Medical Billing Services: How To Considerably Reduce Business Expenses

More and more often small medical offices switch from traditional methods of billing and prefer using electornic medical records. Others preder the convenience of using medical billing services to take care of all work. Both methods have significant advantages over old-fashioned billing methods.

File Claims More Quickly

The conventional method of filing insurance claims creates a long delay. The claims are mailed and take days to get to their destination. Then they must be entered by a claims processor and might sit in a work stack for days or weeks more before being entered. These delays are even longer during peak filing times.

Claims transmitted through medical billing services are sent electronically through encrypted internet connections. Once transmitted, they are received instantly with no delivery delay. The claims don’t need to run through data entry and can be processed by the insurance company with little holdup. Some claims may need to be reviewed by a claims analyst, but the number of claims that need processor intervention is small.

Software Minimized Mistakes

The medical practice software used by clients of medical billing services adds error checking that allows claims to be entered more quickly. With traditional filing, if a provider forgets some basic information the claim must be sent back thus adding to the filing delay. Claims filed electronically can be checked immediately and missing information can be entered upon submission.

Since the software does the math, there is no danger of an arithmetic mistake leading to claims being delayed or denied. If the claim is denied in error then it must be appealed, and since the insurance company must review appeals, they can add more weeks to a claim’s resolution. Claims submitted through medical billing services have fewer errors so experience fewer incorrect denials.

Electronic Filing is Cheaper

Filing claims through medical billing services is generally cheaper than doing it yourself. While it may cost more than the price of postage, the method offers other savings.

Since electronic filing is done at the click of a mouse, fewer hours are spent on claim filing duties. This allows workers to focus on other tasks and offices can be run with smaller support staffs than they had in the past. And since electronic transmission doesn’t require printing out the claims, the savings on paper and printer ink can add up to a substantial amount every year.

The quick turnaround of electronic submission means faster payment. When income is delayed for weeks, medical practices have to maintain substantial financial reserves to keep expenses paid up. With faster turnaround and electronic deposits, offices can spend that money sooner and keep less money tied up in reserves.

Swift payment, fewer mistakes and lower costs make it clear that using medical billing is the only way to go for medical offices.

Marketing your Medical Billing Business – the Benefits of Selling Benefits!

SQUASHING THE MAGIC “LIST OF DOCTORS” AND FOCUSING ON THE BENEFITS OF SELLING BENEFITS

After many years in the business of Medical Billing Outsourcing, Education, Software Development and Support, I’m still surprised when I receive the, on-the-average, 1 – 2 emails per week asking if my medical billing course includes the magical “list of doctors” that other various “vendors” include. While I really hate to run through your bubble garden with my pin, I’m going to get the issue of “the list” out of the way first by telling you, the magical list of physician’s who are chomping at the bit to sign up for your medical billing services —-simply does not exist.

So now you ask, “Well, if there is no list, how am I going to obtain clients for my business?” Let me start by answering your question with a question. If you open a doughnut shop, do you expect to receive a list of doughnut eaters to solicit? Well, perhaps you could drop off a flyer at your local police station! The long and short fact of the matter is — you will need to market your business. Marketing your business, regardless of the type of business, is a necessary and vital component.

If You Build It – They Will Come.

This may have been true in the movie “Field of Dreams” and while your business may be a result of your dreams and goals – your vision, business and marketing plans need to be based upon a field of reality.

A few years ago I met a woman who, at first-glance, really seemed to have her act together. She was beginning a medical billing business. She seemed diligent in her research and making good choices for her business. She began her phone call to me by introducing herself and telling me that she was sitting in her newly constructed home-office surrounded by all the necessary equipment… phone, fax, copier, medical billing software, filing cabinets and all the little incidentals that is needed for such a business. I was listening intently and was expecting her to inform me that she was pursuing a couple of interested prospects. Instead, my jaw hit the floor when she asked, “Now, what do I do to get a client?” My left hand is raised and my right hand is positioned squarely over my heart when I say – this is a true story! Do you think that, perhaps, this should have been a concern in the planning stages of the business? Yes! Absolutely! Without a doubt! Yes!!

