Your Medical Billing and Coding Career: Are You Leaving Money on the Table?

medical billing and codingYour medical billing and coding career can be a very lucrative one, especially when you consider that you can work your own hours and your own pace, turning quite a profit in the process. If you are not serious about your pricing structure or the way that you bill your clients, however, you could be leaving money on the table. This is true in a medical billing and coding career, or for any work from home endeavor. Take the following advice into consideration:

Medical Billing and Coding Research

Whether you are brand new to medical billing and coding or have been in this line of work for some time, it is always wise to research the way others are pricing similar work. This will help you to feel more confident about the fees you are currently charging, or will help you to become more aggressive when establishing a new pricing structure.

One of the simplest ways to compare your rates with competitors in your area is by performing a simple Google search for medical billing and coding services nearby and checking their rates online or by requesting a quote.

Once you know how others are charging, be sure to take into consideration your years of experience as well as your current client roster. Every milestone or positive feature of your business will allow you to take the next step and charge higher fees. Did you recently land one of the top medical facilities in your county? Ask if you can place their logo on your website. Have you passed the “three years in the medical billing and coding” marker? Advertise that as well. Always capitalize on strengths to further your medical billing and coding career.

Changing Your Medical Billing and Coding Rates

It is normal for service providers to change their rates from time to time. The best time for a medical billing and coding specialist to change rates is annually, or at the renewal of a contracted period. Refusing to raise or change your rates to meet with normal industry prices may even hurt you in the long run. It is normal psychology to perceive a higher priced service as being better, more stable, more reliable, and offering more. By continuing at extremely low rates, what message are you sending about your medical billing and coding business?

Invoicing Considerations: Piece Work vs. Steady Clients

In the medical billing and coding industry, you’ll have two basic categories of clients:

  • The first category is the piece work category. These clients will have occasional work, but will not commit to a contract.
  • The second category is your steady work, where a client will make a commitment to use your services for6-12 months at a time.

By offering your steady, contract clients a lower rate, you are rewarding them for giving you steady work and convincing them to continue to do so. While you may earn slightly less over the course of a year, the positive trade off lies in the fact that you can guarantee the work will continue for a certain time period.

If you deliver reliable, quality work and positive customer service, your clients will be willing to pay the rates that you request. We hope you will take this advice and realize the importance of not leaving money behind in your medical billing and coding career.

Comments are closed.

Premium Wordpress Plugin