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
Association Manager
Handle the management tasks that association members don't have time to tackle.
Freight Broker
Match shippers and transportation services as a freight broker.
Red Carpet Service
Make a business out of giving parties the Hollywood treatment. Red carpets, valet service and emcees are just some ideas for this event planning service.
More from Business Ideas
87 Service Business Ideas to Start Today
Get started in this growing industry, with options that range from IT consulting to childcare.
Their 'Magic Internet Money' Side Hustle Just Hit $1 Billion in Sales: 'We'd Empty 6 Figures of Cash Onto the Counter. The Bank Teller's Expressions Were Priceless.'
Inspired by the concept of decentralized money, Neil Bergquist and Michael Smyers came up with a lucrative idea they believed "would nearly run" itself.
A CEO Who Runs a Fully Remote Company Has an Unusual Take on Employees Starting Side Hustles: 'We Have to Be Honest With Ourselves'
Ross Buhrdorf, CEO of ZenBusiness, breaks down how critical "walking the walk" really is.