Planning the Marketing of a Medical Billing Business

Create a Vision

Prior to putting anything down on paper, you must ask yourself a couple of very basic questions:

1 – “What products/services will I provide?”

2 – “To whom will I be providing these products/services?”

3 – “Why are these products/services needed?”

4 – “What benefits can my clients experience by utilizing my products/services?”

As the answers are coming to you – write them down. If you don’t know the answers, you better find them somewhere and they had better sound awesome and make a whole lot of sense to you if you expect them to sound good to your prospective clients. These questions will need answers in order to plan your marketing strategy.

“Creating a vision” is always step 1 of the 7 basic steps for strategic business planning, but this article is about marketing your business so let’s focus on “creating a vision” as it relates to the marketing of your business.

Let’s assume that you are happy with your answers to the first 3 questions. The answer to Question #4 – “What benefits can my clients experience by utilizing my products/services” should be the springboard for your marketing campaign! When you have answered this question, you are ready to sell. Why?

Because B-E-N-E-F-I-T-S S-E-L-L!

MYTH: Sell Yourself. FACT: Sell Benefits

I don’t sell myself because I am flawed. Chances are good that you may have some flaws too. And besides, if I could just sell myself, why would I need a business? The fact is —benefits are what sell. I don’t care if you have the top-of-the line software, the best phone system money can buy, your eyes twinkle and your teeth sparkle when you speak —-if you cannot exude benefits in your marketing approach, you will have a hard time selling your services. We’ve all heard the line “Sell the sizzle, not the steak.”

I have an assignment for you. Millions upon millions of dollars are spent in television advertising campaigns. Grab a notebook and a pen and go watch TV. Seriously, spend a good half hour in front of your television set and just watch the commercials. This might sound funny to you but I’ll bet you come back to this article with the understanding that the millions of dollars poured into television advertising are geared toward selling benefits. Why? Because consumers buy benefits and not products. They want to know, “What’s in it for me?”

EXAMPLE COMMERCIAL: You see an attractive, nicely dressed female. Her house is spotless. Her children are well behaved. She has time for herself and is planning a family vacation. She sits comfortably in a chair looking through pamphlets of exotic locations to visit. You find yourself wanting to be like her. Not a worry in the world and planning a trip. You’re thinking that she really has it all together. And what has made this all possible? She bought “Mop N Shine!” She was able to clean her floors in half the time to a high polished shine. So now she can now focus on a vacation.

Benefits sell.

My Benefit-Selling Brochure That Doctor’s Love

This idea is no longer unique because I have been telling people about it for years now. After reading the book, “Selling Your Services,” by Robert Blythe, I sat down and come up with an idea for a brochure for my medical billing business based upon the stereotype that all physician’s golf. On the front of the brochure was a picture of a happy golfer. The caption below it read, “Let Me Improve Your Golf Score!” As a medical billing business owner, how was I going to do that?

Upon reading the contents of the brochure, my prospective client would learn that I would handle his billing and in doing so would cut down or eliminate the problems within his office, turnover, increase collections, provide him with peace of mind, allowing him to get away from the office earlier to hit the golf course and work on his golf skills.

Did I get clients from this brochure? Yes, I did! Oftentimes, the office staff didn’t even look at the inside of the brochure before handing it to the physician. I had several physicians who would be laughing as I answered the phone and I would know that they were holding my “Golf Brochure.” I even had a chiropractor call and tell me that he wanted to use my services just because he thought the brochure was brilliant.

Get creative and have fun with your marketing! Definitely have a plan and sell the benefits of your services!

Medical Billing Training – Easy Guide To A Work-At-Home Medical Billing Business

Today the health care industry has expanded in such a way that medical office workers are overloaded. Because of this doctors have to outsource their billing work to independent medical billing and coding professionals who work from home. If you’ve thought about starting up a medical billing business at home, here are some tips to help you start up a work at home business.

