Frequently Asked Questions
You Have Questions. Our Medical Billing Experts Have Answers.
If you’re here, it means that you’re ready to learn the ins and outs of one of today’s most lucrative and quickly growing industries. With that kind of potential, there truly are no dumb questions. We’ve compiled a few of our most commonly asked questions below, but we’re always willing to talk in more detail about anything that isn’t listed here. Just get in touch with us if you have any other questions!
Medical Billing Basics
Why is a medical billing business recession-proof?
The need for medical billing is at an all-time high as the baby boomers reach their golden years. However, the reality is that people have always needed — and will continue to need — medical care. While insurance companies are constantly updating their processing regulations, there is more work than providers can keep up with. Medical billing is essential to ensure doctors are compensated for their services. After the work-from-home shift brought about by the COVID-19 pandemic, stay-at-home businesses are at an all-time high in demand as the population looks for different revenue sources. No matter how you look at it, the healthcare industry is always going to be in high demand!
Why would a doctor want to outsource their billing?
In-house billing is expensive for a doctor's office. They're paying hourly wages, benefits, vacation pay, workers’ compensation insurance, and more. Moreover, it’s not lost on them that a person earning a percentage of the revenue collected is going to work harder than an hourly wage employee who is getting a paycheck no matter how much they collect in a day. Doctors know it is most cost-effective and in their interests to outsource to a medical billing business.
How big is the market for a medical billing business?
Developed and developing economies are expected to see healthcare spending increase ranging from 2.4% to 7.5% between the year 2018 and 2024, according to the report by Deloitte. The healthcare industry is projected to take a multi-billion dollar leap by 2022. Are the existing resources in the industry enough to meet the projected demands? A significant transition has taken place as expected in the healthcare billing sector just this year. The medical billing outsourcing market was valued at nearly USD 6.3 billion in 2018 and is expected to reach USD 16 billion by 2022.
Why is it difficult for doctors to get paid from insurance companies?
In many cases, the insurance company will deny a claim for errors or additional needed information and the doctor doesn't have anyone to follow-up on these denials. Or, if the doctor is not credentialed with certain insurances, the insurance company will reimburse them at out-of-network rates, which tend to be lower or even cost the office money.
What exactly is medical billing?
Medical billing is the process by which healthcare claims are submitted to insurance companies to receive payment for services provided by a doctor or another healthcare provider.
Getting Into the Industry
Why would you want to train me and create more competition for yourself?
First and foremost, we truly find happiness in creating financial freedom for others and showing them the path to success. The medical industry is also growing at a phenomenal pace, so there is no shortage of work for anyone. Each business owner must have confidence in their product, and our strong belief is you receive what you earn and get out of it what you put into it.
Why should I train with you and not the other companies?
Our training is the most affordable on the market and is backed by extensive experience and knowledge of the industry. We don't send you videos outlining the process and we don't hire instructors to do the training — everything is done by our founder and operator.
What happens if I need to cancel my training?
We understand that life happens. We do our very best to reschedule your training for a different date. If this is not possible, then you will receive a full refund.
Is the training done by a hired instructor?
No, we do not hire outside instructors for our medical billing training. The complete training is done by our founder who has started her own successful medical billing business. The training is with the most up-to-date material for proven results.
Why do we train in a small group?
We’ve seen that close interaction with the instructor allows one to have a more focused, personalized, and in-depth training experience. This helps our students to better learn and understand the steps they need to take in order to start a successful and prosperous billing business.
What days of the week is training scheduled?
We schedule our medical billing training classes during the week. We feel that this gives our trainees the most flexibility to attend our training sessions. As soon as you contact us, we will send you the upcoming training dates.
What are additional expenses for this type of business?
This is one of the very few home-based businesses that require very little start-up or overhead costs. Once you have completed your training, you can get your business operating with a personal computer, internet, and billing software.
Do I need prior experience or a business degree to start a medical billing business?
No, absolutely not! If you have basic knowledge of how to use a computer, you'll be just fine. We train you in every aspect of the medical billing business. The software used for processing claims is very user-friendly, and we provide you with everything you need to know in order to master it.
Start Your Medical Billing Business Today!
Earning Money Through Medical Billing
Are there opportunities to grow and scale a medical billing business?
Absolutely! While many people are content to replace or simply supplement their existing income by building a successful medical billing business, many are able to grow and scale their operation to surpass what they were making before entering the industry! Our course teaches you how to know when it’s time to grow your business and how to do it sustainably. See the next section for additional information!
How much can I make with a medical billing business?
Great question — the beauty of the medical billing industry is that the potential is unlimited! Visit our Profit Potential page and try our calculator to see how much you could earn based on claims submitted, the number of providers you work with, and several other factors.
How often should I invoice a provider?
We do recommend you invoice a provider every 30 days. However, it is your business, so you can structure your contracts however you wish.
How soon do I get paid after billing for the doctor?
Once a claim has been submitted, a provider will normally be paid in approximately 20 days.
When will I get my first clent?
On average, it will be between 60 and 90 days after starting your business. Of course, when you receive your first client also depends on your efforts at continuous marketing and networking. As with any successful business, your business’ growth will depend on the time and effort you devote to it.
Marketing and Growing Your Business
How long will it take to grow and scale my business?
There’s no one-size-fits-all answer. It depends on how large you’d like your business to be and how much time and effort you’re willing to put in. It helps to look at the success of others in order to determine what it will take to get to their level of success, and that’s why our course provides you with the opportunity to speak with some of our most experienced and successful trainees.
How do I know when to hire more staff?
We have calculated approximately five providers per person. So, you will need additional help after five providers.
How much time should I devote to marketing?
Marketing your services in different ways is a huge part of growing your company. Just like in any other industry, success is a function of the time and effort you put into marketing yourself.
What kinds of marketing do I need to do?
Medical billing is almost an exclusively digital field, so you’ll need to focus heavily on digital marketing in various forms. Paid advertising, email marketing, social media marketing, search engine optimization (SEO), and engaging content marketing are just a few of the most valuable marketing sectors to which you can devote your time and attention.
I thought I was just learning a new skill — is marketing my medical billing really that important?
Yes — marketing yourself is the best way to get noticed and earn the business of providers. You don’t need a marketing degree, though — we’ll teach you the ins and outs of marketing in our industry so that you can hit the ground running.
Start Your Journey Into the Medical Billing Business Today!
Ready to take the first steps toward a more flexible work schedule, financial freedom, and a business that you can call your own?
Sign up for our five-day medical billing training program today, or get in touch with us if you have any additional questions!