Monthly Archives: March 2017

How to Start Your Own Medical Business

The tremendous boom experienced by the healthcare industry in the last decade has given a spurt in demand within the allied industries as well, the medical billing sector being one of the biggest beneficiaries.

Medical billing is essentially the process of procuring payment from the insurance providers as well as the patients for the purpose of compensating physicians for the medical services they have performed. To achieve success in this technically driven business, it is important that the entrepreneur does the initial spadework and makes a concrete plan regarding how to start your own medical billing business logistic.

Knowledge and expertise

If you are still an amateur in the field of medical billing, you will need proper training and knowledge on two main aspects of this business, which is one of the more profitable small business options because it has a fairly small investment requirement. The two aspects of training are the capability of understanding technical terminology and establishing contacts for the purpose of networking.

The easiest way to gain the required expertise is to enroll in medical coding and billing classes. Such a course will effectively prepare you for a business in medical billing and counting, apart from touching upon various other important aspects, which will include:

1. Medical terminology

2. Anatomy

3. Insurance forms and related procedures

4. Coding systems

5. National diagnostic and procedural systems

6. Procedures for handling denied claims

7. Billing computer software

8. Soft collection techniques

9. Providing medical billing service

10. CPT codes

It also helps to keep abreast with changes within the industry and attend the seminars or workshops imparting training regarding any innovations in the field.

Equipment required

When considering how to start a medical billing and coding business, the next most important thing you will need to decide on is the equipment you might require for the purpose. The most important equipment required for this particular business includes:

1. A computer

2. High speed internet connection

3. Printer

4. Medical billing software

5. CPT coding manual

Medical billing business logistics

After you have gained the essential expertise, work out the basics of infrastructure and other logistics related to your medical billing business. The most important aspects could include:

1. Physical location of your business

2. Terms and conditions of service

3. Outline of the initial investment required

4. Nature and quantity of team members required

5. Range of services offered

Marketing your services

Once you have all the essential equipment in place and have gained the essential expertise, it is time that you build an effective marketing strategy to create adequate awareness about your services. Especially in the startup stage, it is advisable to create awareness by sending direct mailers to doctors, cold calling, and most importantly, networking in the medical billing community. In fact, it is also recommended to start marketing for your services from your personal physician’s office to begin with, which might give you an additional head start.

Getting a license

In case you are thinking of how to start a medical billing business from home, make sure you obtain the essential business license required to operate a home-based business. You might also need to be affiliated to certain centralized bodies and associations that are relevant to the industry of medical billing.

Conclusion

Sound knowledge and expertise in the technical aspects of the business of medical billing and counting is the cornerstone of success in this industry. Before you actually step into this kind of a venture, make sure you have gained all the essential knowledge and expertise in this field, along with fulfilling the basic licensing criteria.

Logistical Management

Your MLM business is off to a great start, your week has been stellar and now you’re preparing for a few conferences next week. Is your business ready for a rush of orders? I see that puzzled look on your face; remember you only have mastered 1/10th of business management. OK, slowly put the coffee down on the coaster and think about everything you have learned. You know marketing, communication, recruiting, creating leads, generating conversions, human management and leadership.

Nice smile, yes you can sip on your delicious coffee but please do care not to spill on this next statement. What do you know about logistical management of your MLM business? I see a bit of a confusing but it’s ok, over 90% of global businesses use a specialist or a group of logistic specialists to handle raw materials coming into their factories and then shipping them out as finished products. How does this apply to me? Every business uses some form of physical product and they must have it shipped to them for their inventory. They in turn sell or give away this product to prospects or to other businesses by mail or other transportation service.

I run my MLM Business online and rarely use physical products! Even so if this is true, you are still using logistical management to run your MLM business. Your upline sends you electronic materials and you disburse this material in either text form, audio or video formats to your network by email or on a website. You control how much, when and what the prospect will order by the information that you provide and the methods that you offer to purchase said material. Your distributors will disburse any physical product on their websites, catalogs or onsite products to new prospects and to other interested parties.

Your MLM business logistical support is a two way street, you can sit there and not control any physical product but you must manage your time, send in orders, confirm payments, provide information to the buyers and access data from your upline on delivery of new materials and data for your website. Communication is number one in the exchange of information between you and your distributors. As you grow in business, you may spend more time communicating with your company on orders, back orders, transit issues, commissions and other business aspects. Your distributors will come to you for answers about late shipments, canceled orders, commissions, improper order or damage products and more.

