Medical Billing as a “JOB-Working from home” Vs. “Business Ownership”

As someone who is very involved in the industry today, and follows all news and forums related to the medical billing industry, one constant question seems to continuously come up… “I have completed a course in medical billing and/or coding and I cannot seem to find a job.” Or I hear/see someone saying they have taken or want to take a course in medical billing and then work from home.  Let’s take a realistic look of the probability and job market of a position as a work at home employee for a medical practice.

In today’s economy the unemployment rate is soaring. Businesses in general are making cut-backs in staff, salaries and benefits. Healthcare providers have been feeling these economic crunches for years with cut-backs in Medicare, Medicaid and other insurance carriers. The healthcare crisis in the U.S has been a long-standing issue among providers for quite some time. What benefits will a physician see by hiring someone (as employee) to oversee their revenue and cash-flow? NONE. In fact it will cost the provider MORE and here is why:

Now, let’s take another approach and examine the benefits a provider/physician would see if they were to hire a “Third Party Billing Company”:

Everything above that was noted as being the reasons why a physician would NOT hire an employee to work from home…becomes MOOT.

As a business owner you would be responsible for all of the above items.

We cannot say there are NO work-at-home positions out there, because that wouldn’t be honest. But realistically the provider / physician who has an employee working from home MOST LIKELY:

The fact of the matter is that these circumstances are few and far between.

What’s in it for me if I did start my own business?

GOOD Question, let’s now discuss the BENEFITS of being your OWN business, benefits that are not only for YOU as a business owner, but your “CLIENT” the healthcare provider by reducing his overhead costs, increasing his revenue, and at the same time MAKING YOU MONEY!

To start your own business you need to first be committed, goal oriented, creative and yes there has to be start-up funds. The success of your business will be what you want out of it and what you put into it.

Now let’s be realistic. One thing I pride myself on is my honesty, pride, and integrity for this industry. It’s one of the reasons I wanted to write this MUCH needed article to hopefully shed some light on the truth behind some of those ad’s that advertise you can make money from home in your pj’s just as soon as you purchase their package! Does that mean all business opportunity packages are bad? No, not at all. A business opportunity can be exactly that… an “Opportunity” to be your own business and it can be profitable The key is to choose the right solution for you, and then going after your goal. Research is vital. Being realistic, and understanding how this business works FIRST is very important and hopefully we have dispelled one of the biggest misconceptions.

This is a great time to start a medical billing company!

I don’t consider myself an expert on economic or political issues; however I have taken an extreme interest in today’s politics given the economic situation we are in.

In the past several months I have spoken with many providers who are feeling the crunch of the economy, many of them cannot afford to add staff and some are now considering outsourced solutions, we are seeing an economic trend like we did in the late 80′s and early 90′s when the home based business market was booming. Its different this time, our overall economy is in danger; the healthcare industry is a mess as it’s been for years, but yet… IT REALLY IS A GREAT TIME TO BE A MEDICAL BILLING COMPANY!

By Linda Walker Copyright 2009 All rights Reserved, article may not be reprinted w/out express written permission to link to the article directly, use this URL: http://www.billerswebsite.comjobsvsbiz.htm

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Getting Started in Medical Billing

We are going to assume for the sake of this article, that, after step one, you have chosen the appropriate means of training/education OR you have previous billing/medical office experience. This ultimately should be the first step.

1. Research, Research, Research! We do not sell business opportunities or software, so we have no ulterior motive for telling you the truth!  Average start-up costs run between $3,000 to $5,000.  Though we have seen companies offering business opportunities and/or franchises ranging upward to $15,000 or more! In the Subscriber section of this site, there is an evaluation process that you can follow if you do not understand what it is that you should be looking for in a practice management software. When looking at software companies and/or business opportunities, Check with the BBB, FTC  and speak with other’s who have purchased or thought about purchasing from that company. Know how long that company has been in business. Completely look at what they are offering and make an informed and educated decision.

2. Decide how you want to set up your business (i.e., sole proprietor, corporation, LLC, partnership, etc.).  Consult with an accountant or business advisor. Prepare a Business Plan (sample plans are located in our Subscriber area).

3. Choose a name for your business. Be sure to choose a professional name.  The name of your business is important!  Be creative, but professional. Check with your local county and/or state for name searching to be sure you choose a name not already registered

4. Visit your local municipality and state tax office to register your business. If you are planning to work from your home, obtain the zoning laws/rules from your county/

5. Research trademark for your business name.™

6. Open a business checking and savings account (consult with your accountant for various types of accounts).  It is a good idea to set aside a percentage for taxes into an interest-bearing savings account.

7. Research and purchase your medical billing / practice management software. Remember:  Do NOT purchase without an adequate evaluation of the software and research of the COMPANY selling it.  Make sure you purchase a support contract!  Support contracts are vital in our industry, due to the many changes that take place.  Your software has to be from a company that is committed to staying on top of industry changes!  Don’t think you will learn a program overnight!  We have an area with an extensive list of what you should look for in your Practice Management software and how to do a thorough evaluation (demo). We give you a full area on HOW to demo your software!

