Getting Started in the Medical Billing Business

Here are some beginning steps you will need to take when getting started:

• Miscellaneous research
• Courses and/or Training
• Fictitious business name filing (DBA)
• Business license (check with your city and town)
• Opening business bank account
• Extra phone and fax lines
• Business cards and stationery
• Medical billing software
• Coding books and/or software and general billing reference books
• Medicare/Medicaid billing manuals/subscriptions
• Claim forms and patient statements w/envelopes
• Miscellaneous office supplies (including postage on a regular basis for marketing)
• Clearinghouse sign up (check with your software vendor)
• Industry publication subscriptions
• Medicare/Medicaid/other seminars
• Miscellaneous office equipment (fax machine, printer, etc.)
• Miscellaneous software (word processing, presentation, bookkeeping, etc)
• Business insurance
• Consultations with an attorney and accountant
• OIG (Office of Inspector General) Compliance Program
• Create marketing materials, contracts, advertising programs, etc.

Overall it costs an average of $500 and up for a (good) medical billing software program. Depending on what you currently have available to you, the above list can reach over $3,000 in additional investments or more! So you will need to evaluate your budget to determine the best routes for you to take. You have two choices: you can go it alone, or you can buy into a business opportunity company. A business opportunity company will provide you with the many things which you will need to start your own business (not everything though), including the software, marketing support, training, and technical support to just name of few. Please be aware however, there are very few business opportunity companies who can deliver all of this successfully!

Take your time, and complete your research of this industry before making any decisions! This business, like many others, is not for everyone! It takes a lot of hard work, dedication, persistence, and most of all patience to succeed in owning and operating your own company. This is a fact, in any business you may chose to enter!

Before spending a dime on anything, be sure to talk to other users and billing centers who have either gone through the program, or have utilized the software...first! Thanks to the Internet, researching and networking can be done quickly and effectively. Participate in one or more of the many medical billing forums that are available to you.  You will often run across conflicting opinions on a software company or vendor, however, the final vote is your own and you should therefore do your research wisely!

We strongly recommend that you contact your local SBA and SCORE chapters to set up a free consultation. This is a very valuable resource to anyone who is contemplating starting a small business! We also suggest that you consult with an attorney and an accountant, often this can be arranged for free.

ChiliMBS

Success seems to be largely a matter of hanging on after others have let go." 
-- William Feather 

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Revised: November 02, 2006