Medical billings and claims are much more complicated than you think. Often, the job is flossed over by advertisers whose goal is to get as many people to respond as they can only to find that the job is not for them or the competition is far too cutthroat to leave any room for newbies.
While this article won't specifically tell you how to overcome the odds posed in the medical billings and claims industry, it does help you answer a few questions you might want to ask first.
What does it entail?
Medical billings and claims are a broad subject. The responsibility of a professional engaged in medical billings and claims often encompass, for the most part, all billing and accounts receivable management functions of a given health care provision concerned. Of course, you might already know that there are numerous other possible billing arrangements that a doctor or a healthcare professional can have. However, nothing really beats medical billing and claims as far as efficiency and speed is concerned.
As a medical billings and claims agent, you will be responsible in accessing a care provider's computer remotely for data entry and bill/statement generation functions only. The accounts receivable management may be left to the care provider's staff. Often, you'll need some sort of system for accessing information on your client's computer. And whatever arrangement you finally settle on, the training and the need for it remains the same.
Is it viable for home business?
The answer is yes. There are a remarkable number of home business owners engaged in medical billings and claims and many of them have reported success in their respective ventures. However, don't be fooled into believing those ads you have seen or read saying that medical billings and claims is a quick and easy way to earn money.
In order to be successful in medical billings and claims, you must have thorough training or experience in medical terminology, coding, billing, billing operations setup, client money management setup, and more. These are all absolute necessity for your success.
How does it differ from electronic claims submission?
Medical billings and claims is quite related to electronic claims submission in that with medical billings and claims, you would most likely be dealing with insurance claims which you will most often submit electronically. But that is where the similarities end because in truth, the two are as different as night and day.
Medical billings and claims is broader in scope compared to electronic claims submission. While medical billings and claims refers to billing and accounts receivable management, electronic claims submission concerns itself only with submitting electronic claims already produced by a biller.