I love being 'The Boss'. I get to make my own schedule, work at my own pace and dump that darn alarm clock. Plus, I make as much money as I want to while working from home and living my life the way I want to. This has paid my bills for 19 years and I would like to share these opportunities in this book with you. www.uembco.com & www.uembco.ning.com

Learn To Be The Boss!

"A How-To Guide to Owning and Operating a Medical Billing Agency At Home"By Hope M. Jones-Packwood

AuthorHouse

Copyright © 2009 Hope Jones
All right reserved.
ISBN: 978-1-4490-4868-6

Contents

My Story: How I Got Started...............................................xiii1. The Business Plan......................................................12. Making Your Business Official..........................................33. Getting Clients........................................................84. Contracts And Agreements...............................................115. Job Responsibilities...................................................156. Technologies...........................................................177. Create A Practice......................................................218. Insurances, Cpt, & Icd-9...............................................239. The Cms 1500 Form......................................................2710. Claims Management.....................................................3211. Recording Payments/Patient Statements/Collections.....................33Glossary of Medical Insurance Terminology.................................37

Chapter One

THE BUSINESS PLAN

With your new company being small in nature, it will require a simple organizational structure. Implementation of this organizational form calls for a CEO, System Administrator and a Receptionist. Because of these characteristics, there should be few coordination problems seen at your Medical Billing Agency. Make sure to structure your plan, keeping these key things in mind:

1.0 Executive Summary 1.1 Objectives 1.2 Keys Success 2.0 Company Summary 2.1 Company Ownership 2.2 Start-up 2.3 Company Locations and Facilities 3.0 Services 3.1 Service Description 3.2 Competitive Comparison 3.3 Technology 3.4 Future Market Analysis Summary 4.1 Target Market Segment Strategy 4.2 Target Market Segment Strategy 4.3 Target Market Segment Strategy 5.0 Service Business Analysis 6.0 Strategy and Implementation Summary 7.0 Management Summary/Personnel Plan

Here is an example of a Start-up Summary for a Medical Billing Agency

Expenses Monthly Cost President's Salary $3,500.00 System Administrator's Salary $1,900.00 Clerk's Salary $1,260.00 Rent (partial office space/home office) $ 550.00 Telephone $ 250.00 Marketing Expenses $ 500.00 Insurance $ 200.00 Accounting Services $ 158.00 Vehicle Expenses $ 406.00 Supplies $ 352.00 Utilities $ 569.00 EZ Pass and Gas $ 175.00 USPS Posting/Shipping $ 204.00 Security $ 49.00 Taxes & Licenses $ 986.00 Clearinghouse Services $ 135.00 Cable $ 122.00 Computers & Printers $1,137.00 Internet $ 19.00 Payroll Service $ 70.00

Chapter Two

MAKING YOUR BUSINESS OFFICIAL

Registration of Name for Proprietorships and Partnerships

Business Name - First, you need to come up with a business name and logo for your company that will enable potential clients to easily remember you. Register Your Business - You must by all means register your business. When doing business under your own name, registration is not required, but it is desirable. If trading under any name other than your own, registration is required by the law. Go to the County Clerk's office in the county in which the business is to be located and get the registration forms. Just simply tell the clerk that you would like to register your business. The clerk will then ask you the name of your business and hand you the ledger books to go through with names of all businesses located in your county. You, as the business owner must look through the ledger thoroughly to ensure that no one else has a business registered with the same name already. If the name is taken, then you must choose another name under which to register your business. If the name is still available, the clerk will hand you a document about four pages long that you will need to complete and have notarized. You can also complete this process online. Just "Google" the County Clerk's office for the state that you live in. Once everything is completed and all fees are paid, you will then receive your certificate in one to two weeks later confirming that your business is officially registered. Frame it! You earned it! The same procedure is required for persons forming a partnership. However, they must file a certificate with the County Clerk's office in each county where the business will be physically located.

Your State & Federal Tax Information

* State

Anyone establishing a business must first register it for tax purposes. Call Taxpayer Services of the state Division of Taxation and the Division of Revenue office to receive the appropriate forms to file for a New Business Entity.

Once your forms have been filed, you can contact the Internal Revenue Service to obtain your Employer Identification Number. You must also register with the State Dept. of Labor for an Employer Registration Number if you anticipate an annual payroll of $1.000.00 or more. Call for an application.

* Federal

You must apply for a "Federal Employee Identification Number" (EIN) to comply with Federal Income Tax, Social Security, and Unemployment Insurance regulations. Also, the purpose of this number is to identify you as a business entity, as well as all of your other business transactions, such as payroll, annual reports, etc. This process is done by contacting the local IRS office in your area and obtaining a form. Once they receive your completed form, an EIN Number will instantly be assigned to you over the phone or via email, but you must still fax or mail your completed application to the Internal Revenue Service. Then they will mail your business the official confirmation letter stating that your form was received, along with any additional information regarding when and how to use the EIN number that was issued to you (once again, for payrolls, annual reports, etc).

* Incorporation/Corporation ID Number

If you plan to incorporate, you must obtain a charter from the Secretary of State. Call the office to request the appropriate form for incorporating a new business entity. Incorporating is a very wise choice. As opposed to a sole proprietorship, it protects and separates you personally from your business. Meaning, if you file for bankruptcy or have troubles regarding someone suing your business, it affects the business name and not yours. Make sure that when completing this form that it is printed or typed neatly. The form cannot contain any white out and nothing can be crossed out or re-written. It has to be perfect. The process can be done by regular mail, via fax or the internet. If you fax this information, make sure to indicate a...