According to the Bureau of Labor Statistics, the demand for medical records and health technicians, including medical billing and coding professionals, is projected to grow 15% from 2014 to 2024. Due to this growth, medical billing from home has become a viable business option. Medical billing and coding professionals may consider setting up a home business and working with independent client physicians or larger healthcare firms, pharmacies, and insurance companies. This guide will inform you of what it takes to establish a medical billing home business.
Required Skills for Medical Billing
Currently, no set educational standards are specified for the medical billing profession. However, professionals offering home-based medical billing services need to research some level of formal medical billing and coding training. The career training school should be accredited and have years of experience in training medical billing professionals. Formal accredited programs can take anywhere from nine months to a year or two.
Medical billing and coding require in-depth knowledge of medical terminology, anatomy, how to properly complete the medical forms, and industry coding for different medical procedures. When not possessing these skills or experience, enrolling in a course and getting certified as a medical biller and coder is recommended.
Some other skills that an individual striving to establish a career as a medical biller needs include solid computer skills and a typing speed of a minimum of 35 words per minute. In addition, these professionals should efficiently deliver high-quality customer service to physicians and hospital billing staff, individual patients, and other medical personnel.
Medical Billing as a Home Business
Medical billing professionals prefer to work independently from home using medical billing software. This software facilitates the electronic billing of patients, government health agencies, health insurers, and other healthcare units.
Like any other home business, starting a medical billing and coding home business becomes much easier with prior experience and training. Moreover, an individual might have gained some contacts during his medical billing and coding employment that can help establish a customer base.
Some essential things that medical billing for home business needs are:
- A Business License: Check with the local Chamber of Commerce and state officials about the licensing requirements concerning establishing a medical billing and coding home business.
- Medical Billing and Coding Software: This specific software can cost between $500 and several thousand. Make sure to have the software that can process HCFA 1500s – the standard claim form used by multiple health plans.
- Other Tools: A computer, printer, fax, and accounting and billing software along with a secure internet connection.
When establishing a home-based medical billing business, create a suitable work environment. Individuals can designate a room devoted to medical billing and coding, away from household distractions. Like any other service-based home business, a medical billing professional might sometimes find it challenging to get his first client. However, when coming from a medical billing background, one can ask the former employer to be the client for medical billing from home. Moreover, a professional should determine how he will charge the healthcare providers he partners with – commission, per-claim fee, or an hourly fee.
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