If You Make $250k+ Check In Here

I've been able to make six figures regularly. Once as an entrepreneur almost hit $200k. I always wanted to make a quarter million.

How did you do it? What do you do?

What was your entrepreneurial endeavor?

sets aside space to fill in, someday

Jwizard - What was your entrepreneurial endeavor?


Outsourced software development in the raging 90's tech boom.

Depends on how much billing I do.

Last year I billed over $850,000 and recouped just over $580,000.

After paying overhead and salaries and insurance(all with partners), my personal income was just less than $250,000.



Chango

ChangoBravo - Depends on how much billing I do.

Last year I billed over $850,000 and recouped just over $580,000.

After paying overhead and salaries and insurance(all with partners), my personal income was just less than $250,000.



Chango


I'm curious, what do you do?

Physician. Private practice.



Chango

 Who does your billing?

We have a woman that my partners (all considerably older) have used for many years.

She, along with one or two part time helpers handle all of our billing, collections and insurance pre authorization.


Chango

 She is an employee or does she have her own company?



I've often wondered about getting into medical billing.

She is an employee.

She worked for a hospital system 15 years ago, managing the billing and coding dept. When my partner left the hospital, he asked her to come with him to private practice. she worked for him exclusively. When another partner and myself joined the practice 3 years ago, we consolidated all of our billing under her.

We are a thriving, growing practice. She has recently added her daughter in law and a friend on a part time basis to keep up. She is paid 6% of monies COLLECTED. She then pays her helpers an hourly wage.

With just our 3 physician group, she has made over $100,000 a year since I have been a partner. I don't know how much you would make in a brand new practice.



Chango

$250k is tough. To me it's the threshold of "upper class" income.

ChangoBravo - She is an employee.

She worked for a hospital system 15 years ago, managing the billing and coding dept. When my partner left the hospital, he asked her to come with him to private practice. she worked for him exclusively. When another partner and myself joined the practice 3 years ago, we consolidated all of our billing under her.

We are a thriving, growing practice. She has recently added her daughter in law and a friend on a part time basis to keep up. She is paid 6% of monies COLLECTED. She then pays her helpers an hourly wage.

With just our 3 physician group, she has made over $100,000 a year since I have been a partner. I don't know how much you would make in a brand new practice.



Chango

That is awesome for her. A good friend of mine is a Neurologist who has an outside company using Athena doing his billing. He said they are collecting 7.5%. 

If I had any background in that area, he'd hire me to do the billing but unfortunately I have no training.
 

7.5% is a little high. Industry standard seems to be 6%. I have heard people trying to break in and offer value, go as low as 4%.

Medical billing is tedious. I think it would be very boring, but some people like that which is why there are accountants:)

You can get some basic billing and coding coursework(maybe a certifiacate) at just about any community college. Probably wouldn't cost very much.

The trick is learning all the little nuances, that would probably require working for someone. Maybe get some experience in a hospital before a private practice. That would afford you a HUGE range of experience in a very short period of time.

Also, you need to be VERY aggressive in pursuing collections when you work for a private practice. Two reasons 1) you collect x% of COLLECTED monies. The more you collect, the more you make. 2) even if you don't care about your income, you won't be around long if your collections drop below 65%.


Chango

I know people younger than 25 who make that in a month.

BruceWayne23 - I know people younger than 25 who make that in a month.


drug dealers

BruceWayne23 - I know people younger than 25 who make that in a month.


What do they do? Affiliates?

Yossarian - 
BruceWayne23 - I know people younger than 25 who make that in a month.


What do they do? Affiliates?



yup

Fuck...nice...

I hope to someday be there...

Yossarian - 
BruceWayne23 - I know people younger than 25 who make that in a month.


What do they do? Affiliates?


They make $250K in a month?? What is "Affiliates"?