So, what do I do first?

So, the biggest looming question that I seem to get the most, is actually the most simple. 

How do I begin?

Before any major purchase, such as a car or a house, you always set a price range that you will be willing to spend.  A business is no different.  If you are financing the purchase, figure out what payment you are able to pay, or if you are financing the start up yourself through savings or credit cards, what is your limit?  Although it would be nice to go to the bank and get a loan to start your business, unfortunately most lending institutions won't give you money without any collaterol - and with no business, you don't really have anything to put down.  Some people will take out a second mortgage on their house, but in all honesty, this really isn't necessary.  You can either save up yourself, borrow from relatives, or finance with credit cards.  But how much are we really talking about?

Start up costs can be minimal.  You can get a good, reliable software program for under $1,000 these days.  That will be the biggest single purchase to start.  Now it probably will not be the nicest billing program in the world (and believe me, every salesman in the book will be quick to point that out), but it will get the job done in the first year.  Then, when money is coming in and things are rolling, you can convert to a program that is more suited to your needs.   Beyond that, you will need your office set up (preferably an office in your own home until you have money coming in); a small desk and office equipment.  A reliable computer will be your next most pricey purchase, but even those are coming down significantly anymore. 

So my first piece of advice is simple:  Budget and shop.

Once you have these two things determined, then it is time to move forward...

Until next time,

Thanks,
Lori

http://www.sinclairinkspot.com/
Loretta Sinclair
Author, Medical Billing, Coding and Reimbursement
How to Run Your Own Home Medical Billing Service
Annotation Press, 2007, 2008
Available in print and on Kindle

Marketing Your Medical Billing Service
Sinclair Publications, 2011
available in ebook format only
See http://www.amazon.com/, http://www.barnesandnoble.com/, or http://www.sinclairinkspot.com.market/

Medical Billing, Coding, and Reimbursement
Supplemental Workbook
Sinclair Publications
copyright 2009

http://www.medicalbillingservice.blogspot.com/