Medical Billing Business Plan

Okay, so we have considered all the requirements for starting a medical billing and coding company.We also took it further by analyzing and drafting a sample medical billing and coding marketing plan template backed up by actionable guerrilla marketing ideas for medical billing and coding companies. Medical billing and coding business owners process and administer medical insurance policies and claims.The business will be based in Saint Paul – Minnesota and we have been able to secure a standard office facility.

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Globally, North America has the highest revenue growth in this industry.

The United States has had rapid changes in its healthcare structure and with rising healthcare costs have been the major driver in the North American region.

This growing demand will help the industry not only have huge demands which will be taken care of by operators but this will also boost revenue for the industry.

It should be noted however that regardless of the huge demands experienced in this industry, the market share concentration is still quite low especially as only one operator accounts for more than 14 percent of the total industry revenue, while the remaining operators in the industry generate less than 5 percent each in revenue for the industry.

Running this type of business requires that you should be trained and it is indeed a very lucrative business in the United States, Canada, Australia and the United Kingdom because of the desire for continuous engagement between clients and key stakeholders in the healthcare industry.

If you are sure this type of business is what you truly want to do, the next step to follow is to write a good business plan.A report published by IBISWorld shows that the medical billing industry is worth billion annually with an 8.8 percent growth between a five – year period (2011 to 2016).There are more than 2,300 medical billing businesses in the United States of America employing over 7,000 people.Over the next five years (2016 to 2021), the industry is predicted to experience steady growth as there will be more senior citizens who will make their demands via Medicare.Also within this period, the number of people with insurance is expected to rise in line with healthcare reforms which will then allow those with pre-existing conditions to be able to receive insurance.This is largely due to the fact that medical billing has become an intricate part of medical practice, especially as there have been several challenges from in-house billing processes especially with untrained staff, lack of proper financial policy, improper IT structure, as well as billing errors.These challenges are why most hospitals and doctors’ offices prefer to outsource their medical billing processes; 95 percent of most independent physicians have stated that they prefer outsourcing their medical billing processes to running one in house.Most of the operators in this industry operate on a large scale and therefore provide a variety of services such as claims adjustment, risk and consulting.According to IBISWorld, the largest player in the industry caused market share concentration to increase with its acquisition streak and a growing pace that has outpaced industry’s growth.A recent researched published by Grand View Research, Inc.in 2015, shows that the medical billing outsourcing market was worth over billion and has been predicted to reach billion by 2024.

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