7 Step Business Plan for SBA Funding

 

 


Medical Billing Business Plan


When asked what he would do if he found a million dollars, Yogi Berra said, "I would try to find the person that lost it, and if he was poor -- I'd give it back."
 

 

 
MEDICAL BILLING BUSINESS PLAN

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!

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C.J. Ralph,
Service Business Specialist

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