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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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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Many of us are familiar with the most common type of medical imaging equipment, X-rays, but did you know that there are many different types of imaging machines that help doctors diagnose health issues? The advances in medical imaging equipment are amazing, and an example of some machines you might not know as much about are electron microscopes, magnetic resonance imaging (MRI’s), ultrasounds.

Electron microscopes are a great tool for physicians and clinicians to get a better sense of what’s going on at the basest level. Because electron microscopes can magnify at a level of 2,000,000 times, they are used in anatomic pathology, which identifies orgnalles within a patient’s cells. Although immunhistochemistry, a new method has taken some of the focus off of electron microscopy, this essential medical imaging equipment is irreplaceable for the identification of immotile cilia syndrome, the diagnosis of kidney disease, and many other things.

Most of us have heard of MRI’s, but what are they exactly? Simply explained, a magnetic resonance imaging scanner uses the power of magnets to polarize and excite the hydrogen nuclei in water molecules that are present in all human tissues, and this then produces a detectable signal which can be interpreted to create images of the body. This type of medical equipment is especially useful for identifying soft tissue problems, such as those in the joints or the brain, because X-Rays work more specifically for harder tissues like bone.

Another medical imaging machine you may have heard of are ultrasounds, especially for pregnant women looking at their unborn babies. It is have very broad uses in medicine however, including imaging the abdomen, heart, breast, muscles, tendons, arteries and veins. How does it work and what do doctors use it for? Medical ultrasound instruments use high frequency broadband sound waves in varying degress in the megahertz range to produce 3-dimensional images. These ultrasound images do not have the anatomical detail of images produced by an MRI machine, it is widely used because it is appears to not have any adverse side effects and is safe to use. Ultrasounds are also relatively inexpensive as opposed to catscans or MRI’s, so they continue to be a staple in medical offices and hospitals.

These are just three examples of the medical imaging equipment available today. Technology continues to advance and there are sure to be many more exciting developments to come in the world of medical equipment and supplies, and you can expect the level of healthcare to commensurately increase.

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In order to ensure the safety and the well-being of their patients, all government-financed medical institutions and private healthcare establishments need to be permanently supplied with proper medical equipment, vital for sustaining a wide range of activities regarding common medical practice. Disposable, single-use medical instruments such as specula or containers, reusable surgical instruments such as surgical scissors, surgical blades, tissue forceps, dilators and curettes, as well as instrument stands, trays and many other medical accessories are extensively used in all medical facilities from various medical fields, rendering such equipment indispensable for medical practice. Due to the topical use of disposable and reusable medical instruments inside all medical establishments, such equipments are highly requested in present, the medical industry needing increasingly larger supplies of specific medical materials.

However, proper medical instruments are nowadays a scarce resource, and reliable suppliers are very difficult to find. The high-market demand for medical and surgical instruments has also triggered a process of price exacerbation, considerably raising the costs of many categories of medical equipments. Due to the increased costs and limited availability of commonly used medical instruments, more and more healthcare establishments nationwide are nowadays forced to economize and reuse medical materials, exposing patients to serious risks of infections and illnesses. Similarly, the low-affordability of specific surgical instrumentation has determined various hospitals, clinics and other medical institutions financed by the government to restrict their activity according to their available materials. Tragically, high-quality medical instruments have recently become a luxury among many different branches of the medical industry.

The key to solving these very frustrating problems is to find and request the help of a serious and reliable distributor. Disturbed by the increasingly higher prices and the limited availability of quality medical and surgical instruments, some wholesale-retail companies nowadays focus all their efforts towards correcting such pronounced discrepancies by offering their clients professional, high-quality services in exchange for very affordable fees. While most medical instrumentation distributors only seek to boost their profits, others are striving to professionally meet the needs and requirements of their clients, establishing affordable purchase prices and struggling to provide customers with any type of medical instruments they require.

Unlike other companies, certain precision medical instrumentation providers offer their customers high-quality products at only a fraction of their usual cost. Whether you are interested in buying medical instruments and equipments for general use or specific surgical instruments, a solid provider can help you in the process.

When it comes to finding the right medical and surgical instruments and closing the best deal possible, you should only rely on prominent, high-quality providers that can satisfy your needs with professionalism. Before deciding to purchase your required medical materials from a certain vendor, remember to always spend some time analyzing the benefits of your transactions. Make sure that you receive cost-effective, high-quality medical instruments, and only stick to reliable, specialized sellers.

So, if you want to find out more information about medical instruments and especially about surgical instruments, we recommend you to follow these links.

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