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Medical Billing | Business Planning
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Medical Billing Business Plan
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CREATING A MEDICAL BILLING BUSINESS PLAN
Projecting income when you start a new business is a critical step of business planning. In fact, ClaimTek recommends that you write a detailed business
plan that includes the following sections and sub-sections:
I. Executive Summary
II. Company Presentation
- Mission Statement
- Description of your business goals and financial requirements
- Product and service offerings
- Technology and resources
- Factors determining success
III. Competitive Analysis
- Major competitors and competitive positioning
IV. Market Analysis
- Market barriers
- Market demand
- Marketing plans (advertising, public relations, direct selling)
V. Income Analysis
Your business plan can be written in a formal or informal style; that's up to
you. But whichever method you choose, crafting a well-conceived business plan is
a critical step in helping you get your business off to a solid beginning. Two
issues are particularly important in writing your business plan:
Mission Statement. Your company's mission statement is a short statement
that explains what you believe is the heart of your business. It expresses what
you want your customers to think about you, such as "To be a dedicated
service-oriented company that guarantees the satisfaction of clients through
attention to detail and timeliness on electronic claims and full practice
management services.
Budget Projections: It is most helpful to do a one-year income projection on a month-by-month basis. In the first few months, it is best to estimate realistically how much your startup
expenses will be and allow for a period in which you may have no clients or perhaps only one or
two. Then project your income over the next few months according to the assumptions you
would like to make for adding more clients to your roster.
For more details on writing a professional business plan for your startup
medical billing service, you may visit
www.bplan.com. Search for "Medical Billing
Business Plan" or simply
click here. The well-known software product
called "Business
Plan PRO" by Palo Alto Software, Inc. incorporates guidelines for writing a
professional medical billing business plan. The plan was actually written for
Palo Alto Software by the owner of a ClaimTek medical billing center, Physician's 1st Billing &
Claims. |
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