KEY CONSIDERATION
Learning medical terminology will be the big
stumbling block in your medical billing business plan. But once you've
got that, there is a huge market waiting for you.
STRONGEST ADVANTAGE
With the graying of the population, there
will be more medical bills. And more billing services will be needed
to service that growth in business.
STRONGEST DISADVANTAGE
Knowing medical terminology well enough to
be able to catch errors that creep is probably your biggest challenge.
Many nurses and assistants, however, already have that knowledge. If
you are one of them, and are looking for an independent business, this may
be the one for you.
On the other hand, if you don't have direct
medical experience, you will need to prove your knowledge base to your
lender.
And you will need a real comfort level with
computers. Everything medical is being put online. You will
likely need to know how to pull information from a number of different
sources and create and track the bills that are generated from that pool of
information.
OVERCOMING THE DISADVANTAGE WITH YOUR
MEDICAL BILLING BUSINESS
PLAN
Bring a clientele base to your new
business.
The best way to prove that you have the
base knowledge that is needed is to get the backing of several groups of
physicians who will trust their billing to you. This is a huge
responsibility in the medical arena, and if physicians themselves are
willing to trust you, that is an immense plus in your favor.
Use your biographical summary to
demonstrate your medical background and computer skills.
It's great if you were a supervisor in a
retail store, but it has nothing to do with medical billing. Outline
the specific skills you need to run a medical billing business, and note how
you have acquired each skill set.
There's no need to brag. But do set
out your background and accomplishments as completely as possible.
OTHER PLUSSES FOR YOUR
MEDICAL BILLING BUSINESS PLAN
If you can provide knowledge of credit
collection policies and procedures, in addition to strictly billing
patients, your value to the physician will rise exponentially.
FOR ADDITIONAL INFORMATION
FOR YOUR MEDICAL BILLING BUSINESS PLANS AND A MEDICAL BILLING MARKETING PLAN
There is excellent statistical information on the
billing and bookkeeping industry as a whole at
BizMiner. This
can be adapted effectively for your marketing plan for your medical billing
business.
At the home page, look ior the "Industry Search" box. Enter
"billing" in the search box.
The Financial Analysis and Marketing
Research that BizMiner provides is based on data from hundreds of
billing and bookkeeping businesses. You need to be familiar with this because this is the information that your lender will review to
determine if your projections are in line with those of other yoga
studios. Do review them to satisfy yourself that you are indeed
within reasonable parameters of the industry as a whole.
Odds are, you will find the information
very helpful in writing your plan as well.
BEST ALL AROUND SOURCE OF INFORMATION
 |
Your 7-Step Business
Plan for your Medical Billing company has everything you need:
templates, financials, recommendations. Best of all, the
templates are in MS Word and Excel, two programs you already know.
Click
on book cover for more information. |
YOUR LIKELY
LENDER/INVESTOR
The
SBA
may be your best option. Go talk with a couple of local SBA
lenders and see what they can tell you.
And you know those physicians who are
recommending your service? Don't be surprised if one of them offers to
back you, especially when you ask him to "quickly review" your business plan
to make sure you haven't made any errors.
YOUR ONLINE
PRESENCE
As more and more businesses
are going online, yours may too. There are some excellent medical
billing sites
already online. There is, however, always room for one more.
At a bare minimum, you will want prospective clients to be able to see
your business and get an idea of the type of services that you offer. For
the easiest way to build an excellent website, see the
best web host
.
THE LAST
WORD ON MEDICAL BILLING BUSINESS PLAN
With the right skill set in
your corner, this could be a great business. Good luck on your
journey!
.
