At what point you need to start, as well as what type of set-up you are looking for, will determine to a large extent what you will be looking at in terms of money.
99.9% of the time, training and opportunity packages being advertised for several humdred dollars are rip-offs. There is one exception to this rule, that I know of, that offers quality and will appeal to the budget-conscious.
Another great thing about home-based medical billing is the ease of adding on additional services that will give you multiple profit centers. Such services may include accounts receivable management, patient hospital bill auditing, and medical transcription. Value-added services can go a long way in taking your business, and your income, to the next level.
While there are several large national claims processing services, there is always a market for the local entrepreneur who can provide top-notch service and who knows the people and the businesses in his-or-her local area. While accuracy, efficiency, and timeliness are critical, that local-service touch can give you the marketing edge you need to carve your niche in a competitive environment.
When deciding upon a particular course or business opportunity, some of the best information you will get is from students who have taken the course and from current business owners who have invested in the opportunity you are considering. Such feedback can tell you whether or not the promoter is advertising their product or service honestly.
Since the billing software you will be using is a major part of your business, make certain that you are getting a professional version that is capable of handling your anticipated business volume and allows you plenty of room for growth. You do not want to be shelling out for upgrades every time you turn around—that is money out of your pocket and there are always glitches to be worked out.
While the software automates a lot of what you will do, there are still tedious aspects such as dealing with insurance companies and learning the industry coding, but if that type of work appeals to you, then medical claims processing is well worth considering. You have a huge and readily available market and the income potential is excellent.
Copyright (c) 2009 Michael Crank