8. Set up your office.  Find space. Organize that space to fit your needs for both now and in the future.  Picture the growth of the company you want to build and make sure your space can accommodate those goals.  Make sure your office meets HIPAA privacy standards.  Take every precaution to be sure your clients’ Private Health Information is PROTECTED!  Even if you work from HOME!

9. Purchase office equipment:

Printer(s) – preferably ink jet for your marketing and a laser or dot matrix for your claims printing.

Fax – you should have a separate fax line, so your clients can fax you the source documents you need to do your job without delay.  We recommend an onsite fax machine (or fax software through your computer) and NOT online services who cannot guarantee the privacy of your incoming and outgoing faxes!

Phone – a multiple line phone works great so you can have a line for your home and at least one line for your office. You don’t want to answer your phone “Hello” when it could be a potential client on the line.  Even if you plan to work from home, you should plan to run a professional business.

10. Purchase your supplies. Ink/toner, claim forms, envelopes, postage (marketing), paper, marketing supplies, filing cabinets, file folders, etc.  Remember that you need envelopes for both claims and patient statements.  You should choose the envelopes to match the format of your patient statements within your practice management software.

11. Prepare your marketing materials. You will want to prepare business cards, flyers, postcards, newsletters and brochures.  Decide on a marketing strategy and track your efforts, so you can find the strategy that works for you.  Our marketing area is packed with many different samples for you to look at or use! Website marketing is also an excellent tool.  Doctors use the internet for their research; they use it to find services as well.

12. Begin preparing your company’s compliance plan. The OIG has put forth proposed regulations for third-party billing companies, as well as physicians.  Many professional associations (such as the AMA) are advising doctors to get a billing company’s compliance plan to be sure they outsource to companies that are in compliance!  Our subscriber area has many resources regarding compliance, as well as HIPAA compliance (which should be a vital part of your compliance plan – see below).

We don’t guarantee these are all the steps every business or individual needs to take or that they are in the right order for you and your business.  Every person and business is different.  All of the above steps and MUCH more is covered throughout the Subscriber area of our site!

Additional TIPS:

Medical Billing Software Our site has a listing of reputable vendors, as well as tips on how to choose a company and choose software!  We make sure to check our advertisers and sponsors with both the Better Business Bureau and Federal Trade Commission.  Software alone will run you between $500 to $5,000, so be sure to do a good evaluation!

Education The career you are choosing is one that makes you responsible for your client’s income.  It is imperative that you gain the knowledge to do this correctly and efficiently.  Your business will fail miserably, if you enter into this profession without educating yourself first and you will do a great disservice to your clients as well.  Not to mention, you will find it difficult to sell your services if you do not know what you are doing.  Remember that your client’s financial status depends on YOU knowing your job! The cost of education can range from a few hundred to thousands of dollars, depending on experience, aptitude and material.  We have a wonderful learning center, as well as recommendations for reading material that we have rated excellent.  There are also reputable companies and associations that offer home study programs and seminars that are very thorough.  When purchasing an educational program or business opportunity, ask for references and check with the Better Business Bureau and Federal Trade Commission.

Methods for Staying Up to Date Joining associations, subscribing to newsletters and attending seminars are great ways to stay up to date.  This industry changes rapidly and one of the things that attracts clients to outsource their billing is that we, as professional billers, make it our business to stay abreast of these changes.  Continued educational resources are a MUST! You will need to set up with a clearinghouse.  Be sure to find out which are compatible with your software.  We have several listings of clearinghouses you can contact. PMRNC subscribers also receive a discount for ET&T clearinghouse and LTC clearinghouse.  Additional information on these discounts are found within our Subscriber area, under “clearinghouses”. Marketing You need to develop a marketing plan tailored to your specific market.  Marketing is a large part of a successful medical billing business.Developing Marketing Material We recommend that you set aside at least $500 for initial marketing.  That is a minimum cost.  A typical “mailing” will run you at least $100. Our Getting Started section walks you through the steps of getting started and provides you with resources for starting a business  -  all in one place!