First of all, operating a business from home takes concentration, self-discipline and a positive attitude. You’ll want to set aside specific hours for work. You’ll need to get rid of any distractions. You’ll be wearing many hats including the medical billing and coding work you do for your clients, marketing your business to gain more clients, doing your bookkeeping or arranging for a bookkeeper and invoicing your clients. Eventually you may need to hire some employees.

You’ll need to get medical billing training of course. There are quite a few training programs available for you to choose from. You can earn a certificate or a degree. You can learn online from a program or course or from an online school or on a campus. You will need to check these out very carefully before you commit. Check with the Better Business Bureau. If online try to find out if there are any complaints about the company on the Internet. Make sure you read the fine print thoroughly and completely understand any contract you sign. Question anything you don’t understand.

You will want to try to get some hands-on or job experience. Medical billers and coders are responsible for how and when doctors get paid by the insurance companies. Because of this you’re more likely to gain some good clients once you get some on-the-job experience. If you can get a job in a doctor’s or medical office for six months or so it will greatly help you ease your way into a work-at-home business.

Check with your state licensing divisions and tax agencies to find out what state and local licenses you’ll need.

Once you open your doors for business you can plan on earning an average of ,000 per year for each doctor client. This statistic comes from the Electronic Medical Network of America.

If possible, set aside 00 to 00 to start up your home-based business. You’ll need medical billing software, office equipment, a computer and hardware, office supplies, licensing fees, business cards and fliers and possibly mailing costs for initial mailings to doctors and medical offices.

Before you start up your business, make sure your local market is not already saturated. The EMBNA reports that for every 1,000 doctors in your region, two or three may be looking for your services. Check the yellow pages in your phone book to see how many medical billing services you see under the “Billing” or “Insurance Claim Specialists”. You’ll want to get a rough idea of how much competition you’ll have.

Once you get up and running you’ll need to start marketing your business. You may want to start with fliers or letter mail outs to local doctors and medical offices. Network, network, network. Consider joining professional organizations, medical organizations and any organization that has a good concentration of health professionals. Join your local Chamber of Commerce if you have one. And finally make sure to mail out press releases to the business section of your local newspapers announcing your medical billing business.

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Medical Billing from Home – A Legitimate Business Opportunity?

Are you looking for a home-based business opportunity in which you can not only earn a living but also make a different in the process? If so, consider medical billing.

Perhaps you’ve seen television spots advertising medical billing opportunities and have questioned whether they are “for real.” After all, what exactly is medical billing? And is it really possible to earn a living by starting a home-based medical billing business?

There is no doubt that healthcare is a booming industry in developed countries throughout the world. And while many people automatically imagine that that a career in this field requires years of medical schooling, advanced degrees, and 16-hour work days, the fact is that the industry offers unique opportunities for people just like you to earn an income while working from the comfort of their own homes.

So what exactly is medical billing? Quite simply, it is a service that helps doctors get paid. According to Entrepreneur, “most doctors and other health-care providers have no idea how to get themselves paid quickly and efficiently, if at all, by either insurers or patients who are also waiting for that check to arrive in the mail.”

You see, in medical school, while physicians-in-training learn the intricacies of modern medicine, they do not learn the science of effectively running a business, which involves billing and receiving payment for services rendered. Medical billing services are the supports that allow doctors and healthcare providers to get paid so they can continue to do their jobs.

In fact, because of their value within the medical profession, medical billing businesses have won a spot in the top three work-from-home business opportunities.

Are you ready to jump on board?

WHY A MEDICAL BILLING BUSINESS?

One of the best aspects of owning your own medical billing business is that you have options. You can choose whether you want to service one medical specialty – such as pediatrics – or many. Additionally, you can target healthcare provider groups, nursing homes, medical device manufacturers, and more.

Let’s take a look at the basics that are required to start a successful home-based medical billing business.

As Entrepreneur points out, start-up costs for a medical billing business are relatively low, making this type of opportunity ideal for individuals who do not wish to make a hefty initial investment. Additionally, inventory requirements are also minimal, making the business easy to operate from your home. Entrepreneur has compiled the following list of everything you will need to launch your own medical billing business.

