About the business:

A medical billing home business service is one which helps physicians get the payment from insurance companies and patients. It handles insurance claims and provides vital information to physicians. Thereby the physicians can manage their practice more effectively.

The current trend in the payments of healthcare have compelled physicians to be more concerned about the receivable and payments.

The insurance companies pressurizes the doctors to be content with lower payments while on the other hand the government has reformed the rules for public health plans.

Medical billing home business services help physicians manage these challenges. They provide services that expedite payments, reduce claim rejections, and collect more money due by patients.

Types of Billing Services Offered

Billing services fall into two broad categories

a)Service providing only claims

b)Practice management services combined with claims service.

Insurance claims are printed on the standard HCFA-1500 form. They can also be submitted electronically through a secure internet connection.

Both paper and electronic claims provide an opportunity to medical billing home business services. Paper claims are satisfactory to many practioners and the current trend is towards electronic claims.

Electronic claims are popular because payment time and costs are reduced.

Fees for Service rendered

The conservative compensations by the physicians is based on per claim or percentage basis.

Fees vary based upon the type of service provided. Simple claim filing services charge around 4 percent of the claim. The companies which handles claims and also provide management reports services that handle claims, provide practice management reports, and work with insurance carriers and patients to recover more of the physician's fees are compensated at a higher rate.

Owners Profile

This business is successfully run by people who are from different backgrounds. Since billing service is carried out from home it suits people who change professions, either voluntarily or by their companies policies.

The main reason for starting this business is the independence involved, increase the earning potential etc.

Marketing Ideas

Introduction

This is categorized as a medical billing home business. The main focus of the job is to identify a prospect, find out the needs and encourage them to solve the needs. The underlying principle is, one can get his wants fulfilled if he helps enough people what they want.

The satisfied customers do a favourable talk about the company. The owner must master the knowledge about the product, selling one self and business organization.

Present day customers expect more from the companies than in the past and trustworthiness plays an important role.

They prefer a straight talk. If they start believing, that is when the biggest hurdle is crossed.

Physicians are generallynot very good business people. In large offices, the dealing is not directly with the physician but with an office manager.

It is important to develop a strong relationship with clients.The owner must present himself as their partner in success. His fortunes are tied to theirs, and it is his job to make them more successful.

Marketing versus Sales

Marketing is a long term investment and involves more money than time. The benefits are long term not tangible. It generates leads that the sales people close. The more leads,the more sales.

Selling is the action part and requires much more time than money. Selling is the process of meeting the leads directly and solving their problems with convincing solutions.

Marketing is the process of developing and maintaining a corporate image and exhibiting the image in front of your prospective client.

Recognize a problem of the prospect and then try to solve it for them.

The needs of the physicians are changing constantly and the company policies must change with them.

Developing company profile

Owner needs to develop an outline of the history of his company, even if he is brand new. A careful look has to be taken at the experiences of each member and employee of the company and delegate work accordingly.

Never lie to the prospective clinets. Honesty is the best policy.

Local Support

Stress the fact you are a local person and you are there when they need you. Backing up by a national clearinghouse and support organization that ensures longevity has to be highlighted.

Service Menu

Develop a menu of the services offered by the company. This is the point of selling. The menu tells the prospects what the company does and lists the programs to the specific needs.

Description of service

Electronic Claims Submission

Get the error free claims into the payors systems as quickly as possible. This reduces the payment by weeks.

Complete Patient Management

Maintain patient records and provide access to the clients.

Electronic Patient Bills

Paper bill must be eliminated from the office.

Bad Debt Recovery

Collect over due payments.

Re submission of Claims

Automatically re-submit past due third patty claims.

Management Reports

Accounts receivable, and daily productivity reports are available.

Statistical Reports

Practice can be analyzed.

Custom Reports

Produce any custom report when in need.

Other resources

There are a number of resources that are already available at little or no cost to promote the Billing Centre These are seminar,workshops, newsletters, specialty journals, and conventions.

Let us see them in detail.

Seminars/Workshops

Always the owners shold be on the lookout for announcements regarding local seminars or workshops hosted by various insurance companies detailing new rules and regulations. This will not only help in keeping up-to-date with the constant changes in health care, but it will also make him to communicate better with the physicians office. It also provides an excellent forum for networking with prospective clients and individuals that can provide with referrals.

Newsletters

Sign up immediately with associations in the local area to be put on their mailing list. These newsletters are normally free and provide with vital information about the carrier and health care industry in general.

Journals

Subscribe to local industry journals for information updates on a monthly or quarterly basis. Each of the medical disciplines will have their own state organizations.

Conventions

Call local medical organizations and find out when they are organizing conventions. Stall can be put up for a fee. This allows to advertise the services to hundreds of doctors.

Medical Group Management Association

The Medical Group Management Association (MGMA) is a national organization of medical office managers. They provide seminars, conventions and a monthly newsletter. Knowledge of what is going on in the MGMA will give a strong bond with office managers that are members and a real edge over those that are not.

Lead Generation

There are numerous ways of generating leads. The five most common methods are advertising, cold calling, telemarketing, direct mail and referrals.

In order to sell the service, one must have a thorough knowledge of the product, service, features advantages and and their value to the medical community.

The only time that the features, advantages and benefits of the products have any meaning is when they are related to the prospects specific needs. The specific points of the presentation will be based on the prospects needs.

The need must be recognized and solved.

The clients expectation from the billing centre is to be found out.

Important points of the meeting should be summarized and an agreement must be tried and finalized.

The Reason for the Meeting.

The reasons and objectives of the meeting are to be clearly specified.

The prospective clinet must know why the owner is there and what he is planning to do.