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Medical Billing at Home Business, Medical Coding, Medical Transcription              

Which Are Suitable in a Medical Billing At Home Business Scenario?

== In This Issue == 
1. Over-Educating Yourself?
2. Billing, Coding, Transcription:  Home-Based Business Feasibility. 
3. How Much Education is Enough?
4. Is Anyone Making Any Money?

1. Over-Educating Yourself?

If you are confused about billing, coding, transcription and beginning a medical billing home business, you are not alone! 

I received a phone call last week from a woman who was interested in taking our Medical Billing At Home Course.  She sounded fed up, tired and confused.  She demanded to know "how long" the course would take, "how much" the course was and finally, "how much more time and money would she need to spend before FINALLY beginning her business!!?"  This type of phone call isn't new to me, I'm getting used to getting phone calls from people who have been led to believe that "you can't obtain enough education."

After calming her down a bit, I said to her, "Carol, what is it that you are trying to accomplish? What type of business are you wishing to start?"  Carol responded, "A medical billing business from home."  "What type of training have you been busy with?” I asked.  Carol sighed as she went down the list, "anatomy, coding, terminology...  and now I need billing and transcription."  "Carol, correct me if I am wrong", I said, "but ... you wish to operate a business from home performing the medical billing functions for a physician's office, correct?"  "Yes!” Carol answered.  "Then why are you spending your time on anatomy, coding and terminology?” I asked carefully.

Carol went on to explain that after visiting the internet and several bulletin boards, she had determined that she would need training in all these areas in order to begin her Medical Billing At Home Business.  Carol is not alone.

Visit our Medical Billing FAQ Page

Now, don't get me wrong.  I'm all for continued education!  What I don't believe in is spending your time and money on education that will not support or further your goal.

2. Billing, Coding, Transcription:  Home-Based Business Feasibility

If you have been "over-educating" yourself, you don't have a whole lot of time to read email, so I'm going to cut to the chase.  Medical Billing At Home IS FEASIBLE.  Medical Transcription, as a home-based business, IS FEASIBLE.  Medical Coding, as a home business, IS NOT FEASIBLE.

Things to Consider:

• A Medical Coder usually works within the physician's office or hospital and is a paid employee.
   
• Certification is required for a Medical Coder.
   
• The Medical Billing Business is not responsible for coding!  The coding is done on-sight, at the physician's office.  The codes are then supplied to the Medical Billing Business for reporting and reimbursement.
   
• Certification is not required for a Medical Biller.
   
• Medical Transcription is a feasible home-based business position, but transcription will not bring in the type of profit that medical billing will.
   
• You do not need anatomy, terminology, and coding or transcription education to begin a medical billing business!  A Medical Billing Business falls more under the category of an "Accounting & Management" business than a "Medical Business."

Contact a Synergy Medical Billing At Home Business Center Consultant Now!

In my 12 years of operating a very successful medical billing at home business, neither I nor my staff was ever called upon to use anatomy, terminology or coding.

As a "medical biller", your job is to educate on using codes that report the highest level of specificity.  Instead of spinning your wheels on "coding education", it is much more beneficial for you to attend seminars regarding coding as it relates to reimbursement!  Medicare, Blue Cross Blue Shield and other entities put on these types of seminars all the time.  Spend your time on "accounting, management and reimbursement issues"....   not anatomy and terminology, these will not prepare you for the operation of a successful Medical Billing At Home Business.

3. Medical Billing At Home Business:  How Much Education is Enough?

People are different, and this is good.  It would be pretty boring if we were all the same.  I've always believed that there are 2 types of people when it comes to work (and life in general); Creators and Maintainers.  One couldn't exist without the other.  Both are extremely important!

The Creators are usually the "shoot from the hip" type people.  They have had many jobs, have dived into many opportunities.  They have both failures and successes and the failures will not stop them from "diving into the next opportunity."  Creators are the "idea-minded-people."  They set something in motion then they rely upon the Maintainer to "keep it going."

The Maintainer is the person who likes "a daily schedule...  a structure."  A Maintainer keeps the creations of the Creator going.

