Starting a healthcare billing services company is good for people who have a passion for business in the healthcare sector and have an interest in helping both the patients and providers in streamlining the billing process. However, business owners should naturally be detail-oriented and task-focused intellectuals. Medical billing & medical coding services, therefore, are more about systems, processes and task completion is a particular manner and order that conforms to the federal regulation and the internal healthcare provider strategies. To successfully run this kind of business, one will need to equip themselves with data entry skills, management skills and knowledge of healthcare and billing industry.
Below are some steps that you may follow when you want to start your own medical company:
Plan your business
A clear and precise plan is key to the success of any entrepreneur. Some of the factors that you should consider are: what are the initial costs, who is your target audience, what amount of time will it take you to break even and lastly what name will you give to your business. Choosing a name is very important and it is advisable to always check if the name you want is found on the web domain if it is you should go ahead and secure it so that no one can ever take it.
Establishing your business entity
This prevents you from being personally liable in cases where your company is used. Depending on the type of business ownership, you should have it registered. For example, your medical billing company can be a limited liability company, a corporation, or a limited liability partnership, you should file for the right applications. This should be same when selecting a proprietorship or partnership.
Acquire the required permits and licenses
Without the acquisition of the necessary permits and licenses, there is a likelihood of you being charged with heavy fines or even closure of your business.
Arrange for training opportunities for yourself and those that you intend to work with
Most of the industry trade organizations such as the Healthcare Billing and Management Association as well as the American Medical Billing Association tend to offer training courses on the various aspects of medical billing, thus educate on Medicare and Insurance policy updates.
Gain access to the recently updated relevant Medicare guidebooks and transmittals in relation to billing and coding
There are many reasons as to why professional use billers and coders, but the main reason is to allow experts in Medicare billing to take care of the complexities for them. With the right resources, you are able to perform Medicare compliant billing where appropriate.
Make a purchase of medical billing software, if you have no intentions of billing by hand or creating your database
Majority of the software companies tend to supply equipment intended for Medicare and private insurance billing and they are often well-suited with the methods and procedures required by Medicare.
Ensure you get the ICD-9 and ICD-10 coding books
Having the acquisition of these books is always a bonus. Most companies may have software’s and online resources but with a copy in print is an advantage as you may always want to look up for something.
Make sure that you purchase the professional liability insurance
This is because you can make mistakes that may have potentially grave monetary consequences for your customers.
Lobby customers in your area
This may include group medical practitioners, home health agencies, physical therapy practitioners, clinics, psychiatrists, physician offices, psychologists amongst other well-connected health professionals who successfully run their own businesses.
However, it should be noted that medical billing can be done on either a small scale or a large scale. Starting out as a briefcase company, you can get medical billing company up and running just with a laptop, basic accounting and billing software. Additionally, being a start-up company, you may opt to narrow your focus and target particular practitioners and providers as opposed to the entire health industry.