* Computer system with a modem and a printer

* Fax machine

* Medical billing software and/or business opportunity fee

* Clearinghouse

* Reference materials

* CMS 1500 forms (previously known as an HCFA 1500 form)*

* Phone

* Voice mail or answering machine

* Stationary and office supplies

* Postage

*A CMS 1500 form is simply a billing form maintained by the National Uniform Billing Committee.

The low start-up costs coupled with this limited inventory make it easy to see why medical billing from home is growing in popularity among entrepreneurs.

Medical Billing Software: The Most Important Tool for Your Business

Once you’ve decided to start a home-based medical billing business, you will need to purchase appropriate computer program to manage your business.

Many people will tell you that selecting the right software is one of the most important business decisions you will make, as your software will serve as the core of all your business operations. While it is true that the program you select is vital, there are alternatives available that are internet-based and require no software installation at all.

USA FOR HEALTHCLAIMS

This comprehensive business opportunity is a medical billing service business – and more. In fact, USA for Healthclaims is a full-service marketing firm. What does this mean for you? It means that not only does the company provide the software that you need to run your business, but it also helps you market your services to medical professionals.

When you begin with USA for Healthclaims, the company will actually provide you with the names, addresses, and phone numbers of up to 250 potential clients in your area. However, you are not limited to servicing healthcare providers only in your area, and with USA for Healthclaims, you can process claims for clients anywhere in the country.

This is truly a unique business opportunity, providing great income potential as well as the ability to work from home. For more information on how you can join this growing industry, click here.

AMERICAN BILLING SYSTEMS, INC.

American Billing Systems is more than a home-based business opportunity. It is an anywhere-based business opportunity. That’s right. With American Billing Systems, you can carry out your business from any location; all you need is a computer and an Internet connection.

The reason is that American Billing Systems does not offer medical billing software; rather, it offers an Application Service Provider (ASP) which allows you to process claims 24 hours a day, 7 days a week from any Internet-connected computer.

Additionally, because of this unique feature, you have the option of allowing doctors’ staff to have limited access to patient records. The benefit of this is that the staff can enter claims directly from their offices. Then, all you need to do is process the claims from the comfort of your own home – or from an Internet cafe anywhere in the world!

If you’d like to receive more information on American Billing Systems, simply click here and fill out the information request form.

As the healthcare industry continues to grow, healthcare providers will continue to need topnotch medical billing services. Get started today, and become a part of this exciting industry.

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Medical Billing As A “Work From Home Job” Vs. “Business Ownership”

Medical Billing as a “JOB-Working from home” Vs. “Business Ownership”

As someone who is very involved in the industry today, and follows all news and forums related to the medical billing industry, one constant question seems to continuously come up… “I have completed a course in medical billing and/or coding and I cannot seem to find a job.” Or I hear/see someone saying they have taken or want to take a course in medical billing and then work from home.  Let’s take a realistic look of the probability and job market of a position as a work at home employee for a medical practice.

In today’s economy the unemployment rate is soaring. Businesses in general are making cut-backs in staff, salaries and benefits. Healthcare providers have been feeling these economic crunches for years with cut-backs in Medicare, Medicaid and other insurance carriers. The healthcare crisis in the U.S has been a long-standing issue among providers for quite some time. What benefits will a physician see by hiring someone (as employee) to oversee their revenue and cash-flow? NONE. In fact it will cost the provider MORE and here is why:

Taxes – As an employer, the physician is still libel to pay both state and federal income tax Software/Business Supplies, Equipment – your employer (physician/provider) will be responsible for all equipment/supplies, such as computer, practice management software, internet connection, claim forms, coding books, postage, envelopes, phone lines and fax line. As your “Employer” he/she must legally own these supplies/equipment Liability & Accountability – When you go to work in an office there is a procedure in place, whether it’s punching a clock or just beginning your day at the place of your employment. Asking an employer to just “trust” that you will be there for the hours you are being paid for is asking for instant trust/faith. Add to that the liability that comes with the duties of a medical biller and patient privacy along with HIPAA rules and regulations and you have an employer who has now doubled his liability with someone NOT working within his office. In turn the employer (provider) needs to have additional insurance to protect themselves from errors & omissions. Continued education – This is an ever-changing industry with constant requirements for keeping up on both state and federal mandates in a highly regulated industry. As an employer, he/she would be responsible for such things as seminar attendance, continued education and certification up-keep, coding books, publications, etc.

