Industry Qa With American Business Systems
Provide an overview/ description of your industry. Include reasons why it's a great industry to start a business in today.
The Healthcare industry is one of the few industries in the United States that never seems to stop growing, no matter what else is happening in the world. Healthcare spending is projected to reach $6 TRILLION by 2027*. The rapidly increasing Baby Boomer population means more claims to process, which is taxing on the doctors and staff, who are usually tasked with many other duties. Helping them with billing frees up the doctors and staff to focus on their core competencies. Nationally, providers spend $282 billion per year on billing and insurance-related costs-and half of these costs are considered excessive, a recent study found.
How has your industry changed in the last 10 years? 20 years?
Healthcare is constantly evolving. Twenty years ago, all doctors were filing paper insurance forms and mailing them to the insurance companies for reimbursement. Now, if a doctor doesn’t have the latest, cloud based technologies, telehealth, and an expert to help them manage their insurance claims, they are at a big disadvantage. Many doctors haven’t updated their systems and processes in a long time.
What trends do you see in your industry over the next 5 years? Next 10 years?
As the government keeps adding more rules and restrictions, doctors will continue to look to companies specializing in outsourced billing and revenue recovery services to help save them time and money.
Why do you think your company stands out in the industry?
We are the only medical billing training and support company that provides an online training with a live instructor that focuses on marketing and showing you a clear path to generating revenue, assistance getting clients, lifetime technical and marketing support, a cloud based billing and EHR software package, and a money back guarantee.
Describe the ideal candidate. Do you think your requirements are any different than your competitor's?
An ideal candidate is someone who can follow a process, and build relationships. Someone who wants their own business so much that they will continue to follow our guidance until they reach all their financial goals.
What's the strongest skill you require in a candidate?
Trust and 100% belief in our program.
Describe the working environment of your franchisees (indoors, home office, mobile, etc). Is your environment typical of other companies in your industry?
The typical licensee works from home. Some work alone, some hire others to help with data entry/marketing. Most marketing is very flexible and can be done early mornings, lunch breaks, evenings, weekends, etc. Everything is done online now! Training, Marketing, Processing, etc.
Why has your company been successful?
Our unconventional business model allows our technology to stay cutting-edge so our owners can always have the best services and tools available to give a huge advantage in the market. Other companies that develop their own software often find themselves hamstrung to keep up with the changes in the industry, thus handicapping their customers. We are not a franchise so there are never any royalties paid back to ABS or territorial restrictions. Our business owners can market to any medical provider anywhere in the United States. Owners are able to lean on American Business Systems for technical support, marketing help, demos, references and more. We provide many tools and materials to promote and build the credibility of each and every one of our business owners, which helps gain the trust of medical providers.
What advice would you give someone interested in buying a franchise in your industry?
The software is not the biggest concern you should have. There are several different types of software that will get the job done. The biggest question is, is the company I'm partnering with going to give me the support I need, when I need it? Will they help me build my credibility when just starting out, will they do software demos for my clients? Will they help me analyze a doctors practice and then help put together a proposal based on what's discovered?
How much experience in this industry should a franchisee candidate have should they consider buying a franchise in your industry?
None. Most of our successful licensees had no medical or healthcare background. They just had the determination to succeed and followed our plan to the letter.