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.