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Medical Billing Services - Startup Business Bureau
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Medical Billing Services

Medical Billing Services

Medical billing and coding services is an integral part of Revenue Cycle Management (RCM) and it is the process of streamlining medical claim submission for faster payment from insurance. Verifying insurance and entering information quickly and accurately to ensure a clean claim is a key for sooth operations of billing services company.

Outsourcing billing is a smart way to maximize claims revenue in medical services practice. Professional billing services can improve the accuracy and efficiency of the back-office systems, maximizing revenues through reduced billing errors and fewer unpaid claims.

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The Need

The number of physician-owned practices is currently in flux. While the number of practicing physicians continues to increase, the AMA 2016 Physician Practice Benchmark Survey indicates that a higher percentage are choosing to work as an employee at a specialty group or within a hospital system. Despite the recent trend of practice consolidation, nearly half of billing companies surveyed anticipate revenue growth for their business.

As per a latest research nearly one-third (28%) of physician and specialty practices are considering outsourcing medical billing in the next two years, with one in six expressing a strong likelihood of outsourcing.

Opportunity

The global medical billing outsourcing market size is projected to reach USD 23.1 billion by 2027, expanding at a CAGR of 12.3%, based on a new report by Grand View Research, Inc.

In response to the increased need for RCM services and the low barrier to entry, there has been significant growth in the medical billing industry—63% of companies surveyed are less than 10 years old and 26% less than two years old. New and established specialty providers are seeing double-digit growth. Billing companies have numerous options for establishing a specialty focus or branching out to serve other growing medical specialties.

The 2018 Kareo Billing Industry Survey, conducted between June 27 and July 4, 2018, includes responses from 248 billing companies (from small, medium, and large-sized firms throughout the United States) knowledgeable about medical billing industry practices.

Most companies (63%) serve 1-25 providers. Small companies, servicing 1-25 providers, currently serve 15% of total providers. Medium-sized companies, servicing 26-100 providers, support 28% of total providers. Large companies, with over 100 providers, serve 57% of total providers.

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Market

  • Solo practitioners
  • Physician Groups
  • Doctor’s Clinics
  • Urgent Care Centers
  • Small-sized Hospitals
  • Healthcare Facilities

 

Services

  • Medical Billing Outsourcing
  • Medical Coding Outsourcing
  • Business Process Outsourcing
  • Claims Submission
  • Patient & Insurance Follow Ups
  • Revenue Cycle Management
  • Credentialing Services
  • Practice Claims Audit & Management
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Investment

Initial Capital Investment - $50,000 ONLY

Investment amount will be calculated at actual and progressively as on every stage of the process would involve a budget price and its deliverables, so as to keep the investors fully updated and transparent.

An additional 25% of the investment amount to be kept in business bank account for operating expenses.

This amount includes at a minimum three (3) months of average projected expenses to cover startup costs, working capital costs, and contingency financing.

Return on Investment

35% ROI per annum

2.5 – 3 Years Break Even

$3,000 - $5,000 Income Per Month

Process

1. Submit the documents & Sign the Agreement

2. Business Registration and Bank Account

3. Office space lease and Setup

4. Initial Staff Recruitment

5. State License Approval & Registration

6. Branding and Digital Setup

7. Business Launch & Visa Application Preparation

8. Application Submission and Visa Interview

9. Visa Issued & Landing in USA