Many people ask me to work from home with their own medical billing business. It is an area in high demand. As our population ages, more and more people see doctors more regularly. Doctors are asking for more tests and diagnosing diseases earlier. This results in a large number of medical bills being sent to insurance companies.
Commercial insurance companies, Medicare, and Medicaid all have their own individual rules and guidelines for filing these insurance claims. In 2007 all medical service providers were required to obtain their NPI numbers and present them on each claim form. Even the forms we claim have changed this year.
Insurance companies prefer to submit claims electronically, as it saves employee costs. Many doctors’ offices don’t even have computers, so they have no way of submitting their requests electronically.
In an area with so many changes, billing for insurance gets tricky at the individual provider’s office. The person who issues the invoice must be able to keep up with the changes in addition to the workload such as insurance compensation invoicing and payment tracking and be able to claim compensation according to the new rules. Doctor’s offices are very busy places and often there isn’t enough time to keep up with billing, which tends to lead to more demanding tasks.
Medical billing services are now taking over this job for doctors who can focus their office staff’s efforts on other, more pressing tasks. This is often a great relief for doctors.
A medical billing service is not distracted by other things going on in a doctor’s office and can concentrate its efforts on submitting claims, recording payments, billing patients, and tracking claim status. Many services also offer other services such as accreditation and consultancy.
Often the cost of the billing service to the provider is borne by the increased revenue generated by better tracking of claims. When the examination is not performed in an office, the doctor may lose at least 20% of his income to “lost” claims.
By starting a medical billing service, you can provide an invaluable service to many doctors. It is a field that is in high demand and requires a lot of attention to detail, and it can be a very lucrative business.