Is It Possible to Start an Independent Medical Coding Business?

by  Find-A-Code™
Aug 8th, 2022

What is being hailed as the Great Resignation is leading a whole bunch of people to start their own businesses. Some are tired of the rat race and want to work from home. Others just want to be their own bosses. There are plenty of opportunities for starting something of your own, including medical coding and billing.

If you are wondering whether it is possible to start an independent medical coding business, wonder no more. It is. However, you're better off combining coding and billing as a single service. The typical healthcare provider doesn't need just coding services. If that provider is going to outsource, it is most likely going to want coding and billing together.

Get Trained and Certified

The first step in opening your own medical coding business is to get trained. It is also a good idea to get certified. Check with your local community college to see if they have any training programs available. You might also look into local business schools. If all else fails, any of the organizations that certify medical coding and billing specialists should be able to help you find a training program.

You should be able to complete initial training in under a year. This would allow you to start an entry-level business offering coding and billing solutions to independent practices, group practices, and the like. You would be wise to gradually earn additional certifications as your business grows. Note that some billing specialties do require college degrees before you can undergo training in preparation for certification. But just to get started, a certification program alone should be enough.

Invest in Office Equipment

In order to run an independent medical coding business, you will need a certain amount of office equipment. You will need a modern computer with high-speed internet access, at the very least. You will also need telephone and fax capabilities. Finally, you will need medical billing software.

The software portion can be tricky. You may need to do a lot of research to find a package that suits you. You could also ask potential clients what they already use when you start pitching your services. If you find one particular package that seems pretty popular, consider it.

Connect and Market

Once you are certified and you have all your equipment and software, the next step is to make a few connections. You'll market yourself after that. Making connections is a matter of looking around for other independent contractors doing the same thing you want to do. They may have some extra work they can pass to you. A lot of independent medical coders get started this way.

In the meantime, you are going to market yourself to local providers. That means you will need to contact them and pitch your services. This may be the toughest part of running your own business, but it is necessary.

Manuals and Guide Books

A final thing to remember is that medical coding and billing involves hundreds of thousands of codes along with endless rules for applying those codes. You may want to think about investing in manuals and guides or consider getting that information by subscribing to our service. One way or the other, you will need access to the information.

This post serves as a brief description of how to start your own independent medical coding business. There is plenty of demand for outsourced coding services, so the opportunity is there. The question is whether you are willing to put in the time and effort into building a business from scratch. That is up to you.