Curious about ditching your 9-to-5 to get into the medical billing business? There’s a rise in interest for starting and growing a business today. Many people are learning how easy it is to ditch the 9-to-5 and start their own business. You can become a certified medical biller through online courses that allow you to work at a clinic or office or to start your own medical billing business from home.
A Rising Demand for Medical Billing Service Causes Workers to Ditch the 9-to-5
There is a growing demand for medical billers today, as the need for medical services is rising yearly with an increasing number of patients needing medical care.
The Bureau of Labor Statistics has made a projection that medical services in general including medical biller jobs will continue to increase by 13% all the way to 2026, faster in rate than any other occupation with about 27,800 new medical positions added.
This rise of the number of patients is expected to come from our growing aging population with the industry needing more health information technicians and services. States with the highest need for medical billers are California, Texas, Florida, New York and Ohio. Industries with the highest need for medical billers are the General Medical and Surgical Hospitals, Offices of Physicians, Nursing Care Facilities and Outpatient Care Facilities.
The Medical Billing Business Start-Up
Now that you know, your very first step is to learn the ins and outs of the service you’re offering. Fortunately, there are medical billing courses online available year-round, which makes it possible to learn at home. Medical billing courses online enable you to enter the industry at your own pace and leisure and prepare you to earn you medical billing certificate.
Those interested in earning their medical billing certificate and starting a medical billing job may opt for our basic program.
Our medical billing courses online are designed to be completed in four to six weeks or approximately fifty to sixty hours. However, these medical billing courses online are adjustable to your needs. You can take your time through the course.
Just remember, consistency is key.
The medical billing courses online also have a medical billing business option for those interested in putting up their own medical billing business start-up. The medical billing business option covers for both the details of completing medical billing work as well as setting the service up as a business.
The business option has a step-by-step program for taking your services out into the market, and even offers the advice you’ll need to get hired in medical billing.
What Exactly Is Medical Billing?
Medical Billing is the process of submitting claims with health insurance companies and any other related follow-up work so that healthcare providers like the hospital, doctors and care facilities can receive payment for services they have provided.
Healthcare providers need the help of medical billing services either from their own hired trained employees or from third-party medical billers. They don’t have the time to do this bit of work as they should be dedicating their effort to taking care of their patients instead of following up with billing.
That’s where you come in.
You can do that after ditching your 9-to-5 and getting certified as a medical biller. You can work for a third-party medical billing service or run your own medical billing business.
Medical billing agents gather different kinds of data provided by the healthcare professionals and input it into the CMS 1500 Form, a physician billing form, or the UB-04 Form, a hospital billing form.
At the top of the CMS 1500 Form, the medical biller puts in the patient demographic information that includes name, home address, date of birth, gender and insurance information.
The middle portion of the CMS 1500 Form constitutes the patient’s medical data that includes the date of injury or illness and the diagnosis on the patient from the physician. This report is made using the International Classification of Disease, coding based on its book reference.
The lower part of the CMS 1500 Form shows the medical services provided by the physician and all other monetary charges associated with each service delivered. These are also in a set of codes indicated in the Current Procedural Terminology Coding (CPT) Book.
It is very important that this data is accurately input into the form and properly adjudicated. The medical biller is responsible for posting the billing for the patient or the insurance payer on behalf of the medical professional he serves.
Medical Billing Profit Potential
Based on research work and data reported from a third-party pay analysis and comparison service, PayScale, the average wage for a medical billing specialist is $15.59 an hour with a median annual salary of $36,150, ranging between a low of $32,780 and a high of $39,745.
Now, imagine running your own medical billing service business.
The way a medical billing service business brings in revenue is through how much they charge their physician clients and how many clients they service.
At an average rate of $1,500 per physician client, just taking on three or more clients a month will more than surpass the rate of an employed medical biller.
With the only investment of your computer and an Internet connection as well as the medical billing software, you’ve got a business that runs at a minimal cost of less than $100 a month.
Getting hired in medical billing for your business will expand your revenue. You’d be providing medical billing jobs while generating more revenue for your medical billing business. Taking on new physician clients enables you to expand your capacity through your growing business without any limitation other than your ability to build a team around you as you expand your capability while you grow your business.
Here’s how to get certified for medical billing.
Getting Started – How To Get Certified For Medical Billing
It all starts with the medical billing certification.
You may purchase the P2 Medical Billing Certification (CMBP) which also includes HIPAA Certification showing you how to legally work with patient’s private information and a home business module.
Or start off with a free trial of the P1 basic course with CMBP and HIPAA certification to get started working for healthcare offices for a year of real-world experience of medical billing before ditching the 9-to-5 and setting off on your own.