Medical Billing Business
If you are the owner of a medical billing business owner or someone who may be considering employment in the field of medical billing, here are four trends affecting the business status of medical billing:
- The need for skilled workers will continue to rise. According to statistics provided by the U.S. Department of Labor, the need for medical billers and other health information specialists is expected to rise by 69% between 2002 and 2012. This places the occupation of medical biller as one of the top ten career paths for graduates of two year degree programs or post-secondary vocational training.
- The attractiveness of a home –based medical billing business will continue to catch the eye of entrepreneurs and the Federal Trade Commission. Medical billing businesses are one of the most highly promoted home-based business opportunities. Unfortunately, the Federal Trade Commission has investigated and found a fair amount of fraud among telemarketers and promoters selling everything from medical billing software to databases of “ready to sign on” physician markets.
- Start up costs are within reach of the small business owner. A medical billing business owner can expect to spend about $3,000 for start up costs. Approximately $500 - $1,000 will be needed for software, another $1,000 will be needed for office supplies, fees, manuals, etc. and the rest of your budget will be consumed by marketing costs.
- Marketing as an independent medical billing service will be not as easy as you may think. A time-proven and market tested formula is as follows: For every 1,000 doctors within a 10 square mile area of your business location, there will be 2 – 3 providers who will need your medical billing services according to statistics compiled by the Electronic Medical Billing Network of America.
Keeping an eye on the trends of running a medical billing business will keep you ahead of the competition and poised for success.