How to Open & Operate a Financially Successful Medical Billing Service

by Gater, Laura Louise

• ISBN13: 9781601382801
• ISBN10: 1601382804
• Edition: CD
• Format: Paperback
• Copyright: 2010-05-30
• Publisher: Atlantic Pub Co

Summary

In today's transformed health care climate, Americans want the bottom line when it comes to employment and job creation. And thanks to health insurance reform, the changing health care infrastructure will create new jobs within the industry, jumping an estimated 3 million by 2016. The annual income of a professional in the medical billing market is $29,000, according to the U.S. Department of-Labor, and being a business owner in this industry could earn you even more. If you are detail-oriented and want to be your own boss, acting on the behalf of physicians around the country, the medical billing service business could be a right fit.

Table of Contents

Introduction	p. 11
What is Medical Billing?	p. 11
Industry Basics and Insurance Industry Overview	p. 17
Working With Patient Information	p. 17
Caregories of Health Services	p. 19
Insurance Options	p. 22
Insurance Verification	p. 27
Medical Ethics and Laws	p. 28
Getting Started in the Medical Industry	p. 28
Organizations, Codes, and the Daily Duties of an MIB	p. 33
Professional Organizations	p. 33
Training and Certification	p. 35
A Day in the Life of a Medical Insurance Biller	p. 44
Claim Cycle	p. 47
Avoiding Rejected Claims	p. 48
Other Service Options	p. 49
Medical Billing Reference Materials/Specifics	p. 53
Reference Materials	p. 53
Medical Coding	p. 54
Clearinghouses	p. 58
Start-Up Forms Needed	p. 61
Software Choices	p. 65
Medical Claims Billing Software	p. 66
Coding and Reference Software	p. 75
Labeling Software	p. 77
Accounting Software	p. 79
Clearinghouse Options	p. 80
Starting Your Medical Billing Business	p. 83
Diving into the Medical Billing Biz	p. 83
Researching Your Business Options	p. 85
Starting Your New Business Venture	p. 86
Trademark Registration	p. 90
Selecting a Business Structure	p. 91
Making a Commitment	p. 99
Goal Setting	p. 103
Establishing a Business Plan	p. 107
Drafting Your Business Plan	p. 111
Creating Your Business's Financial Plan	p. 118
Financing Your New Business	p. 123
Personal Savings and Certificates of Deposit (CDs)	p. 124
Credit Cards	p. 125
Obtaining a Loan to Finance Your Business	p. 126
Equity Investments	p. 135
Home Equity Loan	p. 136
New Business Basics	p. 139
Work from a Home Office	p. 139
Work from an Office Away from Home	p. 142
Utilities	p. 145
Business Expenses	p. 145
Staying Organized	p. 155
Legal Considerarions	p. 157
Licenses and Zoning Requiremenrs	p. 161
Operations	p. 163
Hours of Operation	p. 163
Accounting and Bookkeeping	p. 165
Profit Planning	p. 171
Leading the Company	p. 173
Advertising and Marketing	p. 175
Developing a Marketing Plan	p. 175
Your Business Logo	p. 177
Finding Clients	p. 178
Direct Mail Campaigns	p. 180
Business Cards	p. 187
Cold Visits	p. 188
Referrals	p. 189
Following Up	p. 189
Building a Web Site	p. 192
Working with Clients	p. 199
Meeting Prospective Clients	p. 199
Charging Your Clients Their Claim Fee	p. 202
Assessing Clients' Needs	p. 205
Handling Complaints	p. 208
Expanding Your Business and Hiring Staff	p. 211
Hiring Employees	p. 212
Training Your Employees to Serve Clients	p. 219
Insurance Options	p. 222
Employee Evaluations	p. 223
Firing Employees	p. 225
Payroll and Keeping Track of Hours	p. 227
Respecting Everyone at Work	p. 229
Meetings	p. 229
Motivating Workers	p. 231
Conclusion	p. 235
Sample Business Plan	p. 237
Abbreviations	p. 249
Resource Directory	p. 261
Online Resources	p. 261
Book Resources	p. 263
Insurance Directory (For Business Insurance)	p. 265
Glossary	p. 267
Bibliography	p. 277
Author Biography	p. 281
Index	p. 283
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