The Automated Biller’s mission statement is: “To enable busy physicians to streamline their insurance billing process so that they can focus more of their energy into enhanced patient care.” The company envisions that The Automated Biller’s will make the current mundane and tedious task of insurance billing for medical procedures quick and easy so that physicians are able to spend less time billing insurance companies and more time with their patients. By leveraging technology, the physician can save both time and money on their billing processes.
EHR
Electronic Healthcare Records
Health insurance carries more risk than any other type of insurance; this is because all people are subject to illness at some point in their lives. As a result, medical insurance billing is very complicated; it has to meet the standards of loss verification to claim insurance benefits while maintaining the federally mandated and required Health Insurance Portability and Accountability Act. (HIPAA) Thus in the medical billing industry, accuracy is a highly regarded trait and is essential for provider reimbursement.
As the demand for medical services rise, so will the need for effective medical billing claim submission. Most traditional forms of insurance billing services use their internal processes to file and process claims. Insurance companies require effort on the provider’s part in order for them to be reimbursed for services rendered. The task of providing medical service and maintaining the accuracy and understanding of medical billing code sets can be very overwhelming to any medical professional; thus medical providers can turn to The Automated Biller for ease.
The mission of the marketing team is to employ strategies to reach the target market. The sales mix includes:
- Developing the www.theautomatedbiller.com website with video presentations to detail the system and its operations
- Attend healthcare conferences and exhibitions in major cities around the country demonstrating hands-on Automated Biller workshops
- Search joint venture with a marketing company capable to meet the major target market, all healthcare entities, to assist in bringing the Automated Biller into major medical markets nationwide
The current retail price of the Automated Biller is $40,000; the marketing company will receive 50 percent of all sales less cost of goods for the next two fiscal years. Although this will reduce the potential profit of the Automated Biller, the marketing company can reach more effective markets with competitive costs. At the end of the 2 years, the Automated Biller can be bought back at 100 percent gross profits after it has reached major markets.
Finance Plan
The finance plan is based on the following assumptions:
- The base cost of the Automated Biller is $40,000 which includes all software needed to run the entire billing system and the licenses for one user. However, each medical specialty will be required to purchase their own module to customize the needs of the individual practices.
- These financial projection numbers are only for 2009; HBSGI is hoping to joint venture with a marketing company by January 2009 to get sales rolling quickly.
- These estimates are assuming the lowest possible profit under these sales conditions.
Marketing Plan
Opportunity
Health insurance carries more risk than any other type of insurance; this is because all people are subject to illness at some point in their lives. As a result, medical insurance billing is very complicated; it has to meet the standards of loss verification to claim insurance benefits while maintaining the federally mandated and required Health Insurance Portability and Accountability Act. (HIPAA) Thus in the medical billing industry, accuracy is a highly regarded trait and is essential for provider reimbursement. As the demand for medical services rise, so will the need for effective medical billing services. Most traditional forms of insurance billing services use their internal processes to file and process claims. Insurance companies require effort on the provider’s part in order for them to be reimbursed for services rendered. The task of providing medical service and maintaining the accuracy and understanding of medical billing code sets can be very overwhelming to any medical professional; thus medical providers can turn to The Automated Biller for ease.