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Thread Topic: Should I open an office??
Topic Originator: Amanda
Post Date August 23, 2006 @ 8:38 PM
Should I open an office??


Amanda
August 23, 2006 @ 8:38 PM Reply  |  Email Friend   |  |Print  |  Top

I have been running a successfull billing service for almost two years now from home and am considering getting an office to hire a few employees.  Originally the plan was to stay at home and not worry about employees but I am now second guessing myself and wondering if getting an office with employees is a better long term goal so that I won't have to do as much of the data entry myself.  I hesitate to get an office because I like being at home and I like not having to worry about employee issues.  I am not sure how much more I would make with all of the expense of overhead and office expenses versus being on my own.  I would only plan on hiring 3-4 billers.  The flip side is to have one employee work with me out of my home, or thirdly having a few employees work for me from their home?????   Just wondering if anyone has thoughts or suggestions or words of wisdom.

Leah
August 23, 2006 @ 10:03 PM Reply  |  Email Friend   |  |Print  |  Top

Well, you don't really give enough information.  And, of course, you realize this is a purely personal decision anyway.  NO ONE can answer this for you.  But, especially without knowing specifically why you are even pondering the decision.  Has business gotten too big for you to handle?  Or do you just WISH business was too big for you to handle and figure if you hire the employees and rent the space the business will automatically follow?

Amanda
August 23, 2006 @ 10:45 PM Reply  |  Email Friend   |  |Print  |  Top

I have just enough business for myself, but in the last year had to turn away about a dozen doctors because I have been full since within a month of going into business.  I have always had the intention of staying working from home but at the same time wonder if the long term is better to grow a little more so I am not doing so much data entry type work myself.  For instance it is very hard to even go on vacation because its just myself in the office and it takes me a month to catch back up after returning.  My business has been so profitable with just myself I sometimes wonder how much more it could be if I had a few employees but then again wonder if expenses and overhead would end up eating away at the profit also????  Completely don't know because I haven't been there and done it yet and was hoping for some advise for those who have and can offer advise as to whether they would do it again or wish they would have stayed at home and smaller.  I know most of the doctors that call me are specifically looking for the personal service that they are not getting from a bigger billing service so that could turn off some of my current clients???

Leah
August 24, 2006 @ 2:08 AM Reply  |  Email Friend   |  |Print  |  Top

Turning away dozens in a year?  When most people can't even get one?

If it's the data entry you don't want to do, then outsource it.  That would be my advice.  The fact that you're this ambivalent sounds to me like you don't really want to do it.  But then I don't know you - for all I know you're this indecisive about everything.

Or maybe you should move into something else, like consulting.  After all, medical billing is about 90% data entry.

SBA has mentoring programs designed specifically to advise people in your position.  You might check that out, also.

Amanda
August 24, 2006 @ 11:41 AM Reply  |  Email Friend   |  |Print  |  Top

No I absolutely love medical billing, I am just indecisive I guess.  I really love what I do but am wondering basically if I should expand or not.  I managed a billing office for a few years and it was hard to motivate the employees to do a good job on their work so basically I am learing of hiring unmotivated employees.  I have actually been referring these doctors to others in my network so its a win win for my network friends but I sometimes wonder if I should expand is all.

Amanda
August 24, 2006 @ 11:44 AM Reply  |  Email Friend   |  |Print  |  Top

Sorry I forgot to mention what really got me thinking about expanding is my arm/wrist pain from doing so much data entry over the years it makes me wonder how long I can keep going sometimes??  

**  By the way most of the calls I receive are referralls from my already happy clients so once you get that first doctor you will be off and running!!

Amanda
August 24, 2006 @ 11:48 AM Reply  |  Email Friend   |  |Print  |  Top

I keep thinking of more to add.....  the reason I am being so "cautious" about expanding because I know how hard it is once you have grown, there is no turning back really.  I want to make the right desicion for my family.  I'm not sure if hiring employees would mean more time at the office (in some cases that is so) or less time at the office.  I am already working a lot of hours and don't want to add to that.

Leah
August 24, 2006 @ 7:28 PM Reply  |  Email Friend   |  |Print  |  Top

LOL on the multiple posts!

You know, it's a toss-up.  Employees can be a real headache, and you also have to worry about unemployment taxes, finding good employees who are willing to work for no benefits, or pay expensive benefits, calling in sick, firing, all that nasty business that can come up.  But, you can take in more business!

One option is to hire all independent cotractors - but if you do that, you lose some of the control - e.g. they are allowed to work for other entities and THEY prioritize their work, not YOU.

I really think an SBA workshop might help you decide.  Are there any close by to you?

Amanda
August 24, 2006 @ 9:56 PM Reply  |  Email Friend   |  |Print  |  Top

Thanks Leah.

Dan Young
September 9, 2006 @ 3:31 PM Reply  |  Email Friend   |  |Print  |  Top

Hi Amanda,

If you are referring providers to other billers, you should be making a residual off of each and every claim paid by the other providers.  this is a referral fee that you can charge.  Example, if you negotiated a fee of seven percent, sell this to you network at 6.5 % and you collect the 1/2 percent.  this is a win-win situation for all concerned.



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