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:
- Executive Summary
- Company Presentation
- Competitive Analysis
- Major competitors and competitive positioning
- Market Analysis
- Market barriers
- Market demand
- Marketing plans (advertising, public relations, direct selling)
- 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.