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With regard to education... A Creator will jump in and access any and all available resources along the way.  A Maintainer would never think about "jumping in" until they have accessed all available information and training before-hand.  This isn't necessarily a "bad thing"...  but it does tend to prevent Maintainers from beginning businesses.  The task they create for themselves prior to being able to get their business started is usually very overwhelming and intimidating.  This is not to say that a Maintainer cannot begin a business.  I see them do it all the time...   successfully. 

The Creators will like my following statement.  The Maintainers will become nervous:

In order to begin a successful medical billing home business, it is more important to know how to access your resources than it is to try and learn every possible aspect about the medical billing home business industry.

If you have been researching the medical billing home business opportunity, you know how much information is out there!  You will never need to know all there is to know...   and "knowing all there is to know" is virtually impossible as everything keeps changing!

There is a woman who used to frequent several Medical Billing Home Business Bulletin Boards several years back who would constantly pat herself on the back for "gaining 20 years of experience in medical billing before beginning her business."  Her advice to everyone:  "Don't think about beginning a Medical Billing At Home Business unless you have 20 years experience in the field."

To make a long story short (as if I know how), here I was bringing in $75,000.00 in my second year of owning/operating my medical billing home business (starting without any experience whatsoever), and here is this woman preaching the "must have 20 years experience first"...  who didn't even have Client Number One!  She just didn't get it.

I got into the medical billing home business industry to be able to raise my small children myself.  And, to be able to enjoy the freedom and money I wanted for myself and my family.  My plan was to retire by age 45...  Not contemplate beginning a business at 45.  To each his own… I guess.

So, how much education do you need to begin a medical billing home business?  I don't know...  I didn't have any.  To my advantage, I fully realized the importance of "plugging in" to the support and resources offered by the company I purchased my opportunity package from.  I also recognized the importance of spending time with those who were already successfully doing what I wanted to be doing.  These were my Medical Billing At Home Business Peers at Synergy.

If you wish to be successful at something, find someone who has already done it...  and emulate them!

What I do know for certain is that you do not need to be signing up for all these anatomy, terminology and coding courses in order to begin a Medical Billing At Home Business! 

In this business, you simply may not need to know what you need to know until you need to know it! 

A Good Example:  I ended up specializing in Chiropractic Billing & Reimbursement.  Medicare will only reimburse a chiropractor for 1 procedure.  Why then would I wish to learn absolutely everything there is to know about Medicare?  I wouldn't.

4. Is Anyone Making Any Money?

The simple answer is YES.  If I had a nickel for each time I have seen the following post on a bulletin board, I could retire tomorrow:

Visit our Medical Billing At Home FAQ Page

"I want to start a medical billing home business, but I don't know if this is legitimate.  Are there people actually making money in this business?"

In my experience, there are 2 types of bulletin boards out there:

Bulletin Board #1:  How Do I Get My Medical Billing At Home Business Going? And, By The Way, Do You Have a Good Recipe for Beef Stroganoff?

You've seen these boards.  These boards are basically "the blind leading the blind."  Those without clients (and with way too much time on their hands) are running around giving advice to others without clients.  It's more like a big "Rah-Rah Fest" than a business support and resource center.

Bulletin Board #2:  Actual Medical Billing At Home Businesses (with clients) Interacting with Peers and Support Staff.

I don't mind telling you what I made in my first year in business.  If I were selling a "business opportunity"...  there would be regulations against me providing any type of "earning statements."  I can provide you with an awesome learning experience in the Medical Billing At Home Business Industry, but because this isn't an actual opportunity package, here goes..... I brought in just over $55,000.00 in my first year in business.  This is not an isolated situation.  I met with other new medical billing home business centers annually that were doing the same thing.  By my 4th year in business, I was well into 6 digits.

So, to answer the question again, yes...  you can make a very nice income from home operating a medical billing home business.  You won't, however, realize this type of income if you are not willing to realize the importance of your investment, your software and your support system.  We'll save the details of this topic for a future newsletter!

My advice to you:  If you are spending your time on a bulletin board and it doesn't appear that you are surrounding yourself with successful medical billing home business owners...   you are wasting your time (these forums are a dime a dozen). 

Synergy is a true believer in education!  Education will make you stand out from the competition.  We believe it is our responsibility to provide you with the all the tools necessary to help you become educated with medical billing, HIPAA, and the practice management software you will be utilizing on a daily basis!