Since the outbreak of the COVID-19 virus, world healthcare systems have been comprehensively tested, and many new challenges have bubbled to the surface. One such challenge among the public is that of medical billing.
Medical billing is the process where medical services are converted into payment for the provider. Often, providers and patients are required to track and follow the ﬁling and claim process manually once the medical service is delivered, which is inconvenient and, at times, debilitating for the patient’s health and recovery.
This is where ClaimTek Systems comes into the picture. ClaimTek is the only company in the healthcare industry that facilitates a smooth, automated, and hassle-free experience for patients and providers.
Brian Weaver, Vice President of Business Development at ClaimTek Systems, shares their vision and the impact the company has created in the healthcare system in an exclusive interview conducted by Insights Success. Below are a few excerpts from the interview:
What makes your company a preferred franchise choice over your competitors?
ClaimTek is the only company in the healthcare industry that provides full training and certiﬁcation in both medical and dental billing while developing our software systems designed speciﬁcally for billing companies to service any provider in healthcare while providing integrations to any other software on the marketplace through our ClaimTek AI artiﬁcial intelligence.
Allowing our Licensees to start, build and grow a successful business without any prior experience in Revenue Cycle Management (RCM). These key facts also make it much easier for our Licensees to acquire clients because we can provide better pricing than other billing companies due to our low or even no costs to use our software systems month to month.
Lower overhead for the business owner means better pricing for their providers. Our owners can provide more comprehensive solutions than many of their competitors due to the ClaimTek business infrastructure they have immediate access to as licensees.
Tell us more about your franchising opportunities, eligibility criteria, and beneﬁts that a probable franchisee may receive.
The American health care system is modernizing just as a significant portion of the population enters retirement, and the demand for health care professionals who can process important data is growing on a daily basis. According to the Bureau of Labor and Statistics, the outsourcing medical billing ﬁeld is expected to grow by 15% between now and 2024.
Some beneﬁts for a potential licensee are listed below-
- Start a business for yourself, but not by yourself with ClaimTek!
- Interesting and respected career – Recession-proof industry.
- Shortage of doctors means more pressure to outsource.
- Aﬀordable start-up and low cost to operate and maintain
- Flexible hours – workdays or nights, start part-time or full-time.
- No experience necessary! Full training and certiﬁcation in medical & dental billing are included.
- Operate locally or remotely from anywhere, home or oﬃce.
- No territories, contract with doctors & dentists in all 50 states.
ClaimTek’s value proposition helps providers ensure they receive focused attention and a customized approach to practice management.
The medical billing outsourcing market, valued at $4.3 billion in 2020, is expected to reach a value of $10.0 billion by 2028.
Our turn-key business programs allow anyone to start and grow a successful business for themselves in the recession-proof and booming healthcare ﬁeld anywhere in the US. ClaimTek will help you take control of your future and unlock your potential.
Brain, please brief us about yourself and how you have contributed towards the company’s continuous success.
Over the past two years, I (Brian Weaver) have created more than 75 videos with more than 20 hours of video coaching content that go into the speciﬁcs of direct marketing, internet marketing, and associational/referral-based marketing. It is designed for continued education training for business development, strategic marketing strategies, and dynamic digital metrics, which can drive new client acquisition for our licensees.
This video coaching series is called our ‘Friday 5@5 to Thrive’ and was designed to help individuals who have never run a business before or marketed themselves or services to help them become true professional business owners in every sense of the word.
How did the COVID-19 pandemic impact your daily operations, and what were the challenges that you faced?
Everyone has been impacted by the new coronavirus, but none have been aﬀected as much as healthcare providers. Not only are they seeing an extreme increase in patient visits, but doctors are having to learn about brand new rules and regulations on getting paid for the COVID-19 testing. These tests need to be billed a speciﬁc way to get paid and dealing with the new rules is an additional and unnecessary added pressure that healthcare providers face in a time when they should be focusing all their attention on patient care.