Now, let’s take another approach and examine the benefits a provider/physician would see if they were to hire a “Third Party Billing Company”:

Everything above that was noted as being the reasons why a physician would NOT hire an employee to work from home…becomes MOOT.

As a business owner you would be responsible for all of the above items.

We cannot say there are NO work-at-home positions out there, because that wouldn’t be honest. But realistically the provider / physician who has an employee working from home MOST LIKELY:

Has a history and good standing with the employee Has extenuating circumstances behind the reasons for allowing the employee to work at home

The fact of the matter is that these circumstances are few and far between.

What’s in it for me if I did start my own business?

GOOD Question, let’s now discuss the BENEFITS of being your OWN business, benefits that are not only for YOU as a business owner, but your “CLIENT” the healthcare provider by reducing his overhead costs, increasing his revenue, and at the same time MAKING YOU MONEY!

Make your own hours – This is probably one of the best perks to being in business for yourself. You can take on as many clients as you want in order to maintain the hours you want to work, what’s better is that you can arrange your schedule around another job, a hobby, or your family. Be your own Boss – Who wouldn’t want to be their own boss? Enough said on that top topic! Set your own Goals – Whether you want to supplement a spouse’s income or grow your business, you get to decide this. If your goal is to be a single business owner/operation you can plan to take only as many clients as you want. If you want to grow your business to create more free time for yourself you can do that as well. Create your own Salary – Another great perk… you decide how much you want to make. You create your fees according to what you want to make and also keeping in mind your competitive market. Creative Freedom – I love this one. A medical billing clerk that works a 40 hour week usually does the same thing day in and day out. As a business owner you can be creative with your job description and the services your business will offer. To be competitive you can offer other services to healthcare providers that ultimately result in an increase in revenue for both YOURSELF and YOUR CLIENT! There are so many additional services a billing company can offer that will not only profit the healthcare provider but provide additional revenue and job stability to the business owner! Security/Stability – This perk will depend on YOU. If you create a goal and a good business plan for success and you maintain a good reputation with your clients, you will have security and along with security you will create the sense of accomplishment most successful business owners strive for. There will always be a need for doctors, people will always be sick and need medical care and with that you can build the success of your business around those securities.

To start your own business you need to first be committed, goal oriented, creative and yes there has to be start-up funds. The success of your business will be what you want out of it and what you put into it.

Now let’s be realistic. One thing I pride myself on is my honesty, pride, and integrity for this industry. It’s one of the reasons I wanted to write this MUCH needed article to hopefully shed some light on the truth behind some of those ad’s that advertise you can make money from home in your pj’s just as soon as you purchase their package! Does that mean all business opportunity packages are bad? No, not at all. A business opportunity can be exactly that… an “Opportunity” to be your own business and it can be profitable The key is to choose the right solution for you, and then going after your goal. Research is vital. Being realistic, and understanding how this business works FIRST is very important and hopefully we have dispelled one of the biggest misconceptions.

This is a great time to start a medical billing company!

I don’t consider myself an expert on economic or political issues; however I have taken an extreme interest in today’s politics given the economic situation we are in.

In the past several months I have spoken with many providers who are feeling the crunch of the economy, many of them cannot afford to add staff and some are now considering outsourced solutions, we are seeing an economic trend like we did in the late 80’s and early 90’s when the home based business market was booming. Its different this time, our overall economy is in danger; the healthcare industry is a mess as it’s been for years, but yet… IT REALLY IS A GREAT TIME TO BE A MEDICAL BILLING COMPANY!

By Linda Walker
Copyright 2009 All rights Reserved, article may not be reprinted w/out express written permission
to link to the article directly, use this URL: http://www.billerswebsite.comjobsvsbiz.htm

The Medical Billing Business Investment: are you Realistic?

