A Popular Home-Based Business
Medical billing services are probably one of the most popular business opportunities being publicized to the home business market. There are pluses and minuses about this type of business. Since the investment is usually around $450 - $500 the company should be checked out thoroughly before investing in their software. It is good if the company doesn't make any outlandish earnings claims; that is how so many medical billing software companies got into trouble with the Federal Trade Commission in the past.
There is indeed a great need by doctors for this service for several reasons. First, about 10 or 12 years ago federal law began requiring doctors to submit claims for Medicare reimbursements on behalf of their Medicare patients. Many doctor's offices were not (and continue not to be) furnished with either the computer equipment or the personnel to devote the time to doing the medical billing in this manner. It is also cheaper for the doctors' office to contract out the medical billing portion rather than hire staff to handle it in house. The increase in HMO's and PPO's also has increased the need for this type of service.
Traditional doctors are not the only ones who need the service; dentists, therapists of all kinds, and optometrists are also potential clients.
The downside of the business is that like any new business, it takes time to market your services to new clients. Doctor's offices are traditionally extremely busy and probably receive numerous mailings and phone calls about hiring contractors for this service. You will need to make yourself stand out from the crowd.
So, how do you choose which company to go with for learning about Medical Billing? Check it out. Here's how. First, go to the Federal Trade Commission's web site at www.ftc.gov and look for their page on business scams. See if the company you're interested in is listed. Look at the reasons the FTC is citing other medical billing software companies.
Second, call you State's Attorneys General Office (may be called Consumer Affairs), and ask if they have a file on the company. If both of these check out all right, call the company and ask for references from people who have 6 months or more experience with the software and the company. Call those references and ask them not only how it is going for them but what they don't like about it. Does the company follow through with its claims?
If it all checks out and your intuition tells you it is the right one for you, make sure your expectations are in line with the reality of what kind of income you can expect and how quickly you can start realizing that income. It also wouldn't hurt to call your own physician, dentist, optometrist, etc. and ask if they are currently using a contractor to do their medical claims billing. If not, would they consider doing so. If they are currently using a service, are they happy with it.
As with any new business, it may take you anywhere from 1-3 years before you begin realizing any real profit.
