The health care industry is virtually recession-proof. Therefore, the medical billing and coding field continues to grow at a steady rate. Particularly, the number of at home job opportunities is on the rise. Many doctors and health care providers have found that it can be more cost effective to outsource the coding and billing department to homeworkers.
Medical billing and coding is a vital part of the health care industry. Medical billers and coders are an integral part of the medical team because they ensure the providers receive payment for services rendered and are able to keep the doors open by complying with Medicare regulations and insurance policy guidelines to create accurate bills for patient visits. They also help the patients by ensuring insurance claims are properly submitted so the patient does not get stuck with a huge medical bill his insurance company declined to pay.
The major difference between self-employed medical billing and coding specialists and those who choose to work on-site in a doctor's office or clinic is that the at home professional typically works for health care providers on a contract basis as opposed to being an actual employee. This can mean more responsibilities for the work-at-home billing and coding specialist, but it also means more freedom to control your schedule and increases potential earning power.
If you are interested in starting a medical billing and coding business at home, you will need to acquire some training first. You need to know a great deal of medical terminology. You will also have to learn and remember a multitude of ICD-9 disease classification codes, as well as CPT procedural terminology. You will have to be well-versed in the Medicare guidelines and various insurance policy regulations as well. Training programs are available at many technical schools as well as online. You will probably benefit immensely from working on-site in an office or clinic before you attempt to start your own medical billing and coding business at home.
As a medical billing and coding specialist working from home, you will be responsible for entering patient records accurately into databases and verifying patient insurance information over the phone. You will be required to fill out and submit bills and claim forms to Medicare and various insurance companies on behalf of the health care provider and patient. You will also need to bill patients for any remaining balance owed after insurance has paid. Therefore, you will need a well organised and dedicated workspace to perform your job functions efficiently.
There are several factors to consider before starting an at home medical billing and coding business. Once you become self-employed, you will be responsible for providing your own insurance and retirement benefits. You may be required to register your business with county and state municipalities and apply for a business license to operate out of your home. You will also need to be prepared to handle all your own income tax payments and deductions.
The final consideration is salary. The salary of a medical billing and coding specialist working at home typically ranges from £19,500 to £32,500 per year as of 2009, depending on the number of providers she bills for and whether or not she has obtained certification in the field.