Medical Billing and Claims

Posted by | January 9, 2014 | Home Business Ideas

INTRODUCTION:

Home based medical billing services are one of the fastest growing opportunities. Medical billers work for doctors, dentists, hospitals, and other medical care services. The main duty of a medical biller is to process insurance claims to Medicare, Medicaid and other insurance companies. Medical claims assistance, (CAPs), are hired by patients to help them handle a variety of billing and insurance tasks. CAPs also verify bills, handle billing errors and monitors co-payments.

KNOWLEDGE, SKILLS AND ABILITIES:

Medical billing and claims requires knowledge of the regulations and guidelines of the health care and insurance industry, including Medicare and Medicaid. You must also be familiar with the coding system that is used by doctors and private insurance companies. It also helps if you are familiar with medical billing software, that is sometimes required by certain hospitals and doctors.

FINDING CUSTOMERS:

The best place to find business is the most obvious! Network with your own medical care professionals! Your personal pediatrician, dentist, chiropractor or general practitioner are usually the best sources for gaining potential customers. In fact, personal doctors are usually a new medical billers first customers! Cold calling is another excellent source of customers because doctors are extremely busy and usually do not have the time to hire and train new staff. They may appreciate a call from an experienced Medical Biller or Claims Processor.

START UP COSTS:

You may need to invest in a medical billing software program in order to process claims. You will also need professional business cards, brochures and letterhead to complete your marketing campaign.

EARNINGS POTENTIAL:

Medical billing services usually charge by the hour with fees ranging from $10 to $50 per hour, depending on your skills and the variety of services that you are offering. Many medical billers that charge higher fees also offer doctors management and patient follow-ups. Claims assistance professional usually charge a fixed monthly or annual fee to handle all medical claims for an individual or family. (Usually ranging from $200 to $500 per year.) Depending on the number of clients that you represent, your gross profits should total around $30,000 to $60,000 per year.

GETTING STARTED:

If you do not have experience in the medical field, try taking a few courses at a community college in your area. Many are now offering classes on medical billing and claims processing and are convenient and inexpensive. Also, check with your own medical care providers to find out if they are in need of office help.

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