My advice to you is to not delay at all. Start as soon as possible so that we can get you trained, and you can get out there to win business, now that the opportunities are in abundance.
Many elective surgeries and non-essential procedures were being canceled during this crisis. Practices are ﬂooded with patients who need care, and non-essential procedures would likely spike later in the year as priorities shift.
2021 was the busiest year in healthcare ever recorded in history. It could very well be the most proﬁtable or the least proﬁtable year for practices depending on how they managed their practice and revenue cycle.
While we recognize the seriousness of the circumstances, this is an opportune time to promote and grow a practice management business by contributing to improving the eﬃciency and eﬀectiveness of our health care system.
Throw some light on the Telehealth Beneﬁts for Medicare Beneﬁciaries During COVID-19 Outbreak.
The Trump Administration announced expanded Medicare telehealth coverage that would enable beneﬁciaries to receive a wider range of healthcare services from their doctors without having to travel to a healthcare facility. Since March 6, 2020, the Centers for Medicare & Medicaid Services (CMS) started temporarily paying clinicians to provide telehealth services for beneﬁciaries residing across the entire country.
Back then, the FDA was on the verge of approving consumer testing kits for COVID-19. These kits were limited in supply, and providers can (if obtained) sell them to their patients to earn retail proﬁts. Having resources like this and a contingency plan in place when things go sideways is so important for any healthcare provider. This has been the loudest wake-up call for all healthcare providers’ professional careers.
Consider the business potential for a healthcare provider who is engaged with the war on COVID-19. Medicare also recently announced the fee payment structures for test kits and testing reimbursements. Knowing the proper claims processing methods and oversight of the procedure and diagnosis codes that correspond with these tests and testing kits can be an incredible beneﬁt for an understaﬀed or overwhelmed clinic. Our value proposition helps providers ensure they receive focused attention and a customized approach to practice management.
Medical administrative personnel is home caring for kids as school closures, and family priorities leave a void in the clinical environment, not easily ﬁlled. Outsourcing to our licensees for support services should be well-engrained in a Contingency Plan.
Don’t have one? We can step in to help in minutes, not days or weeks. Staﬀ is concerned about getting paid as other family members are being told to stay home from work-limiting a provider’s ability to fully contribute to this crisis. We can certainly help make things easier.
While the front desk team will likely be busier than ever, they should have an ear for an experienced professional oﬀering to help. An oﬃce administration contingency plan is a must-have for any privately owned healthcare oﬃce. This is our time to shine.
When it comes to adapting to the evolving customer needs and trends, do you think it is necessary to align one’s business with the latest technological developments? If yes, how does your company cater to this necessity?
You can now automate 50% or more of the billing process with ClaimTek’s new artiﬁcial intelligence to help you work faster and more accurately, allowing each biller to take on more accounts and generate more proﬁt for their business.
You can take your billing business to the next level by implementing automation and artiﬁcial intelligence. You just have to connect your billing software to any Electronic Health Record (EHR) system on the market.
With ClaimTek AI, you will no longer need to worry about what software a medical provider is using for you to work and service their practice. You can work with them all and support any provider in healthcare with ClaimTek Systems and ClaimTek AI.
By creating seamless communications from system to system to improve accuracy and eﬃciency of data migration and claims data uploads to the clearinghouses, ClaimTek AI has the ability to replace medical billing employees and staﬀ members to allow a single biller to handle what would normally take 2-3 full-time employees.
As an established franchise leader, what would be your advice to the budding entrepreneurs planning to own franchise business?
Find a reputable company in a competitive, if not a recession-proof, industry with a track record of success. Innovate, while maintaining a strongly grounded eﬀort to help their owners proﬁt and grow with them without mandatory ordering, which can bleed a company dry in the wrong economic community.
How do you envision scaling your company’s operations in 2022?
We focus on steady, strategic growth that allows us to take a special interest in each Licensee’s business to help them succeed. We continue to focus on ways to improve our technology and build new advanced systems for continued Licensee and provider success.