![]() How does a medical billing business make money?Ī medical billing business makes money in any of several ways: billing by the hour, billing by the claim, or taking a percentage of the money collected from claims. This is what most small to medium-sized medical billing companies do. You can narrow your focus, of course, and target specific types of practitioners and providers. The target market is as wide as the healthcare industry. Medium and large companies spend hundreds of thousands of dollars per month just to keep the business running. These costs range from $100 per month just for software, up to $10,000 or more per month if you have a small medical billing company. Ongoing expenses include software, insurance, utilities, and office supplies, along with labor costs. What are the ongoing expenses for a medical billing business? You'll also need backup hard drives at $50 to $150 per drive, ethernet switches and wires at $50 - $100 per wire, depending on length, software licensing at $1,500 to $3,500 per user, software upgrades at $1,500 to $3,500 per year, and IT support at $150 to $200 per hour. Servers add another $3,000 to $5,000 to the cost, and training adds another $3,000 to the startup total. A medium-to large-scale operation requires professional, in-house, systems which can cost upwards of $50,000 to install. Of course, you can grow your medical billing practice quite large. The price points here range from $60 per month, per user to $250 per month, per user. Software for a startup can be outsourced through a cloud-based billing software company. What are the costs involved in opening a medical billing business? It's very important to secure your domain name before someone else does. When registering a business name, we recommend researching your business name by checking: If you operate a sole proprietorship, you might want to operate under a business name other than your own name. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Medical Billing Business Name Generator ![]() What will you name your business?Ĭhoosing the right name is important and challenging. Luckily we have done a lot of this research for you.
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