Take a small break, we know this is a crash course but it is pretty simple to understand in motion. Think of it this way, if you shop online for candles or for shoes; the retailer confirms the order, payment, shipping, handles the product or ships from the warehouse, handles any internal problems, sends you any additional information regarding your purchase. Then they have to re order after a certain amount of orders to replace their inventories. This particular model can apply to the MLM industry that distributes physical products; while some individual owners may have physical stock on hand to help prevent a back log of orders to their prospects and members.

If you tend to have a physical inventory, you will have to anticipate warehouse capacity, seasonal ordering history, trends, future trends, current ordering history, develop a solid a delivery schedule from the company to your warehouse and other specialized topics. Other specific knowledge may include schedule deliveries from your warehouse to distributors and to individual buyers in a bulk fashion. Your inventory will have to managed for damage, stocking purposes, re stocking and natural events that can affect specific time tables, delivery formats, increase freight costs and other variable data that can be managed by a specialist.

This general crash course has provided an insight to two forms of logistical management. Either method will work and will take a serious commitment on your part to implement, troubleshoot and to adjust according to the past, current and future trends for your product. It sounds very difficult but a small network of suppliers is easily managed, especially if the product only comes from one or two suppliers and your company will handle their end on setting up their management, your goal is to keep the product moving forward and on time to your prospects and distributing networks.

Overview of Outsourcing Fulfillment Providers

Fulfillment companies offer a cost effective solution for warehousing and moving the inventory of businesses. Fulfillment providers are specialists in handling the labor-intensive aspects of business – working with customers, selecting and shipping products, overseeing supply chain management and even managing one-off marketing campaigns.

Client companies pass on order details to fulfillment companies. These specialized distributors ensure the right product is sent to the customer in minimum time through efficient shipping channels. As fulfillment companies store inventories of multiple clients, they can offer bulk discounts as the overheads get distributed.

Types of fulfillment providers

There are many types of fulfillment companies in the market. Depending on the business needs, companies can partner with the best provider that fulfills their requirements. Fulfillment companies are categorized as follows:

Marketing fulfillment firms

They work with businesses that have launched large scale promotions to sell goods. Businesses get the advantage of bulk mail discounts along with custom printing to tailor mail pieces to specific customer profiles.

Inventory management providers

These handle inventory warehousing and distribution for businesses, especially those that offer both retail and wholesale sales. These warehouses are typically located near commercial centers to facilitate faster shipping.

Automated order processing providers

These companies offer storage and shipping of direct-to-consumer products without the involvement of a business. The providers usually cater to e-commerce websites and call centers that demand immediate picking, packing and shipping of orders to customers.

Drop-shipping providers

Drop-shipping specialists accept orders for products that are not manufactured by the client business. This facility enables businesses to offer complimentary products and accessories to their customers without adding more vendors to their supply chain.

Return and exchange processing providers

Businesses hire these specialists to outsource labor-intensive customer service functions such as inspection of returned goods, sending replacements and handling customer credits.

Desirable qualities in fulfillment providers

There are countless fulfillment providers in the market. Companies should examine the services of providers in the following areas to select the best fulfillment partner for their business:

* Customer service: Businesses should get feedback on the quality of fulfillment services from previous clients of the provider. Customers hold businesses responsible for poorly packed, broken or incorrectly labeled shipments, not the fulfillment provider.

* Financial fitness: Fulfillment providers should be able to furnish financial statements to convince customers of their financial soundness. Bankruptcy of providers can lead to seizure of client business’ inventory.

* Testimonials: Businesses should ask providers about previous and current clients and get references from them. Many fulfillment companies publish client testimonials on their websites.

* Compatibility with third party logistics tools: Fulfillment providers should use systems that integrate with popular third party logistics software. This convenience tips the scales in favor of the fulfillment provider that can integrate with the business’ logistics software with minimum effort.

How much do fulfillment providers cost?

The charges of fulfillment services vary with the type of service. Providers may charge a flat fee per shipment, a fixed fee per order, or a cut of the customer sales.