Not trying to burst anyone’s bubbles here but to dispel some of the myths of starting a medical billing business:
- The industry is oversaturated in some areas, maybe not yours but before spending alot of money on classes check it out for yourself.
- The claims of making a six-figure income in just a few months are bogus. A healthy at-home medical billing business is probably netting around $50k
- At one time you could buy a computer billing manual and software and make a little money. That was about ten years ago, today is a much different story.
- More than 80% of medical billers will fail in the first year because they did not find a client. (This is our estimate but talking with a many in the industry it is a common number)
- Doctors already have an in-house biller or already outsource. If you are new and have no experience how are you going to get the business? Remember this is their livelihood and going with someone new and untested puts their practice in jeopardy.
- At home moms who want to do this business and stay with their kid consider that this is a job that can take 12 hours a day, 7 days per week. If you are going to be successful you will need to find childcare. You must devote your full attention to this business to make it work.
- Do you love this business? Just with any other business the 40-60 hour weeks, even those weeks when you don’t make any money, can get tiresome. If you plan to do it for just the money, you may as well stop now.
This is a tough business, but at the same time there is a lot of money to be made. There have been many at-home medical billers that did quite well but unfortunatley that is a minority. Hopefully you are going into the business for the right reasons and not just for the money.