Setting up a home office and working from home can be a huge benefit for a medical billing and coding professional. Doctors are also finding this situation to be advantageous. The medical billing and coding professional can have all of the benefits of a home-based business, including setting their own hours, being around the home for family and more. The doctors can be spared the additional expenses of overhead for their employees, including payroll, taxes and maintenance costs.
Most home-based medical billing and coding professionals work as independent contractors. This way they can set their own fees and they are responsible for their own costs. This is a boon for the doctors as it can significantly reduce their overhead costs and it is beneficial for the medical billing and coding professionals as they can grow their business and increase their income according to their own goals. Therefore, an increasing number of medical billing and coding professionals are deciding to start their own home-based businesses and work from home.
Basic Business Plan and Requirements to Start a Business
If you have decided to start a home-based medical billing and coding business you need to organize make decisions on how you will run your business. What are your potential resources? Do you have any constraints that you need to take into consideration? How will you develop your clientele? Are there any specific services that you would like to specialize in? How can you provide the best services and value for your clients?
Setting Up Your Home Office
Before you start your home-based business you need to consider the tax ramifications or whether your business will be considered a sole proprietorship, a partnership or an LLC. You will then need to check with your local zoning officials about any requirements for your home location. If you do not invite your clientele to your home but you visit them at their offices the zoning requirements may be different than if you invite clientele into your home.
The only requirements you need for a successful home office is a nice room where you can have privacy for your home office. You will then need a good personal computer with all of the latest software and hardware along with a printer and a phone. A cell phone may be acceptable, however, you may want to have a separate phone for your business.
The start up costs for a medical billing and coding office at home will vary from about $3000 to $5000 depending upon what you start with. You may have a computer that will suffice or you may have to buy a new computer. You may have a decent printer and a fax machine or you may have to buy new ones.
One of the main expenses that you will likely need to purchase are the latest medical billing and coding software and reference books. You will like want to start with the latest versions as it can help you to provide the best service to your clients.
Other items you may need would be a desk and a comfortable chair, some filing cabinets and office stationary and business cards.
