Businesses can exist on almost any concept these days. From refurbished furniture to vinyl records, to medical supplies. It matters, not but you can become successful from any foundation possible.
The business of medicine is something that is often overlooked. There are plenty of reasons for this, but the main one is likely that you would need vast medical experience to start in some cases. Especially if it is a private medical practice. As long as you’ve got the experience, there are plenty of staff out there to support your business – from nurses, to clinical experts and receptionists.
However, if you’re not a doctor – there are still plenty of options. A pharmacy will rely on your degree in science, while a medical claims business will need your money skills. Either way, you need to have some kind of education before you start in the business of getting well.
Being a doctor is such a challenging profession, but there might be one thing that outdoes it – running your own practice. It is expensive to start up and there is plenty of red tape in the form of lurking insurance companies and the transformation of health care legislation. There are plenty of challenges to running a practice and among the most obvious is payment – you treat a patient and thus get paid, but usually you need to chase the insurance companies and healthcare providers for this if you’re not chasing patients. Not only are you a doctor, but now – all of a sudden – you’re a credit controller:
“If they walk out the door without paying their portion of the bill, it’s very difficult to collect it,” Dr. Delo says. Between unresolved insurance claims and patients who haven’t paid their bills, Delo says, “I have probably $100,000 if not more that’s owed to me.”
Collect insurance information and get the coverage verified. This solves one issue. Also, have some well-trained staff – there are plenty of medical billing and coding training options available.
Another business you could launch is a medical billing service. This will help doctors get paid through you! Not many doctors or HCP’s have any clue of how to collect money – which means you’ll be filling a huge gap in the market. If you’re providing the service of a billing expert, you can help doctor’s collect cash through the tools that the internet provides and direct transmission insurance claims. The industry for e-billing is huge and a great help to doctors. If you’re medically trained, stick to the contacts and area you have previously specialized in. If you’re new to the world of medicine focus on one particular area of healthcare to start off with. Due to the pure volume of patients seen by some professionals, you may not even need to strike it lucky with a contract, your first one may be good enough to see your business through and make ends meet!
There are plenty of options to start a business in the world of health and these are but just two.