The following checklist contains some of the more important factors you should consider when making decision to start a medical billing business:

Do you have related or similar job experience?
Have you ever had or ran your own business before?
Do you have an interest in running your own business?
Are you a quick learner? Do you have good common sense?
Are you self-motivated, organized and willing to work hard?
Are you a self-confident person?
Do you feel you can you work with Doctors, Dentists and other professionals?
Do you have a business partner or will your spouse be a partner?
If your spouse is going to be your partner, will that present any problems?
Do you have any experience related to this business? ex: insurance, medical assisting
Have you figured out how much money you will need to start and run your business?
How much money you expect to earn from this business?
How much time are you willing to devote to this business?
Do you have any knowledge in any related fields like accounting, or collections?
Are you willing to learn more either through additional training, reading or taking classes or free seminars?
Do you have any computer knowledge? If not, are you willing to learn?
Are you good at talking with people? Are you a good negotiator?
Are you intimidated easily? Do you fear rejection?
Can you accept advice and criticism from others?

Only you can answer these questions. If you feel you have what it takes to be your own boss, and you have definitely made the decision to go into business for yourself, there are a few more considerations:

Are you going to purchase a business opportunity? If so, have you checked to make sure the company is reputable?

Have you gotten a report from the Better Business Bureau?
Did you check any references provided by the company?
Did the company provide you with required documentation?
Are getting the most products and services you can for your money?
Do you feel the company is on the level with you?
Are you comfortable in making a "yes" decision?

If you are not comfortable in making a "yes" decision, do some more research! Below are some additional tips for making an informed business decision.

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Better Business Bureau Reports

Don't neglect to contact the Better Business Bureau (BBB) to obtain a report on a company. If the report indicates there have been some complaints, check to see if the company was responsive, whether or not the complaint(s) were resolved and how quickly.

Additionally, check to see if the BBB felt the complaint had significant merit. If you get a recorded message, ask for a return call or try to speak with a real person who may be able to be of even more help.

Not only should you check with the BBB in the nearest large city of your state, but also with the BBB in the nearest large city from the state in which the opportunity is being offered. If you live in Dallas, Texas, and the company offering the medical claims opportunity is located in Los Angeles, California, call the BBB in both cities.

In order to check on a company, you will need the area code and direct dial phone number of that company. Most times, an 800# will not work. Some BBB's will charge you around $5 for providing a report on a company, however, that is small token to pay when compared to making an uninformed decision.

Some companies have such a poor BBB report or rating that they employ a paid business referral service company to give them a good rating. One such company, National Business Opportunity Bureau, allows companies to pay a $300 annual fee and submit information about their company which is then used to report to people requesting information on the company. Beware of this type of referral.

Evaluating A Better Business Bureau Report

If a company has no complaints against them with either BBB office, that would definitely be a bonus. When a company has less than 2 or 3 resolved complaints total, you should be somewhat concerned. Ask the company what the nature of the complaints were, and how they resolved them. Use caution, though. The answers you get may or may not indicate a possible problem area.

Good common sense will help you sort through your responses. Finally, bare in mind that not all salespeople of a company with complaints will honestly answer your questions when confronted with a "poor report." Often times, they will tell you minor details or conflicting facts that sound plausible, but may be far from the truth.

If the company has several unresolved complaints, clearly, you should deduct some credibility from them. Depending upon the results you obtain, you may, at this point want to cross that company off your list of possible choices, however, if the company has a favorable rating from the BBB, move on to the next step.

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Clearinghouses

Clearinghouses are a major part of a billing service's ability to conduct business. Your professionalism and reputation depend on aligning yourself with a reputable clearinghouse.

What exactly does a clearinghouse do? Well, for one thing, they check claims for accuracy. But, the biggest thing they do is re-format the data you send to them to a format that a given carrier can read.

Clearinghouses charge fees in many ways. Some charge an initial start up fee to the billing service ranging from $125 to $300. Others are free to sign-up with initially. Some charge a provider enrollment fee for every healthcare provider you enroll, while others don't. Most of them charge a per claim fee of some sort, depending upon the carrier.

In the last couple of years, clearinghouses have adjusted their fees to the advantage of billing services. Many only charge for Medicare, Medicaid and Blue Cross/Blue Shield claims, while major commercial carrier claims are free in some cases.

If the company you are considering purchasing from is not able to offer you free NEIC claims, you may be able to find a better alternative by obtaining your own claims clearinghouse connection.

If a company tells you they are their own clearinghouse, BEWARE!!! That means you are tied into them, and can't use any other clearinghouse. What happens to you if they go out of business? You'll have to buy new software so you can make your own connection with a different clearinghouse.

These days, you can find a company that offers you many choices in clearinghouses. You may need two or more for medical claims and another for dental claims. The point is, be sure your options are many, not few.

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Training

What kind of training does a company offer? Is it live, or is it on video. If it's video, make sure it's not just software training. Many companies will try to slide that one by you. Some companies concentrate their training on Marketing & Prospecting, while others teach mostly software.

"Hands on" training would be good, if you were just going for software training. But, if the company uses overhead projection that ties into a computer, you should be fine. you will start your company off at a distinct disadvantage if you do not attend some sort of training seminar

Some companies will pay for your travel and lodging expenses, while others don't. Consider the price of the program and the cost of attending the seminar, and you may just find that you will come out way ahead with some of the higher priced programs. Always consider the content of what someone is offering you. For example, Claims Transit offers an online claims manual which covers everything from A to Z having over 26 modules and when printed, it contains several hundred pages. That's a lot of content, especially for the money.

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Your new business will require that you have some sort of technical support for marketing and software use. Does the company you are considering offer support? Can you renew that support after it runs out? These are just some of the questions you should be concerned about.

Here's what you should look for:

Unlimited support for the first year
Internet and Email Support
Fax Service Support
Reasonable Annual Renewal Fee

If the company doesn't charge an annual fee or includes updates free for lifetime, ask how often the software(s) are updated. Some companies will say you get free updates, and haven't had an update in two years. Others have updates monthly or quarterly. This industry changes quickly. If there aren't updates, that may be an indication that your business could suffer by being outdated.

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Software and Other Products

GET A DEMO! See for yourself what the capabilities of the software are.

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