Exciting New Venture

[David@ElatusMedical]

I'm working on setting up my office this month and ensuring that my procedures will be HIPAA compliant (Thanks for the training materials and blogs). I'm working with Marketecture to develop a website and local advertising campaign as a test. Rather than start with new billing, I'm looking to grab the Over 180 Days stuff, analyze, obtain corrections and resubmit. I'll offer a flat monthly fee or % option. I'm initially working with Office Ally but talking with ClaimTek if this grows. I can't thank everyone enough for your comments and suggestions. Any comments on holes in my plan are appreciated.

I see the medical billing market as very fragmented. There are large companies but no dominant player. I've also begun to appreciate the hard work that we, as small business owners, perform for medical practices and how much they need our help.

[tallmanusa]

So you think " they need us "; they don't think so.
So you think there are no dominant players; there are too many to list, but Athena Health, Kareo, Advanced MD, just to name a few, they all offer billing at cheaper rates than you could ever offer.
New billers often go for a year before finding a client, any client to bill for.
Over 90% of small billers don't make it to their third anniversary; average loss over $50,000 including lost income, they could have earned working somewhere else.
Everyone should have a dream, but look before you leap.

There is one bright spot, the marketing which is the most difficult part, has become digital; if you are a whipper snapper in digital marketing, you will do well.
However most billing start ups come from billing background not digital marketing background, most would not know digital marketing if it hit them on the face. They are still sending postcards by mail.

I should know, in the last six months we have acquired 16 new clients; we tried every marketing avenue, and they all came from digital marketing. We also know who we are competing against.
 

[David@ElatusMedical]

I agree with all you said. My research shows that everything you said is accurate. It also shows that there is plenty of niche opportunity. The big guys have many difficiencies to capitalize on. This forum has been a tremendous help in planning strategies to avoid many of the pitfalls mentioned. I hope to have many more opportunities to share thoughts and ideas.

[PMRNC]

It also shows that there is plenty of niche opportunity

Exactly, and I think you have to include consulting work with billing, the consulting work is the part the big guys and overseas companies cannot do as many functions require an in-house approacth. Same goes for provider education. Those larger companies, overseas companies they do not care about educating providers they are there to do the billing and nothing more. In talking to many providers over the years who used these larger companies not many were happy. There was lack of follow-up, failed communications, and again, no provider education.

The above tasks will be VERY hard for the biller with no experience, think outside the box.

[David@ElatusMedical]

Thanks Linda. 32 years in the military has taught me that the box is important but creative and feasible solutions are a must. Medicine, coding and technologies have changed in the 3 decades since I was doing medical/dental billing but the business has not changed. Over 180 day receivables are still a significant factor in the successful operations of any practice or facility. With the experience and drive to hurdle obstacles and get answers, I'm well placed to thrive. Thanks for the support and info that your team provides.

[DMK]

This forum has helped me to clean up MY over 180 day receivables and to make sure my claims are right the first time!  David, many providers would be happy to have someone take the time to get that "old" money!

[Merry]

Be sure to check your state requirements if you consider yourself a collection service. You sound as though you have dotted the i's and crossed the t's. A personal note..you don't need any other company to do what you need to do. (you mentioned one). Just a personal opinions who has had lots of experience as a business opportunity.

[David@ElatusMedical]

Your point is well taken. My intent is to only focus on insurance company denials. While I could (not easily) start a billing business right off, the success curve is more elongated. My long term goal is to ease into unserved and underserved markets and the strategy I've chosen will help establish cash flow and earn a reputation.