Thinking about opening a medical billing service? We tell you what you need to know to get started.
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How to Create a Winning Medical Billing Service Business Plan
If you've done your homework, you already know that writing a business plan is the most critical thing you can do for your company.
We'll add one more voice to the chorus – writing a solid business plan is the most important thing you can do for your startup. If you take your business plan seriously, the end product will be a document that will guide your company through the critical first year and beyond.
Furthermore, a good business plan will help you avoid key startup mistakes. Lacking a solid business plan, many startups find themselves rudderless and incapable of executing consistent decision making processes, while committed business planners rely on their plans to guide all of their decision making and short-term planning efforts.
Assess the Competition
Long before you open a medical billing service in your area, it's essential to see how many competitors you have. Use the link below to get a list of local competitors near you. Simply enter your city, state and zip code to get a list of medical billing services in your town.
Is the local market large enough to support another medical billing service? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
After you've evaluated your local competitors, it's a wise move to learn as much as you can from somebody who is already in the business. If you think owners of nearby medical billing services will give you advice, think again. The last thing they want to do is help you to be a better competitor.
On the other hand, an individual who has a medical billing service in a different city may be willing to share their entrepreneurial wisdom with you, after they realize you reside far away from them and won't be stealing their local customers. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Where can you find somebody who runs a medical billing service in a different locale who can assist you?
It's easy. Here's a link you can use to find a mentor outside of your area.
Should I Buy or Launch a Medical Billing Service?
To become a medical billing service owner, you'll either need to buy an existing business or start one from scratch.
Unless you have compelling reasons to launch a new business, buying an existing medical billing service may be the better choice.
An acquired medical billing service is a known quantity; a startup is less certain because its forecasts depend on estimated outcomes. If you're diligent about finding the right acquisition prospect, you may be able to leverage a business buying strategy to rapidly propel yourself into a position of industry leadership.
Explore Franchising Options
Your odds of avoiding failure in business are much better if you opt for franchising instead of doing it all on your own.
If your goal is to start a medical billing service, a smart move is to assess whether buying a franchise could be the right move for you.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you sell to medical billing services, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.