One thing is certain; we will ensure that we offer a wide range of medical billing and coding related services that are in high demand in the healthcare industry. We will also go all the way to ensure that we give out discount as at when due and deliver excellent services devoid of errors.
Physicians 1st Billing and Claims will not only free office staff for more crucial tasks, but will also maximize return from insurance carriers. National statistics show only about 70 percent of insurance claims, initially submitted on paper, are ever paid by insurance carriers.
With electronic submission Physicians 1st Billing and Claims can increase the percentage of claims paid to around 98 percent. Physicians 1st Billing and Claims can reduce these costs by 50 percent or more.
Statistics show turnaround on paper insurance claims to be 30, 60, even 90 days or longer, creating serious outstanding receivables for the practice. Of course, this reduces outstanding receivables proportionately and tremendously improves cash flow.
What it does mean is medical staff must hassle with insurance carriers over payment. With the extensive editing performed on electronic claims prior to their transmission to carriers, this percentage is reduced to percent.
Claims are submitted with a 98 percent accuracy rate. For many years physicians graduated from medical school under the premise that they were going to run a "practice. Many simple administrative procedures were neglected, such as: For many offices, outstanding receivables grew tremendously and annual bad-debt write-offs became routine.
But adequate profit margins allowed medical practices to ignore sound business procedures. Medical practice complacency toward industry change is in the past.
With the onslaught of managed care organizations into the industry, physicians are finding profit margins shrinking. They are now alert to the fact that in order to remain in business into the 21st century, they will have to adopt more efficient business practices.
Physicians 1st Billing and Claims is prepared to assist local health care providers move through the last of the 20th century and into the 21st century with sound practices that will guarantee business success and, in turn, guarantee quality health care for our families and our country.
Please give this detailed business plan your attention. The use of these funds is explained in the Start up Summary section. To process 1, claims a month by month To become recognized as a local industry expert in the field of medical reimbursement.
To add several additional services to our initial offering of electronic claims submission, including:Free Medical Billing Company Business Plan For Raising Capital from Investors, Banks, or Grant Companies!
Please note that the financials in this complete free business plan are completely fictitious and may not match the text of the business plan below. Medical Billing Business Plan Template – Download Now. Simply fill-in the blanks and print in minutes!
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Over + additional sample plans also included. Physicians 1st Billing and Claims medical billing business plan executive summary. Physicians 1st Billing and Claims is a start-up company that provides billing and insurance processing services for medical /5(18).
Medical Billing Business Plan. The medical billing business plan describes a new company called Physicians First Billing and Claims. This is a small business that offers billing and insurance processing services to physicians and other medical offices.