UnderGround Forums
 

Money, Business & Finance Ground >> If You Make $250k+ Check In Here


8/14/09 11:38 PM
Ignore | Quote | Vote Down | Vote Up
OneScoup
Send Private Message Add Comment To Profile

Member Since: 4/18/02
Posts: 13463
 
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?
8/15/09 12:56 AM
Ignore | Quote | Vote Down | Vote Up
Jwizard
Send Private Message Add Comment To Profile

Member Since: 12/10/04
Posts: 12631
What was your entrepreneurial endeavor?
8/15/09 5:46 PM
Ignore | Quote | Vote Down | Vote Up
Yossarian
325 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 7/15/02
Posts: 8066
*sets aside space to fill in, someday*
8/16/09 3:53 PM
Ignore | Quote | Vote Down | Vote Up
OneScoup
Send Private Message Add Comment To Profile

Member Since: 4/18/02
Posts: 13479
Jwizard - What was your entrepreneurial endeavor?


Outsourced software development in the raging 90's tech boom.
8/17/09 10:21 AM
Ignore | Quote | Vote Down | Vote Up
disbeliever
518 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 9/27/03
Posts: 3632
Im around 100K, i will most likely never get near 250k
8/17/09 12:34 PM
Ignore | Quote | Vote Down | Vote Up
ChangoBravo
11 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 1/14/08
Posts: 1228
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
8/17/09 2:27 PM
Ignore | Quote | Vote Down | Vote Up
Yossarian
325 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 7/15/02
Posts: 8099
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?
8/17/09 8:25 PM
Ignore | Quote | Vote Down | Vote Up
ChangoBravo
11 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 1/14/08
Posts: 1230
Physician. Private practice.



Chango
8/18/09 12:16 PM
Ignore | Quote | Vote Down | Vote Up
LiveWire
126 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 11/15/04
Posts: 12086
 Who does your billing?
8/18/09 8:13 PM
Ignore | Quote | Vote Down | Vote Up
ChangoBravo
11 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 1/14/08
Posts: 1234
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
8/19/09 12:19 PM
Ignore | Quote | Vote Down | Vote Up
LiveWire
126 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 11/15/04
Posts: 12092
 She is an employee or does she have her own company?

I've often wondered about getting into medical billing.
8/19/09 12:35 PM
Ignore | Quote | Vote Down | Vote Up
ChangoBravo
11 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 1/14/08
Posts: 1236
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
8/20/09 1:25 AM
Ignore | Quote | Vote Down | Vote Up
OneScoup
Send Private Message Add Comment To Profile

Member Since: 4/18/02
Posts: 13538
$250k is tough. To me it's the threshold of "upper class" income.
8/20/09 1:03 PM
Ignore | Quote | Vote Down | Vote Up
LiveWire
126 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 11/15/04
Posts: 12103
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.
 

8/20/09 1:25 PM
Ignore | Quote | Vote Down | Vote Up
ChangoBravo
11 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 1/14/08
Posts: 1243
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
8/21/09 2:17 AM
Ignore | Quote | Vote Down | Vote Up
BruceWayne23
10 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 6/24/03
Posts: 2302
I know people younger than 25 who make that in a month.
8/21/09 7:46 PM
Ignore | Quote | Vote Down | Vote Up
groundfighter2000
467 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 1/1/01
Posts: 19956
BruceWayne23 - I know people younger than 25 who make that in a month.


drug dealers
8/22/09 3:48 PM
Ignore | Quote | Vote Down | Vote Up
Yossarian
325 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 7/15/02
Posts: 8133
BruceWayne23 - I know people younger than 25 who make that in a month.


What do they do? Affiliates?
8/22/09 7:36 PM
Ignore | Quote | Vote Down | Vote Up
BruceWayne23
10 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 6/24/03
Posts: 2312
Yossarian - 
BruceWayne23 - I know people younger than 25 who make that in a month.


What do they do? Affiliates?



yup
8/22/09 11:53 PM
Ignore | Quote | Vote Down | Vote Up
Yossarian
325 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 7/15/02
Posts: 8142
Fuck...nice...

I hope to someday be there...
8/24/09 6:04 PM
Ignore | Quote | Vote Down | Vote Up
TheKidAintMine
165 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 1/1/01
Posts: 4700
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"?
9/15/09 4:55 PM
Ignore | Quote | Vote Down | Vote Up
DirkH
Send Private Message Add Comment To Profile

Member Since: 1/1/01
Posts: 1918
ChangoBravo - 

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


So, on average, only 68% of your patients pay?!?!?
9/16/09 9:55 AM
Ignore | Quote | Vote Down | Vote Up
disbeliever
518 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 9/27/03
Posts: 4330
DirkH - 
ChangoBravo - 

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


So, on average, only 68% of your patients pay?!?!?


Healthcare loses so much money it isnt funny. I work in IT for a regional healthcare org, and the amount of money people do not pay every year is incredible.

Reply Post

You must log in to post a reply. Click here to login.