Medical billing and coding is a lucrative industry. And now that the healthcare industry is becoming larger and more complex, healthcare providers, both public and private companies, are seeking ways to save money on their healthcare costs. The most efficient way of doing this is to contract out the management of their healthcare accounts, and let a medical bill review company manage, process, and ensure payment of claims.
If your mind has started calculating the numbers, I do not blame you. The industry is incredibly lucrative and all you really need are a couple of small accounts ($500,ooo each) to live a financial comfortable life. A team of three professionals can all support themselves with these types of contracts and keep the going initially. Once your reputation has been established, you can start to go after larger clients. And best of all, you can keep your overhead low by working out of your home, instead of getting an expensive office space.
This all sounds good in theory, but it if you lack experience you are probably going to fail. It might should harsh, but it is true. You need real world experience processing medical claims and understanding the entire claims process. Even if you are not the most gifted medical biller, there are other positions you can fill that can be just as valuable as processing the actual claims.
One of those positions is the head sales person position. The life blood of any business is revenues, which is why it is important to have a sales person on your team to bring in business. Her focus should be to bring in enough contracts to keep the business thriving and moving forward.
The next step is actually managing the accounts. Every medical claim that comes through your office needs to be meticulously scrutinized. The most important thing to pay attention to is the bill the provider (the doctor, hospital, clinic, etc.) is charging the insurance company for its services. To make sure that they are charging the right prices, you need to refer the fee schedule and make sure it is correct. You will be able to catch all types of errors and save your clients money.
So to get a medical billing company started, you need to fill three positions on your team; a sales person, medical biller, and an account manager. You can fill each position yourself and have your home office be your home base or partner with other billing professionals with complementary skills.