You love to go boating and you’ve always wanted your very own boat. After careful consideration, you decide on a 32 foot SeaRay, a very nice cruiser that will sleep 6 comfortably and pull a couple of skiers on the back. Along comes a hot weekend and you are excited about taking your boat to the lake (where you will dock it for the summer months). You slap a hitch on the back of your 2001 Volkswagon Beetle and you are able to pull it down the road, about a mile, before the transmission fails and the back of the beetle falls apart. Now you have a vehicle that requires repair and a boat that you cannot get into the water. You’re pretty much dead in the water until you get real about what it will take to efficiently carry your boat.

Had you invested realistically in a 32-valve 6.0-liter Power Stroke® diesel engine and TorqShift® transmission available on the Ford F-250 through F-550 pickups and chassis cab which produces horsepower of 325 at 3,300 rpm and 560 foot-pounds of torque at 2,000 rpm, you would have been “good-to-go” from the very beginning.

No, this article is not about boats and trucks that can pull them.

I am using an analogy to illustrate a point that is so oftentimes missed when people decide to enter into Medical Billing Business ownership. You simply cannot put the “boat before the horse.” The power of the horse (business/software decisions) is vital to pulling and supporting the boat (the business itself).

Scam Operations and Those Software Resellers Who Perpetuate the “Lie”

Why are there so many people who believe that they need not invest any more than 0 into a Medical Billing Business, which provides services to professionals and can produce a 6 figure income? Simple. There are enough scam operations and software resellers in this industry who stand to profit from your 0 who couldn’t care less if you succeed. Their focus is on your 0 and this is how the “lie” is perpetuated — it is up to you whether or not to believe it. Upon performing due diligence in the research of what it takes to begin and successfully operate a Medical Billing Business, you should be able to clearly see the “lie” for what it is.

A Realistic Investment

So what is a realistic investment for such a business? I have always maintained that your investment needs to be proportionate to your expected return! What kind of monetary return can you expect from a 0 investment? Is there someone out there who is going to give you a brand new 2007 Ford F250 in exchange for your 2001 broken down VW Beetle with a failed transmission? Certainly not! You could keep putting money into your VW Beetle and each time it has been fully repaired, carry the boat down the road for another mile, but how much sense would that make? Wouldn’t you eventually end up spending more than if you would have simply done it right the first time around? Yes, you would — and you would eventually reach the point of diminished return.

Your Medical Billing/Practice Management Software Choice

There are Medical Billing Forums all over the place and on many of these forums, individuals will ask about “medical billing/practice management” software programs that can be used in a medical billing business setting. I cringe every time the responder eludes that “software doesn’t matter” or advises the reader “not to spend too much on software.” What? If you see this type of response, take a look around and see if the forum is an extension of a web presence which is selling “inexpensive” software programs. Try to determine what the responder may be getting out of providing such irresponsible advice!

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Medical Billing Services Enable you to Concentrate on Your Core Business Competency

We know that a smart company concentrates on its core business competency and leaves other tasks to those with specific expertise. Medical billing companies are here to help you do just that. They help you with the hectic tasks of billing and follow-up functions, thus enable you to focus on your key business. Medical billing has recorded the fastest growth in health care sector and the demand for skilled medical billing specialist is rising with each passing day. Medical billing is either handled by the physician himself and his staff and sometimes by a third party. Third party refers to an independent contractor or company that specializes in handling medical billing.

Medical billing commonly refers to the process of collecting fees for medical services. The primary aim of medical billing is to make sure that the provider gets fair payment for the services rendered by him. All the payments should clearly reflect the services performed and should be accepted within a proper time frame.

Medical billing is a complex process that involves preparation, submission along with follow up on insurance claims. Nowadays there are several medical billing companies that offer their services to physicians, groups, clinics, hospitals, health care facilities and insurance companies.

If you are looking for an efficient and reliable medical billing company then just a quick online search will reveal several names but you need to choose the one that posses highly trained billing specialist to carry out your billing procedures in a smooth manner. As a part of their services they will also look after your insurance details and medical coding process.

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