The U.S. has witnessed a steep rise in demand for healthcare over the last decade as baby-boomers reach Medicare eligibility at age 65, and the ACA has led to more Americans being covered by health insurance. Only 11.1% of people in the U.S. under 65 were uninsured in 2020 compared to 18.2% in 2010 according to the CDC. Meanwhile, the ever-changing regulations in the healthcare industry have increased the administrative burden that providers face. More and more, providers are turning to outsourced practice management services to modernize their practice and stay as profitable as possible, so they can focus on delivering excellent patient care.
Medical billing is one such service that involves preparing insurance claims and submitting them to the myriad of insurance providers. A proper billing process ensures that the hospital or medical office is reimbursed the correct amount for the services that they provide their patients. Today, medical billing is a booming business with a plethora of opportunities and rewards. ClaimTek Systems, an Irvine, CA-based medical billing and software company is providing numerous business opportunities for entrepreneurs aiming to step into the medical billing industry.
ClaimTek was established in 1993 by Kyle Farhat, who wanted a home-based business in healthcare which is not subject to the ups and downs experienced by most other industries. Medical billing is professionally and intellectually rewarding, and ClaimTek’s technology and expertise in billing increases the quality of our healthcare system for providers, staff, and patients.
Unique Licensing Opportunities
ClaimTek is the only business licensing opportunity in healthcare that operates as a billing company, software company, and helps entrepreneurs develop their own successful businesses. The company develops its proprietary software for billing (MedOffice & DentOffice), EHR (EHR Manager), and telehealth (VisitTek). Their software can bill for all specialties, locations, and insurance companies to deliver seamless revenue cycle management. The cost to operate their software and the overall business model is the lowest in the industry to maximize profit margin for its licensees.
Furthermore, ClaimTek’s business model is home-based and there are no set hours of operation. Thus, there is an enormous amount of flexibility while also being scalable to an enterprise level. Many people even start their business part-time so they can keep their current source of income during the start-up process. “Our licensees can run a successful business and still have time to take the kids to soccer practice, travel, or anything else they need to fit into a busy schedule,” says Bobby Schilling, Business Development Manager for ClaimTek.
A Fervent Torchbearer
Bobby has a key role in developing the turn-key marketing plan the company has in place for its licensees. ClaimTek is always looking for the latest and most effective methods for prospecting, lead generation, and making winning service proposals. Their goal is to help licensees lock in their first client as quickly as possible. “One of our licensees just locked in her first client in less than two weeks after training, and another secured his first client before even completing the training,” affirms Bobby.
Bobby also helps entrepreneurs with their discovery process when they are deciding if starting a business ClaimTek will be the right choice for them. He takes pride in being a part of ClaimTek helping more than 1,500 entrepreneurs grow a successful business in the healthcare services industry–taking control of their careers and creating financial security for their families.
Maximizing Profitability
The COVID-19 pandemic has significantly impacted the healthcare industry. When the shutdowns started, it became even more apparent just how important it is for medical practices to outsource services that can be performed remotely rather than having employees manage them in the office. Medical & Dental Billing and other practice management services ClaimTek licensees can offer bring modern, efficient solutions and maximize profitability for healthcare providers.
ClaimTek has witnessed an increase in activity due to these factors and has been growing at a high rate. The company feels fortunate to be in an industry resistant to recession. ClaimTek and its licensees have always been able to operate from home, so the pandemic did not have any negative consequences for the company from a business perspective and has in fact created even more opportunity.
Exciting Developments for the Future
ClaimTek is excited about the continuing development of its fantastic telehealth platform, VisitTek, which enables providers to easily conduct remote visits with their patients. It customizes the telehealth platform for each provider, so they essentially have their own private labeled system. VisitTek is easy to use for providers and patients—even those who are not tech-savvy—and it seamlessly manages the entire visit from scheduling to encounter documentation to insurance billing.
Alongside this, ClaimTek is in development of an automation bot that uses Artificial Intelligence to essentially eliminate the need for data entry in the billing process. This will improve claim accuracy and maximize reimbursement for the provider. The automation bot will allow a single biller to handle more accounts on their own than they could otherwise, so ClaimTek’s licensees will be able to increase billing revenue while keeping overhead to a minimum.
Pushing the Limits
Bobby believes that even after the pandemic things may never completely return to normal, but that can be a positive thing in some ways. He affirms that hard times can help us appreciate the good, and also spark innovation. “A lot of people have realized that time spent with friends and family is really what life is all about. We look forward to helping entrepreneurs create a work-life balance that is ideal for them,” he adds.
Bobby advises budding entrepreneurs to stay hungry. Every entrepreneur goes through challenges, but the key to success is constantly pushing yourself to learn and grow every day, which will increase confidence and produce results. It is also important to maximize resources, and ClaimTek takes pride in being a trusted resource for their licensees.
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