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Entrepreneurship
Randy Ballard attended our May 2012 Live Training class and sent this email to us one day after his training class that documented the hours immediately following his graduation from our Live Training event. This is a prime example as to the opportunities that ABS Licensees can achieve when they fully believe in themselves and have the confidence that their partnership with ABS provides:
“I just wanted to drop you a short note to say how much I appreciate the dedication and support provided by American Business Systems to myself as a new licensee. The training material, length of time spent and accommodations were all excellent.
It’s amazing how quickly I was able to begin implementing these skills to begin building my business. Upon getting settled in at the concourse to board my plane home, I naturally found my way over to the bar. During the time it took me to enjoy a beer I was able to successfully network with two people.
The first was a National Sales Manager for Panasonic. Although she only deals with the consumer side of their computer products, she does interface with the Medical Side of the business. She promised to get back to me with the names of some of her counterparts at Panasonic that deal directly with the physicians. She was very aware of the pressures of physicians having to join hospital owned clinics to survive.
The second person was an attorney looking to move from Dallas to Cleveland. After delivering my 10 second tag line I was able to find out that she has three college friends that have recently started their medical practices. No sooner did she say that, her phone rang and low and behold it was one of her physician friends. I offered her my business card and she took of them.
My flight back to Portland required me to stop in Seattle. On this flight I sat next to an IT person. He mentioned that one of his longtime friends had a commercial construction business and his projects recently consisted of smaller medical related office buildings. His friend believes that the increase in demand for his services are because physicians are starting to move away from the large hospital owned groups in an effort to have some individual freedoms with their careers. He promised to get me in touch with his friend.
Finally, on my trip down from Seattle to Portland I met a person who lives about 5 miles from me. He interacts with health care systems on an insurance level. He had a few names he was going to follow up with to me concerning some local physicians. We are planning to meet up occasionally.
I was able to start my networking and promoting my business immediately and gain some valuable ‘practice’. All of this for the mere cost of an airport beer and a glass of wine for the attorney, my business cards are already spreading across the country.
Once again Patrick, thank you. I look forward to a long and successful ‘partnership’ with American Business Systems.”
Randy Ballard
President
Med X Integrated Business Services, LLC
Dr. Edward Hallowell, psychiatrist and former professor at Harvard Medical School, recently shared his brain diagnostic with Success magazine to help entrepreneurs lap the competition.
The Entrepreneur’s Ferrari Brain… with Bicycle Brakes
In my 30 years of working with business owners around the world, both as a consultant and as a psychiatrist, I have developed a keen appreciation for how the magical mind of the entrepreneur operates. I have learned that what separates successful from frustrated small-business owners is their ability—or inability—to capitalize on their massive psychological strengths and to minimize the carnage that can be wreaked by their weaknesses.
Entrepreneurs constitute the guts and gusto of our economy. They’re the people who keep us bouncing back no matter how bad things get and the people who break new ground no matter how many times they’re told they can’t go there. They are the business equivalent of farmers—not sitting in boardrooms or looking for bailouts but always out at the crack of dawn plowing the economy, dealing with whatever the weather brings, growing their crops no matter what.
If there is one psychological characteristic that defines entrepreneurs, it is what I call pop: grit combined with imagination and optimism. People who start their own businesses have a ton of pop. They never give up; they keep inventing new solutions, and they believe in the pot of gold.
As an entrepreneur, you are very lucky. You are blessed with an extraordinarily powerful mind. You have the equivalent of a Ferrari engine for a brain. That’s why you are a winner in the making, a potential champion.
ABS has been involved with the medical billing industry for more than 25 years and has established an enviable track record in guiding and training folks to establish their own successful medical billing business. To learn more about how we can help you to do the same, contact us here. -Patrick Phillips, Founder and CEO of American Business Systems
Take a look below at the latest results of a national salary survey. Do you want to limit yourself to $32K/year? When you start your own billing business, there is no income ceiling!
Is Outsourcing Medical Billing Services More Viable than In-house Practices?
Many people ask us why a doctor would want to outsource their billing to an individual who may or may not be working from their home. Our medical billing training program can help you start your own business and get up and running very quickly.
Many doctors and office managers weigh the pro’s and con’s of outsourced billing on a regular basis. Read this excerpt from selfgrowth.com:
Prior to the last 5 years, medical practices have split their decisions 50/50 on the in-house vs. outsourced delimma; however current trends are heading towards outsourcing. You be the judge:
In-House:
Inability of the internal staff to adequately devote to the requisite medical demand: Torn between medical and administrative functions, your medical staff might not be able to show the degree of flexibility required to efficiently carry out medical billing, coding, submitting, and realization of medical claims. Consequently, there can be frequent incidence of denials or delays in claim realization.
Limited adaptability: Given the rate at which the medical billing and coding norms are undergoing transition, your staff, already grappling with inadequate time, might not be able to match up to the demands of radical billing and coding transitions. As a result, it is going to show up in medical claim retrieval rates.
Employee-turnover factor: As in the case of any industry, medical industry too is prone to a high degree of employee attrition. Practices that operate in such attrition-prone environment, might find it impossible to run their medical billing solutions effectively and seamlessly.
Frequent capital outlay on technology make-over: Prompted by the frequent transitions in medical and coding norms, physicians’ practices are called upon to undergo capital-intensive technology make-over for accommodating electronic recording, billing, coding, and processing medical claims. Given the prevailing competition in the medical industry, physicians might find it impossible to operate even at sustainable margins.
Outsourcing:
Superior expertise and resources: Outsourced medical billing services come with a tag of superior expertise and resources. With the single most objective of improving clients’ reimbursement rates, medical billing companies are usually self-sufficient in specialized medical billing tools, techniques, technologies, and knowledge.
Greater control over operating costs: Operating in a voluminous market, medical billing companies – along with achieving operational efficiencies – can easily pass on the economies of operation to their clients or physician fraternity.
Seamless claim realization: As a result of superior competency, and operational efficiency, medical billing companies are known for ensuring seamless claim realization for medical services rendered by their clients.
Directing internal staff to core-activities: With a dedicated outsourced medical billing practice in operation, physicians’ internal staff can be diverted to core medical services, thus elevating the quality of medical care.
Risk aversion: Amidst the highly demanding government regulations (HIPAA), competition, financial conditions, and technology demands, physicians’ can easily avert the risk by outsourcing their medical billing needs from competent sources.
Improve core business focus: Consequently, because of being free from the shackles of medical billing, physicians are able to devote time and resources to their core concern of keeping the practice-benchmark in congruence with the prevailing best practices.
Source: www.selfgrowth.com
Listen to a recent phone interview with licensee Bill Stanush and our founder Patrick Phillips. Bill graduated our medical billing training course in 2010 and now has several clients with more on the way! Call us today to learn how you can attend one of our live medical billing training classes: 866-565-8413
Click below to watch yesterday’s interview with ABS Licensee Brent Pagnotta. He completed his medical billing training and started his own business a year ago and now has 4 clients and is very happy with how things are going.
About ABS
Traditional jobs take up too much time and pay too little, and conventional franchise opportunities can be risky and expensive.
American Business Systems offers aspiring individuals another option – business ownership with minimal downside and maximum training and support, so that hard-working people can achieve success on their terms.