Medical Billing Business Plan Basics

We're often asked, "Do I really need a medical billing business plan to be successful?" by folks looking to start a medical billing business at home.

Of course any entrepreneur looking to start a business should have a well thought out business plan. But after a little digging, the real question usually ends up being, "Do I need a formal business plan or will a few goals and ideas written on the back of a napkin do?"

When deciding how complex your medical billing business plan needs to be, we certainly hope that you decide go into a little more detail than the napkin route is going to afford you.

At the same time, were are not completely sold on the idea that everybody needs to have a 300 page "formal" business plan.

A good candidate for a very formal medical billing plan would be someone looking to start their business with a partner and/or if a bank loan will be needed (more about our thoughts concerning the need for a bank loan in a minute).

So what should your medical billing business plan include? For a basic plan, it includes the following seven elements:

  • Executive Summary: This is typically a general description of your business, who the target customers are and the services you will provide for your clients.
  • Company Description: Legal company name, ownership, business structure (LLC, Sole Proprietorship, etc), company services, business objectives.
  • Product or Service Description: Include all the services you will and will not include in your medical billing business and fee
  • Market Analysis: What kind of competition will you have, and how saturated is the market in which you plan to work? What fees does the competition charge for their services? Your strengths and/or deficits compared to your competition.
  • Strategy and Implementation: Types of marketing strategies, marketing budget, responsibilities for implementing marketing plan
  • Management Team: Who will be responsible for implementing marketing, financials, etc.
  • Financial Plan: Startup costs including office equipment, medical billing software, computer hardware, any loan applications, cashflow analysis, 

Get Free Medical Billing Software Quotes

Medical Billing Software is one of the most important aspects of starting your own business. 

As a service to our visitors, Everything Medical Billing has arranged with nationally recognized BuyerZone to provide free price quotes from quality Medical Billing Software Companies with no obligation.

Here's how it works:

  1. Complete the request form below.(Click "Continue" to advance to the next question and click "Submit" at the end of the form.)
  2. Receive customized price quotes via email, fax or phone.
  3. Select the best solution for your needs -- save time and money and let software companies compete for your business

Opening your own business can be a daunting task, but with careful planning and analysis, you will have solid footing to give yourself the best start possible.

Another possibility would be to start a different home based business that requires little start up capital and might provide the extra cash flow needed to open your billing business.

You can get more information about Alternative Work at Home Ideas at the bottom of that page; who knows, your true passion may have nothing to do with medical billing.

› Medical Billing Business Plan

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