Set-Up your Own Medical Coding Business!

Hey trainees, did you know you could set up your own medical coding business right from the comfort of your own home? Well, if you never thought of jumping into the entrepreneur bandwagon, think again…coz the medical information industry offers great scope and big money! But before getting all too excited about it, you should ask yourself, are you willing to take your life to the next level, no matter how demanding it may get? If your answer is yes, then read on…

As an entrepreneur, you need to be independent and stay calm in stressful situations. If you have the right temperament to be a businessman, we’ll tell you how to set up your own coding business at home.

Step #1: Get Trained and Certified

Most of you may already be in step 1. Before setting up your business, finish you coding training and get certified by the American Academy of Professional Coders or the American Health Information Management Association. Most importantly, become an expert in HIPAA. Being a certified professionalwill make it easier to score clients.

Step #2: Get Experienced

Once you are trained and certified, you shouldn’t start a business right away. To know the subtle nuances of the medical coding profession and business, it’s best to work as a professional medical coder in any company of your choice. The experience will not only help you bring clients for your business but will also help you meet valuable contacts who could help with your business. This is a very important step if you are looking to make a great at-home business. Work hard and impress your bosses and co-workers. Attend meetings and conferences on medical coding and increase your network of contacts. You can also leave comments and tips on coding forums on the internet by offering advice to other coders. Don’t forget to mention your name to increase your web presence. You can also add your website address when you set up your own website later on.

Step #3: Map Your Business Plan

Now comes the critical stage: making a business plan. Before you setup your business, you need to be clear as to what amount of finance would be required to start-up and what marketing tools you will use. There are numerous valuable resources online on writing a business plan. Pick one and get started. 

Step #4: Decide Business Type and Register

Once you have the business plan ready, decide which business entity you wish to have. There are different types of business entities that apply to your business – sole proprietorship, LLC, partnership, corporation, etc. Read online resources to gain more clarity on these. You can then register your company at http://www.mca.gov.in/MCA21/RegisterNewComp.html. If you find this too confusing, consult a lawyer or a corporate consulting firm.

Step #5: Set up YOUR Office!

Make space in your home to set up your office. Get the necessary infrastructure and furniture, such as desk, chair (very comfortable one!), computer and internet access. Don’t forget coding manuals! You will also need medical coding software that you are most comfortable with. Also, set up your website to market your business, skills and expertise. There are many low cost options that help you get a domain and easy tools that help you create or design a website. Alternatively, you could ask a web developer to set it up for you.

Step #6: Start Marketing

Lastly, once you have set up everything, you will have to start marketing your business. Use your contacts and network to let them know about your business, get a brochure designed to send to medical coding companies, hospitals, doctors, clinics, etc. Place follow-up calls to ask if they wish to take your services. Also look online for companies that are looking for work-from-home medical coders.

Now that you have clients, your business is good to go! All the best!

Photo Credits:

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David Castillo Dominici.

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