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

Home Office Planner

Think you have the key to office space success? Help entrepreneurs design their home bases.

Association Manager

Handle the management tasks that association members don't have time to tackle.

Referral Service

Help people find businesses that can help them out.

More from Business Ideas

Marketing

How I Found My Voice and Built a Life as an Entrepreneur — in 3 Acts

I want to share my journey as an entrepreneur and what led to me starting my own company.

Side Hustle

She Turned Her Dorm Room Side Hustle Into a $10 Million Business — And Scored a $200,000 Shark Tank Deal Along the Way

When Philomina "Philo" Kane started making satin-lined hoodies in her dorm room, she had no idea it would one day become a multi-million-dollar brand.

Starting a Business

Is Your Business Idea Worth Pursuing? 3 Tips to Avoid the Most Common Reason For Failure

Check out these front-end market research tips that will help you determine whether your venture ideas are worth pursuing.