How to Open & Operate a Financially Successful Medical Billing Service: With Companion CD-ROM

by Laura Gater

Overview

According to the U.S. Department of Labor s most recent statistical data, the median annual income of a professional in the medical billing industry is $29,000 and, as a business owner, you could earn even more. The healthcare industry provides 14 million jobs and it is estimated that the industry will generate 3 million new jobs by 2016, more than any other industry. If you are detail-oriented, want to be your own boss, and would like to act on the behalf of physicians all over the country, the medical billing service business could be a right fit for you.

Whether you will be operating out of your home or you are looking to buy or rent office space, this book can help you with a wealth of start-up information, from how to form and name your business to deciding if this will be a joint venture or if you would rather work solo. Valuable information on forming a Partnership, LLC, Corporation, or becoming a Sole Proprietor, the four types of business formation, is included, as well as the legal implications of each.

A complete list of all of the start-up equipment that you will need is provided, as well as a sample budgeting sheet to allow you to gauge start-up costs. You will learn about potential risks that you take in opening a medical billing service and why it is important to have business insurance.

You will find information on the operations side of running your business from filling medical billing claims to receiving payments, along with privacy information that you will need to know such as HIPPA. Included is a glossary with all of the medical billing terms that you will need in order to knowledgeably run your business, alongside a complete listing of procedural codes and a directory of insurance carriers. You will learn about each of the covered services in the medical field, along with other major medical industries such as, psychiatric, dental, durable medical equipment, and pharmacy.

This complete manual will arm you with everything you need, including sample business forms; contracts; worksheets and checklists for planning, opening, and running day-to-day operations; lists; plans and layouts; and dozens of other valuable, timesaving tools of the trade that no business owner should be without. A special chapter on the different types of billing software that you should buy is included, as well as how much it will cost you and how to set up and use the software to save time and money.

While providing detailed instruction and examples, the author leads you through every detail that will bring success. You will learn how to draw up a winning business plan (the companion CD-ROM has the actual business plan you can use in Microsoft WordTM) and about basic cost control systems, copyright and trademark issues, branding, management, legal concerns, sales and marketing techniques, and pricing formulas.

You will learn how to hire and keep a qualified professional staff, how to meet IRS requirements, how to manage and train employees, how to generate high profile public relations and publicity, and how to implement low cost internal marketing ideas. You will learn how to build your business by using low and no cost ways to satisfy customers, as well as ways to increase sales, have customers refer others to you, and thousands of great tips and useful guidelines.   The companion CD-ROM is included with the print version of this book; however is not available for download with the electronic version.  It may be obtained separately by contacting Atlantic Publishing Group at [e-mail]

Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president’s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice.  Every book has resources, contact information, and web sites of the products or companies discussed.

Product Details

ISBN-13:	9781601382801
Publisher:	Atlantic Publishing Company FL
Publication date:	03/03/2010
Pages:	288
Product dimensions:	6.00(w) x 8.90(h) x 0.80(d)

Table of Contents

Introduction 11

What is Medical Billing? 11

Chapter 1 Industry Basics and Insurance Industry Overview 17

Working With Patient Information 17

Caregories of Health Services 19

Insurance Options 22

Insurance Verification 27

Medical Ethics and Laws 28

Getting Started in the Medical Industry 28

Chapter 2 Organizations, Codes, and the Daily Duties of an MIB 33

Professional Organizations 33

Training and Certification 35

A Day in the Life of a Medical Insurance Biller 44

Claim Cycle 47

Avoiding Rejected Claims 48

Other Service Options 49

Chapter 3 Medical Billing Reference Materials/Specifics 53

Reference Materials 53

Medical Coding 54

Clearinghouses 58

Start-Up Forms Needed 61

Chapter 4 Software Choices 65

Medical Claims Billing Software 66

Coding and Reference Software 75

Labeling Software 77

Accounting Software 79

Clearinghouse Options 80

Chapter 5 Starting Your Medical Billing Business 83

Diving into the Medical Billing Biz 83

Researching Your Business Options 85

Starting Your New Business Venture 86

Trademark Registration 90

Selecting a Business Structure 91

Making a Commitment 99

Goal Setting 103

Chapter 6 Establishing a Business Plan 107

Drafting Your Business Plan 111

Creating Your Business's Financial Plan 118

Chapter 7 Financing Your New Business 123

Personal Savings and Certificates of Deposit (CDs) 124

Credit Cards 125

Obtaining a Loan to Finance Your Business 126

Equity Investments 135

Home Equity Loan 136

Chapter 8 New Business Basics 139

Work from a Home Office 139

Work from an Office Away from Home 142

Utilities 145

Business Expenses 145

Staying Organized 155

Legal Considerarions 157

Licenses and Zoning Requiremenrs 161

Chapter 9 Operations 163

Hours of Operation 163

Accounting and Bookkeeping 165

Profit Planning 171

Leading the Company 173

Chapter 10 Advertising and Marketing 175

Developing a Marketing Plan 175

Your Business Logo 177

Finding Clients 178

Direct Mail Campaigns 180

Business Cards 187

Cold Visits 188

Referrals 189

Following Up 189

Building a Web Site 192

Chapter 11 Working with Clients 199

Meeting Prospective Clients 199

Charging Your Clients Their Claim Fee 202

Assessing Clients' Needs 205

Handling Complaints 208

Chapter 12 Expanding Your Business and Hiring Staff 211

Hiring Employees 212

Training Your Employees to Serve Clients 219

Insurance Options 222

Employee Evaluations 223

Firing Employees 225

Payroll and Keeping Track of Hours 227

Respecting Everyone at Work 229

Meetings 229

Motivating Workers 231

Conclusion 235

Appendix A Sample Business Plan 237

Appendix B Abbreviations 249

Appendix C Resource Directory 261

Online Resources 261

Book Resources 263

Appendix D Insurance Directory (For Business Insurance) 265

Glossary 267

Bibliography 277

Author Biography 281

Index 283