You’ve seen the ads—“Make big money with a home-based medical billing business!” If you’re one of the millions looking for a way to make money working from home, beware. Before you shell out big money hoping to make big money fast in medical billing services, remember: if it sounds too good to be true, it probably is. But if you’re realistic, you can build a home-based medical billing services business.
Medical Billing Services Scams
Unfortunately, as with many other work-at-home schemes, many advertised offers to train for a medical billing services career are scams. According to the FTC. here are some tips for finding out if an offer is legitimate or not:
Interview previous purchasers of the medical billing services training. Because some companies have “shills” (phony references paid to give positive reviews), ask for as many references as possible, then choose from that list.
Ask established medical billing services, doctors, and medical services organizations such as The Medical Association of Billers if they have ever heard of the company offering training.
Some companies sell medical billing software along with training packages. If they sell another company’s software, talk to the software provider.
Consumer protection agencies such as the Better Business Bureau may have received complaints on the company. You can also check with the attorney general’s office in the state where the company is located.
Before signing anything, have your own attorney review the contract.
Consult an attorney, accountant, or other business advisor before signing any agreement or paying any money.[1]
What Does It Take to Succeed?
According to most reliable sources, it can be hard to start a home-based medical billing business if you’ve never worked in medical billing services before. Most people who are successful at this home-based business have worked in traditional medical billing services offices and can bring skills and contacts to their new home business. Nonetheless, anyone who is willing to learn can build their own medical billing system.
If you’d still like to give medical billing services a try, here are a few tips:
· If this is your first venture into home-based business, make sure you can set up a home office where you’ll be uninterrupted. This is a crucial part in establishing your medical billing system. One billing mistake can cost you a client.
· If you’re serious about working alone (as a medical billing services provider or in any other home-based business), learn how to make a business plan, how to budget, and how to manage your time effectively.
· Check into other legal issues such as licensing and zoning ordinances in your city.
· Consult with a tax advisor to learn about self-employment taxes and about tax strategies.
· Consider purchasing medical billing software to make you more competitive.
· Expect to spend $3000 to $5000 to get started. You’ll need not only office furniture and equipment but also coding and reference books, software, and a good computer with a reliable internet connection.[2]
· Expect to spend a lot of time marketing your new medical billing business. Ask all the health-care professionals you already know if they know anyone who needs your medical billing services. Calling and mailing letters to all the doctors in your local phone book may also net you a few leads. Be persistent but polite. And be patient. It takes time to build up a clientele in any new business.
Bottom line, you can make money at home as a medical billing services specialist, but go into it with your eyes wide open. Don’t expect to make a lot of money right away. If you’re realistic and patient, you may be able to turn your medical billing business dream into reality.
Karen Todd is a writer at 10x Marketing. For information on medical billing systems and web based medical billing software see www.AdvancedMD.com.
[1] http://featuredreports.monster.com/privacy/workathomescams/
[2] http://www.powerhomebiz.com/vol71/medical.htm
