Medical Billing Service
Startup Costs: $2,000 - $10,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available? No
Online Operation? No
The medical billing industry is extremely competitive. However, for the determined entrepreneur there is still a good opportunity to earn $40,000 per year or more operating a home based medical billing service. All medical billing is processed electronically and sent directly to Medicare clearinghouses, so computer equipment will be required as well as medical billing software to operate the service. Additionally, you'll have to familiarize yourself with the diagnostic and procedure coding systems used by doctors and health-care professionals on medical claim forms to indicate the type of service being billed. Currently, medical billing services are charging clients in the range of $2 to $3 per claim processed, and the overall profit potential for the service is good, providing you can process medical claims on a volume basis. There's a steep learning curve for operating a medical billing service and careful planning and research techniques will have to be practiced.
Medical Billing Service Ideas
Logo Design
Here's a quick guide on how to get paid for creating logos.
Association Manager
Handle the management tasks that association members don't have time to tackle.
Home Office Planner
Think you have the key to office space success? Help entrepreneurs design their home bases.
More from Business Ideas
These Brothers Had 'No Income' When They Started a 'Low-Risk, High-Reward' Side Hustle to Chase a Big Dream — Now They've Surpassed $50 Million in Revenue
Sam Lewkowict, co-founder and CEO of men's grooming brand Black Wolf Nation, knows what it takes to harness the power of side gig for success.
A CEO Who Runs a Fully Remote Company Has an Unusual Take on Employees Starting Side Hustles: 'We Have to Be Honest With Ourselves'
Ross Buhrdorf, CEO of ZenBusiness, breaks down how critical "walking the walk" really is.
10 Online Side Hustles Proven to Boost Your Bank Account
Even the busiest schedules can accommodate finding a precious few hours to create a profitable online venture — something that many are already mastering.