Starting a business will take you longer than you would expect as there will be several variables and people you will need help from before you can begin business. Here are a few things to take into consideration when starting your medical billing business.
Training – Training can take months to years. With the many types of medical billing training, the pace is yours.
Insurance Enrollment – Plan on at least 12 weeks – 6 months to become enrolled with Medicaid and Medicare as a billing agent, background checks, fingerprinting and sending sample claims. Also plan to spend a few weeks to submit your EDI agreements to send claims electronically. To simplify, look for a clearinghouse to send claims electronically and plan on spending fees to enroll with them.
Business Plan – At your pace (figure up to three months) but an important step if you are going to have a successful medical billing business. You wouldn’t see an contractor build a house without a blueprint would you?
Corporation/LLC filing – While you can start out as a sole proprietorship, the corporation and LLC provide a way to separate your personal and business assets in case of a lawsuit.
Some other tasks that vary depending on your timing and follow through
- HIPAA compliance plan
- Marketing materials (brochures, website, business cards, etc.)
- Software training
- Setting up the office