What you need to know about medical billing and coding as a business or career
The need for medical and health technical records, such as medical billing and coding jobs , is expected to grow 15% between 2014 and 2024, according to the Bureau of Labor Statistics, making it a viable business option for the home. The medical records specialist earns an average salary of $ 35,900 per year, which is not bad for a profession that requires little education or training.
Medical billing and coding lends itself well to working at home, and many in the medical billing profession have been able to do just that, either by establishing a home-based business and working for themselves with freelance physicians as their clients, or by working from home. In medical billing jobs with large healthcare companies that electronically make and track medical billing work assignments.
Medical Billing Services and coding professionals can also be hired by insurance companies, pharmacies and related companies, and even the government for their expertise.
Advantages of medical billing and coding
- It can be done from home as a business or telecommuting job.
- Healthcare is a trillion dollar industry that is always in need.
- Help with billing and coding continues to grow as healthcare facilities and workers move toward electronic billing and filing.
- Doctors are happy to outsource medical billing to free them up and do what they do best, provide services.
Cons of medical billing and coding
- It can be difficult to enter the industry as most health and medical centers have one source for medical billing and record keeping.
- Most job sources will want you to be certified as a medical issuer and / or coder.
- There are medical billing job and certification scams to watch out for.
Skills required for medical billing and coding
Currently, there are no established educational standards for the medical billing profession.
Many employers offering home medical billing jobs seek some level of formal medical billing and coding training through an accredited vocational or professional school, along with actual experience in a medical billing office. Accredited formal programs can take from as little as nine months to as long as two years or more and can also offer career placement assistance.
Educational Requirements for Coding and Medical Billing Professionals
Medical billing requires a fairly solid knowledge of medical terminology, anatomy, knowledge of how to correctly fill out various forms, and industry coding for medical procedures. If you don’t have that kind of experience, you can take a course and get certified as a medical issuer and coder. You just need to make sure you choose a reputable program.
Medical billing expert Paul G. Hackett says that “nearly 80% of people end up choosing the wrong types of online medical billing courses.” He also advises that there are only seven medical billing training topics to look for before enrolling in any medical billing training program. He calls these his “essential” medical billing that every medical billing training program should have.
In addition to knowing what to look for when you’re researching coding and medical billing training programs, you also need to know what to avoid. Medical billing training expert Paul G. Hackett believes that by learning what to avoid before signing up for a medical billing program it is easier to remember that you know what to look for when shopping for a medical billing study program online.
Unfortunately, due to the growing popularity of medical billing businesses and because it logically makes sense for a medical billing career to be one with great work-from-home opportunities, the industry is fraught with scams like “You can earn $ 50,000 + Claims Processing doctors “. From home. No experience is necessary!
Scams to try to get you to purchase training, software, marketing materials, and doctor lists are also rife. Also, some medical billing software scams try to sweeten their offerings with discounted clearinghouse services if you buy medical billing software from them. Any of these scams can cause you to part with your hard-earned money and waste time establishing yourself in the medical billing and coding profession.
Other skills required include a high level of computer skills and a typing speed of at least 35 words per minute, as well as good customer service skills for dealing with patients who may be under stress, doctor and hospital billing staff, and other medical staff.
Medical billing as work at home
Medical billing professionals can generally work independently of their home as medical billing software can easily facilitate electronic billing of patients, health insurers, and government health agencies such as Medicaid and Medicare through their home computers. However, most of these opportunities are only for experienced medical billing professionals.
Medical Billing as a Home Business
A home medical billing or medical coding business could have great potential for success and has been growing in popularity. One reason for this growth is the wide availability of online medical billing training and medical billing software, as well as the increased need to transfer medical records to digital form.
Like any home-based business , starting a home-based medical billing and coding business is much easier if you already have some experience in medical billing on your credit and have received full training before deciding to go it alone. Additionally, you will have gained a few contacts during your medical billing to help you establish your customer base. Other things you need for medical billing or a home business include:
- A business license. Check with your local Chamber of Commerce and your state officials for licensing requirements.
- A computer, printer and fax, as well as accounting and billing software and fast internet connection
- Medical coding and billing software, ranging from $ 500 to several thousand dollars. Much of this should be geared toward processing HCFA 1500, the standard claim form used by health plans.
- Coding and medical billing reference books. The recommended ones are the ICD-10, CPT and HCPCS Expert 2000, plus the CDT-3 for dentists.
Marketing Your Home Medical Billing Business
Like any service-based home business, getting your first customers can be your biggest challenge. If it comes from a medical billing history, you can ask your previous employer to be a client or network with people you know in the industry to find work. Visiting or calling local doctor’s offices, clinics, and hospitals can be another way to find work. Don’t forget that many mental health professionals also need billing and coding services.
Medical billing clearinghouses
An electronic medical billing clearinghouse acts as an intermediary that takes the electronic medical claims information and then submits it electronically to the insurance companies with the medical clearinghouse contracts. However, many of those who run medical billing businesses do not take advantage of this time savings in their medical billing and coding practices.