When it comes to being an entrepreneur, one of the more popular startups is a medical billing company. Why? For one, the initial costs aren't as much as some other businesses you could try. And with newer technologies, the process of medical billing has been made even easier. Not to mention, with an aging population, more and more healthcare facilities are coming to rely on billing firms to help ease their workload. In fact, hundreds of millions of dollars worth of patient bills are processed through medical billing companies annually.
What is a Medical Billing Company?
In simplest terms, a medical billing company basically sends out physician and healthcare invoices to the insurance companies. In part this is because insurance companies can often make things a bit difficult when it comes to paying out—medical billers stay on top of this, plus they are familiar with the various processing systems and technology used; whereas a doctor's office, for instance, may not be. The billing company is, in essence, a facilitator, easing the burden on the healthcare practice seeking to get paid.
Many such companies are actually home-based. Becoming qualified to start your own medical billing company isn't as hard as you might think. Besides being conversant with the technology, there are certifications that you need to complete—these range from nine months to eighteen-month programs. Beyond the cost of the course, you'll also need a computer, printer and then the applicable billing software—this will probably be your most expensive cost.
At First Union, we've helped a number of medical billing firms grow their operation. Some have gone from billing out a few thousand to several hundred thousand fairly early on. If you are somewhat new to medical billing or you're already an established company, we have loan programs designed to help you get more equipment, upgrade your software, even just whether a slower period. Call today to see what we can offer you.