In Medical Billing-You Can Be Your Own Boss

In Medical Billing-You Can Be Your Own Boss

The thought of becoming your own boss slithers upon everyone with a regular job from time to time. Perhaps you crave something besides the 9-to-5, something that doesn’t involve answering to a higher-up or checking in each time you want to stray from a predetermined process or operational goal. Have you ever wondered how to be your own boss? It should be better than what you’re currently doing, right?  

The idea of being your own boss can be very empowering, but as with any new business endeavor, there are things you must consider before striking out on your own. Self-employment can be a great step to finding a fulfilling career, but it’s also not as easy as just setting out and deciding to change the world through your particular product or service. We’ve put together some strategies to guide you as you make this shift.

Making the jump into entrepreneurship is a bold decision. If you’ve spent most of your life working for others, you have likely been insulated from many aspects of running a business. But to be your own boss, you’ll need to be the one coming up with solutions – and taking the blame. Learning how to be your own boss is a process of trial and error and requires deep belief in yourself and your vision. Use these tips to adopt a winning mindset right out of the gate. 

Let’s dive in.

1.Determine Why You Want to Be Your Own Boss

Why do you want to be your own boss? 

Here is an important question – the writer Christopher Morley said, “There is only one success: to be able to spend your life in your own way.” So, what’s your way? 

Perhaps you want to:

  • Earn more money
  • Have the liberty to live and work anywhere in the world
  • Develop a flexible work schedule so you can spend more time with family/have more “Me” time 
  • Do work you’re interested in and excel
  • Pursue a passion

Here’s why this matters: When you know why you want to be your own boss, you’ll be able to design your ideal life – and then make it happen. 

For example, if you want to become a digital nomad, you may want to avoid businesses that require you to be in the same timezone as customers (because 3 am Zoom calls from Indonesia aren’t much fun).

In summary, there are many pros and cons of being your own boss. Figure out what you want most and what you don’t mind compromising on.

2. Evaluate Your Situation and Skills

Before you can get to where you’re going, you need to know where you are.

So, take stock.

Here’s what to do: First, evaluate your situation and how it will affect your ability to be your own boss. For example:

  • Do you have a family to support?
  • How much are your monthly outgoings?
  • Do you have some savings to fall back on?
  • Do you have any money to invest in your new business?
  • How much time can you devote to learning how to be your own boss?
  • What responsibilities take up lots of your time (e.g., studies and children)?

Get clear on your situation. Then, evaluate yourself:

  • What skills do you have?
  • What are your strengths and weaknesses?
  • Do you find it difficult to stop procrastinating?

Be honest with yourself – you need to know what you’re working with. 

But don’t beat yourself up.

It doesn’t matter what your situation is – you can improve it and become your own boss. As the tennis champion, Arthur Ashe, said, “Start where you are. Use what you have. Do what you can.”

3. Plan the Transition to Being Your Own Boss

Next, you need to work out how to transition from your job or studies to be your own boss. There are two main routes:

  1. Save at least six months of expenses, quit your job, and go all in.
  2. Start a side hustle, and when you’re earning enough money, quit your day job.

If you’re like me, you’ll probably want to quit everything and go all in. However, I can tell you from experience that this route can be incredibly stressful.

So, consider starting a side hustle.

If you keep up with your studies or job and things don’t work out (and first tries often don’t), you’ll still have an income or studies to fall back on.

4. Choose a Business Model

There are countless “be your own boss jobs” out there. 

But when starting, it helps to choose a tried-and-tested business model – after all, why reinvent the wheel?

So, if you’re looking for “be your own boss ideas,” here are three of the best ways to be your own boss with no money:

5. Determine Your Target Market

You can’t be your own boss without customers.

So, once you’ve chosen a business model, it’s time to identify your target market – your ideal customers.

The marketer Philip Kotler explains: “There is only one winning strategy. It is to carefully define the target market and direct a superior offering to that target market.”

Here’s the golden rule: Make sure you’re part of your target market.

Why? In short, it’s more difficult to sell something that you wouldn’t buy yourself. For example, if you never wear makeup or hair products, it would be challenging to relate to people who purchase them. But, if you love watches, your knowledge and passion would make it far easier to promote them.

So, what are your interests, passions, and hobbies? What do you know a lot about? Whatever it is, use it to help you become your own boss.

Learning what is involved in starting a medical billing home business is the first step in making the right decision.

Before starting a home-based medical billing business, it is essential to learn about the needs of doctors and medical facilities in your area. By doing your research, you can better gauge your chances for success as an entrepreneur. Questions to ask doctors include:

  • Do you handle your own billing or go through an outside company?
  • Are there specific software programs that you use or would recommend?
  • What is your daily patient volume?
  • If you use an outside billing company, do they only handle submitting insurance claims or deal with other accounting aspects?

Keep in mind; there are many offers available for people starting a home-based medical billing business that sound too good to be true. The Bureau of Consumer Protection offers some valuable advice on how to identify scams. For instance, you might want to contact one of the following groups to find out about any complaints against the company you are researching:

  • Your State Attorney General’s office
  • The Consumer Protection Agency
  • The Better Business Bureau in your area

Additionally, before signing any agreement with a medical billing provider, please consult with an attorney and have him or her review the paperwork.

Billing a patient for medical services can be complicated. Plus, not all patients can afford to pay the entire bill in full. And then there’s the paperwork. With laws like the Health Insurance Portability and Accountability Act of 1996 (HIPAA), it can be not very clear and challenging to know which documents need to go. If a hospital or doctor messes things up, it’s a huge legal liability.

This is where medical billing businesses can help. They take care of billing clients on behalf of doctors, hospitals, and other healthcare providers. Medical billing companies try to simplify the process by coordinating multiple providers and billing systems while incorporating strategies to adhere to changing regulations. Healthcare providers stay compliant and can get paid for their services.