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If you're thinking of starting your own business, medicine is a great option. You might be worried that you can't get into the field if you don't have a medical degree. Think again. There are many healthcare-related businesses you can start, no MD is needed. That said, starting a business of any kind requires careful strategizing. If you're new to entrepreneurship, it's important to plan ahead. The below guide covers some of the essential steps you should take when launching a medical startup and highlights some resources that can help you on your journey to business ownership.
Explore business options like medical coding
If you don't have a medical degree, do your research to see what types of businesses you can start. Monster has a roundup of healthcare jobs that don't require a college degree, from medical transcription to senior care and ultrasound technician roles. Medical coding is another option. This involves reviewing medical records and establishing the proper coding for insurance reimbursement. Whatever you pursue, make sure you have the proper education. For example, you can learn medical coding via online professional development courses, where you learn to identify medical procedures and assign codes for service claims. This online course includes a skills assessment at the end, so you can prove your abilities. Look online for examples of potential medical coding online courses.
Research the relevant regulations applying to medical businesses
Businesses in the healthcare space are subject to unique laws regarding patient privacy and more. HIPAA is one example. The Health Insurance Portability and Accountability Act is designed to safeguard patient privacy and information, like personal health data. Not all medical companies are required to be HIPAA compliant, but if you manage any kind of patient information, accounts, or databases—or provide billing services—you may be subject to HIPAA. Beware that a lack of HIPAA compliance can result in fines and lawsuits. From 2009 to 2021, 4,419 healthcare data breaches were reported.
Hire the staff you need
Once you have the basics of your business set up, you can start hiring support staff. Make sure you are tailoring your employee search to the type of job. Before you post any job ads, consider exactly what tasks and duties you want the person in question to perform. You can then outline an accurate job description. When hiring medical personnel, it's also imperative to check references and conduct in-person interviews. Indeed provides a comprehensive guide to hiring healthcare professionals like doctors, nurses, pharmacists, counselors, therapists, and more.
Invest in the appropriate technology
Investing in the right technology can help make your business run smoother. Examples of helpful tools for small businesses include project management software, cloud storage technology, and chat apps. There may also be additional tools that you can benefit from depending on the type of business you start. For example, if you start a medical coding business, you might benefit from software like CodeLink, which can help expedite the submission process and minimize the risk of errors. While technology can initially increase your overhead costs, it can save you time, stress, and money in the long run.
Consider outsourcing expert tasks
When people start a business, they often try to do it all themselves. Don't fall into this trap. There are many everyday tasks that you can outsource. Examples range from marketing to admin and sales. You may also want to outsource payroll. A professional payroll service will ensure everybody gets paid accurately and on time, and can also help avoid compliance issues with the Internal Revenue Service, IRS. When picking a payroll services provider, consider points like ease of use, customer service, and costs. Also, keep an eye out for hidden fees. Always read the fine print.
The medical field is booming and if you're looking to start a business, it's a great niche to tackle. That said, healthcare-related enterprises like medical coding have additional considerations to keep in mind, like HIPAA compliance. Trust the guide above to help you get off on the right foot.
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