A medical billing service is a very dynamic and sensitive business that is doctor’s key for getting paid. Majority of the doctors and other health-care providers do not know much about how to get paid quickly and efficiently either by insurers or patients who wait check to arrive from insurers. Private and government-administered insurance companies conspired to make medical reimbursements very complex. A billing expert serves to dramatically increase the immediate revenue of the doctor. The biller electronically transmits the insurance claims directly to the insurance company. The medicare offers priority to the claims which are submitted electronically. Those claims which are received online are paid in 10 to 14 days. In contrast, the paper claims are paid for at least 27 days.
Your target market in this business comprises of the clients that you are targeting and it can be as varied as the modern medicine. You can also target family practitioners and providers of every specialty including geriatrics, osteopaths, obstetricians, paediatrics, chiropractors, oncologists, proctologists and podiatrists. You can also aim at mental health professionals, psychiatrists and psychologists. You can also cover the group that do not involve with medicine directly such as dentists, ambulance services, pharmacists, social workers, nursing homes, home-health practitioners, medical equipment provider and bionic body parts provider.
You will require a Computer system with modem and printer, Fax machine, Medical billing Software,
Clearing house and Reference materials. Your medical billing software should include billing/patient accounting programs. The packages range from $500 to $10,000. The different packages have the different capabilities. You can purchase complete business opportunity package that includes lead generation, marketing help, seminars, and technical support. You will also need to bear the costs of
Clearinghouse. The clearinghouse costs vary radically and you should allocate in the range from zero to $300 for membership fees.
You need to complete a vast range of activities such as entering your patient information and adding new insurance carriers to your database continually, Entering CPT and ICD-9 codes from the superbills and day sheets, Transmit electronic claims, Receive the audit report and review it for correcting errors, Post payments to each patient’s account, Call insurance carriers for checking the status and other works.