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Is it your first time to take the pilot’s seat and fly your own plane? If so, make sure that you buy the following supplies to ensure your safety during the flight. Pilot Supplies You Need to Buy Bags – There are several types of bags that you may need depending on the duration of the flight. A headset bag is a must to protect your headset from damage when not in use. Buy a heavy duty flight case to keep important flight documents, charts, and maps safe in any situation. If you’ve got a laptop with you, make sure you place it in an appropriate case. As for the rest of your things, choose a flight bag that has dual-styled handles (shoulder and hand straps), the right size, and made of durable weatherproof material. Fuel Testers and Gauges – This is one of the most important pilot supplies to purchase. Fuel testers and gauges let you know if something’s wrong with your fuel. When shopping for fuel testers and gauges, it’s best to buy more than one. Besides the usual tester and gauge, consider buying a fuel testing cup and one with a screwdriver as well so you can easily unscrew the lock for testing. Light It Up – A pilot must always be prepared to face the worst case scenario, and that’s crashing. But he must always be optimistic as well, by thinking he’ll survive the crash. When he does, having light is important. When shopping for supplies, always look for dual purpose items that give you light such as 2-in-1 flashlight pens. Buy a flashlight set that’s specifically made for pilots as well. And don’t forget to have a handy supply of light sticks! Kneeboards – When shopping for kneeboards, you’ll usually need – and have space – only for one so make sure you choose wisely. Your kneeboard must contain information regarding all 24-hour time zones, flight plan sequences, tower light signals, and other important flight information. Make sure it’s the appropriate size and will fit snugly in your cockpit and made from durable material like aluminum. Flight Plotters – Buy a couple of these to ensure that you’ve accurately mapped out your flight and that you can use it for all types of measurements. Buy a foldable flight plotter as well if you’re lacking in space. Safety Supplies – Lastly, pilot supplies should always include things you can use to give you additional safety or protection like a carbon monoxide detector, life vest, a medical kit, and a voltage meter among other things. Have fun flying!

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Pet supplies can be costly, especially if you have more than one pet. When you start to think about food, supplements, toys, collars, other needed accessories, it can really add up. There are so many choices available as well, it can be difficult to know which is the best deal. There are some ways to save some money when you are buying pet supplies. You can follow these useful tips and hopefully see the results in your wallet.

 

Buy in Bulk

 

If you buy your pet food in bulk, you can really rack up the savings. This not only applies to food, but to treats, bones, and products like cat litter. Many of these items can be found in bulk at places such as Sam’s Club or Costco’s.

 

Avoid Specialty Stores

 

Unless your pet requires specific food, you may want to avoid the specialty pet shop. Many times, there is a huge markup on pet food and supplies. Try some of the larger pet supply companies, such as PetSmart or Petco. Since these companies purchase items in very large quantities, they are able to offer greater discounts to their customers. There are also greater selections available for products of all different brands. Some of these stores even allow you to bring your pet with you and attend free pet training classes.

 

Shop Online

 

For medications and other pet supplies, consider shopping online. Several websites are specifically designed for these types of products. Many of these websites will also automatically mail your pet’s medications when it’s time for more. This helps you to avoid running out if you forget to purchase more medication. You can also check with the manufacturer’s website, as you may be able to purchase some items directly. This eliminates the middle man and can save you quite a bit of money.

 

Look for Coupons

 

You can find coupons in your local newspapers and magazines. You’ll also find coupons on the pet product packaging or even inside a bag of dry food. If you use these coupons at places that offer double coupons, the savings can add up quickly. Also be sure to look for online coupon websites. You can several that have an entire category dedicated to pet supply coupons.

 

Shop the Discount Store

 

You can find many chain discount stores that offer reduced pricing on pet supplies, such as treats and toys. If you purchase pet food products, be sure they are not inferior to the usual food you purchase. A pet’s nutrition is very important, just like a human’s. These discount stores can also be a great place to purchase pet bedding or even pet clothing.

 

In Conclusion

 

Pet supplies are one area where people tend to cut back on their spending when times get tight financially. If you follow the above tips, you can see noticeable savings when you purchase these items. Buy in bulk, use coupons, and consider discount stores to maximize your savings potential.

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You smoked for many years, and as a result you now have emphysema. You have to have an oxygen machine available to you at all times, and you certainly have to make sure that the air you breathe is clean. Thus, you should also look into purchasing a medical grade air purifier.
About Medical Grade Air Purifiers
Before you consider purchasing a medical grade air purifier, you should know why it is that you breathing has become so incapacitated. The toxins contained in the cigarettes you were smoking for all of those built up in your lungs, which are like sponges. Because they are clogged, you now have trouble breathing and emphysema.
While an oxygen will help, it is important to also have a medical grade air purifier. This is because it is important to make sure that the lungs not only get a sufficient supply of oxygen, but also to make sure that the oxygen supply is a clean one. After all, your lungs cannot withstand any further damage.
You might wonder how a medical grade air purifier differs from a regular air purifier. The difference is that while a regular air purifier does quite well with eliminating many of the allergens from the air, it does not get rid of a certain percentage.
A medical grade air purifier is an air purifier that filters out the greatest amount of air contaminants. This is because it is designed for people that have respiratory diseases or other breathing difficulties.
While medical grade air purifiers are intended for those who have serious respiratory problems, they might also be recommended for people that have severe allergies. Severe allergies are not only restricted to sneezing, but rather they can cause more serious problems, such as asthma. This is especially true for those who do not respond well to allergy medications, and live in an area that has many allergens.
Medical grade air purifiers are often harder to find commercially than regular air purifiers. If you would like a medical grade air purifier, consults with a medical professional as to how to purchase the right one for your situation. They are generally expensive, but there is a chance that your medical insurance might cover the costs (you will have to call your insurance company to find out for sure). With the proper research, you are sure to find the right medical grade purifier.

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