UNDERSTANDING MEDICAL BILLS

UNDERSTANDING MEDICAL BILLS

This guide will help you, as a patient, navigate the medical 

billing process from the moment you contact a healthcare 

provider about an appointment until after you receive 

your bill in the mail.

"Pitch Deck"

Management Team

I am going to get the business started, and secure clients for myself through marketing and word of mouth. As ClaimPay* becomes established, I will hire staff as needed. i will provide the proper training and equipment needed for each hired on to also start a home based office. This will open the doors to a variety of people to join today's working class and help boost the local economy. With the experience and knowledge I have gained from previous employment, I will be of great support to the struggles many see within the billing cycle. I will follow a complete step by step structured guide line that is set with in the binding laws and regulations of Washington State, Department Of Health, and HIPPA's Privacy Practices. 

Customer Problem

ClaimPay* is a resolution specialist providing services to Medical Doctors, Physical Therapists, and Doctors of Chiropractics, who are paying out more than they are bringing in. Our services solves any billing issues with CPT or ICD-10 coding, data entry, claim submissions, claim follow ups, and collection accounts and will quickly gets you paid. Guaranteed or the next month of services will be free.

Products & Services

ClaimPay* will provide end to end billing needs, such as, patient intake, scheduling, data entry, coding, insurance verification, claim submission, payment posting, collections, and analytical reporting. We will offer customized service options, allowing you to make the right fit for you company's needs. There will be constant contact and open communication with the providers administration and with the patients. Our dedicated and supportive staff will be their to assist in the fine details of the entire billing process. Reducing headaches and easing the tension within your office. Our job is to get you paid for the services provided as quickly as possible. Providers will benefit from our services from the notable growth rate in there services paid for, which brings their net worth up, and their ability to concentrate more attention to the patients needs, and their plan of care.

Target Market

ClaimPay* is a home based office that is located in Kelso, WA. Serving the greater part of Cowlitz County and surrounding areas. 
Our targeted market is any medical providers who wants to outsource their billing department to cut costs and increase profits considerably. 
Our goal is to contract with local providers to improve revenue with in our community.

Customers

Our customers will be smaller medical offices who are seeing a shortage in account receivables from payments from insurance company's due to error rejections, denials, and ineffective follow ups from the in house billing departments and have a high average of unpaid aged accounts. We will increase profitability within one month guaranteed.

Sales & Marketing Strategy

ClaimPay* will have prices that will beat all competition and services of today's going rate for outsourced billing companies. The services we provide will be top priority for every customer we contract with. I will advertise on social media, become affiliates with the local medical associations and attend chamber of commerce meeting to get the word out. You will be happy with our services and see a boost in profits by the end of the first month guaranteed or the next month of our services are free.

Business Model

First rate, top of the line communication between the clients and insurance agency, along with highly detailed, organized and effective management skills ClaimPay* will gain 100% of its clients trust with fast and timely responses and quick turn around time for payments. At a considerably lower cost than having an in-house billing department and all competitors locally.

Competitors

Locally there is only one outsourced Medical Billing Office, that I have found and other than that there are several up north. The biggest issue will be selling my services to offices that are already using in house billing department and getting them to be willing to switch to an outsourced billing company.

Competitive Advantage

With a highly detailed and efficient mind set ClaimPay*s goal is to preform top notch service with error-less claim submission allowing a fast turn around time for payments, at an extremely lower cost than all competitors. We want to gain the trust of our customers by showing them that outsourcing really is the best option for their billing needs. 
We use the best technology and the highest reviewed clearing houses found, as well as, actively research the going rates for services provided and adjust our prices, to lower than any of our competition. The point is to gain the trust of providers, so that they continue to outsource billing needs to us, which will allow ClaimPay* to thrive and grow into a more nationally known company. 
It is known that more than 50% of home workers are able to put 25% more time and effort in to the job to get it done, and that will be shown consistently by the improvements in your company bank accounts.

Based on your answers, an S Corp may be best.

Based on your answers, 

an S Corp may be best.

This result does not substitute for the advice of an attorney and/or accountant familiar with your unique circumstances.

Advantages of an S Corporation

• Owners (shareholders) are typically not personally responsible for business debts and liabilities.
• S corporations allow for pass-through taxation.
• S corporations may have self-employment tax savings over LLCs.
• Capital can be more easily raised through sale of stock (as long as IRS guidelines are met).

Incorporate Now as a S CorpLearn More About S Corp

More research to consider

• Benefits of Incorporation
• Understanding Incorporation Requirements
• LLC vs. S Corp: Which Makes Sense for Me?
• S Corporation vs. C Corporation: A Comparison

Related: 6 Things I Wish Somebody Had Told Me When I Started My Small Business -3

3. A focus on a specific market segment

As a startup founder, you won’t have the marketing resources or brand recognition to appeal to all consumers. Instead, find and quantify the specific demographics of the subset that your solution best fits, and target all your features and messaging to those customers. Targeting multiple segments almost always weakens your business.

Related: 6 Things I Wish Somebody Had Told Me When I Started My Small Business

1. An experienced and skilled team on board

Even the best solution won’t rise above the crowd unless it is driven by an equally outstanding team. In fact, most investors will assert that the team is more important than the solution in startup success. They look for a balanced mix of people with complementary skills, experience and determination.

Here are some highlights to look for in a premium health care clearinghouse:

– Eligibility Verification – Determine patient portion before appointment
– Electronic Remittance Advice (ERA) – Automatically updates Payments & Adjustments
– Claim Status Reports – Know the status of a claim at all times
– Rejection Analysis – Have error codes explained in plain English
– Online Access – Edit and correct claims day or night online
– Printed Claims – Have claims automatically dropped to paper when necessary but still be able to track and manage them online.
– Patient Statement Services – Have your patient statements put on ‘autopilot’ at a cost less than what you can mail them out yourself.
– Real-time Support – The best clearing houses offer 1-on-1 personal support and training provided by experienced billers.
– Affordability – When you take into consideration the cost of purchasing forms, the cost of printing, envelopes, postage, and time spent; a clearinghouse ends up costing far less than processing paper claims, plus electronically you have the many added benefits.