The 20 step medical billing business checklist webpage details all the start-up stages you must cover when starting a medical billing business.
Starting A Medical Billing Business Checklist
What Goes Into Properly Starting A Medical Billing Business? It’s really sad to see that most of the answers you will find are often misleading and make it seem 1-2-3 easy. I created the starting a medical billing business checklist webpage to give you all the start-up stages you must and will go through in order to set yourself and service up for maximum success.
For example, when you do a search for how to start a medical billing business there are 17 million results and the majority of them sum up the process in 4 – 8 steps. Some sites dig a little deeper but their checklists are also incomplete. Here is what you’ll find if you research the topic yourself:
Set-up home office,
Make business plan,
Set your fee structure,
Market the business,
At this point I want to say that “Starting A Home Based Medical Billing Service Is Not Rocket Science” however it becomes so because people are not being told what is really involved and the order they should go about implementing the steps.
While the following medical billing business checklist is long most of the steps go hand-in-hand so at certain points you will be completing several steps at once. Without further ado here is the:
20 Step Medical Billing Business Checklist; What You Need To Know
Before you decide to start a medical billing company from home you must first:
1) Assess your strengths, weaknesses, your business and personal goals, your on-hand financial resources and be brutally honest with yourself as to the financial risks you will encounter if you have to abandon the business,
2) Determine the start-up costs (this can differ from person to person depending on what you already have at your disposal),
3) Decide on your business location (while most will begin as a home based venture, some may decide to take the brick-and-mortar route),
4) Do market research (while starting a medical billing service may sound like a great business for you to get into if there isn’t enough need for your services where you are located then there’s no need for you to pursue it.),
5) Before starting a home based medical billing business you have to identify your customers and identify your competitors (you can go after every type of doctor as a client but I always say pick one specialty to become an expert at then branch out from there into other specialties! If you see there are hundreds of other medical billing businesses servicing your area or if there are a handful of services but they are big, well-established firms you may need to consider looking for another business to pursue),
6) Develop a business plan and marketing plan (people usually skip this step and I did too when I first started out, lol, but as the saying goes “If you fail to plan, you’re planning to fail”. I know at this point you will have no idea how to create a plan but that can easily be learned and there is software on the market that will assist you.)
7) Consult with a lawyer and accountant (they will help you understand the business side of things like the different types of business structures, the drawing up of your business contracts, how you will pay your business taxes, how to pay yourself from the business profits, etc.),
8) Choose your form of business structure (DBA, sole proprietorship, partnership, or corporation, etc.),
9) Create your business and pick a name (register your name, incorporate the business, obtain a business license or permit, get a federal employer identification number, get a state employer identification number, get federal and state tax forms and review local business codes. This will be covered by your accountant or lawyer),
10) While starting a medical billing business from home you should select a bank and set up a business checking account (businesses do business with other businesses so you must be and act as a legitimate business. The other reason is that a business account shields your personal assets from being taken if you are ever sued by a client),
11) Apply for a business loan, line up suppliers and establish a line of credit (these options will allow you to get what you need to set-up the business without you having to use your personal savings),
12) Select an Errors & Omissions insurance agent and get insured (look, you will make mistakes and when big money is involved the likelihood of you being sued is high so this is the additional protection you will need),
13) Set-up your home office (furniture, computer, laptop, phone-fax-network-internet, CMS 1500 claims forms, UB04 claims forms, coding books and regular office supplies, get business cards, letterhead, brochures and reams of copier paper, etc),
14) Research, evaluate and enroll in a medical billing certification program.
15) Research, evaluate and pick a clearinghouse to process your claims through,
16) Research, evaluate, demo and pick a software vendor and medical billing software,
17) Get contact management software and bookkeeping software (the first will allow you to keep track of potential clients. The other will help you invoice your clients for your services and keep you up-to-date for tax purposes),
18) Starting a medical billing company from home can be difficult at times and you will need a support group to help assist you in your time of need so join at least one professional medical billing organization and participate actively in a medical billing forum,
19) Create your marketing materials, mail your marketing materials, follow-up on all mailings and begin cold calling local potential clients,
20) Attend all face-to-face meetings with those that respond and sign-up your new clients, input the practice’s info into your medical billing software, input the practices patient demographics into the software, get your new client paid in a timely fashion, and once you have proved yourself to your new client ask them to refer your service to other doctors they know.
For the most updated and detailed information about the proper way to setup, start and operate a successful home based billing business immediately download my ebook entitled “The Medical Billing Home Business Bible” you can’t miss it, it’s located in the column to your right, close to the top
It was a pleasure sharing with you today and I hope that this 20 step medical billing business checklist has opened your eyes to what’s really involved once you decide to become a home based medical billing business owner.
Here Is To Your Success,
“The Medical Billing, Coding & Transcription Mastermind”
P.S.: Don’t forget to hover your mouse over the “Medical Billing Tips” tab under the logo a the top of the page for more advice.
External Starting A Medical Billing Business Checklist Resources