First Steps To Setting Up A Medical Billing And Coding Business

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Outsourcing that had began with the IT sector has spread its tentacles to other businesses also

, and it makes sense, because it helps businesses to get rid of flab (read, Costs) and boost profitability. The new entrant in outsourcing is 'Medical Billing'. There is a plethora of medical insurance policies out there which have not only confused the individuals looking for health insurance but has also created some issues for doctors and hospitals as well. One of them being the increasing amount of paper work needed to file claims and accompanying it the frequency and the quantity of errors. Hence, if you could offer a solution for medical billing concerns of doctors, you can create a lucrative business.

This is how medical billing process works - you obtain the billing information from the medical practice and feed the data manually in a tailor-made software program. Next, you submit the data via the internet to the health insurance company and receive and/or follow-up to collect payment from them. If needed, some coaxing has to be used to collect payments from non-paying patients. As a final step, reports have to be prepared and sent to the client. Answering all billing related queries from patients is also your responsibility.

How to begin?

The medical billing business needs specialized knowledge and skills and hence, to get knowledgeable about various intricacies and billing process, it may make sense to enroll in a local institution that provides the necessary education and training to make you ready for business. Following are a few things that you need to be proficient in:

* Understand basic medical terminology

* Understand insurance claim's lifecycle

* Basic claims process for medical insurance and third party reimbursements

* Use of common insurance forms

* Introduction to the national diagnostic and procedural coding systems

* Become acquainted with medical office software

Good knowledge and speedy and immaculate service is the mantra of this business. Considering that billing is a source of livelihood for the medical practices, having these virtues will brighten your probability of grabbing business.

Beware of con artists

As any other business, scam artists have got into the medical billing business as well and hence, one needs to be vigilant. They will approach you with fascinating offers to help you start and build your business for a few hundred or thousands of dollars but their intention is to fleece you of your money. If you have been deceived then the first step is to approach them and see if you can recover your money from them. If it doesn't bear any fruit and they do not yield to your requests, then the next step is to notify the local law enforcement who may apply the necessary pressure on the culprit to return your money. One thing to be kept in mind is that you need to neatly preserve all documents and proofs relating to the case.

There has not been a better time to start a medical billing service but it is critical to do it right and gain the necessary skills before you take the plunge.

by: Daljeet Sidhu.

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