Do you want to start a medical billing business franchise but lack ideas? If YES, here are 7 best medical billing franchise opportunities you can buy for 2019.
Outsourced medical billing is an emerging industry in the United States, and it has enormous opportunity and rewards for those who are bold enough to take a chance in the industry. The billing franchise industry is known to be a multi-faceted, multi-billion dollar industry.
The most popular sector of the billing franchise industry is medical and dental billing. Since people continue to have medical and healthcare needs no matter the economy, the healthcare industry can never succumb to recession, same with the medical billing industry.
The medical billing outsourcing market value is projected to go from $6.3 billion in 2015 to $16 billion by 2024 according to Grand View Research. Developed and developing economies are expected to see healthcare spending increase from 2.4 percent to 7.5 percent between the year 2018 and 2024 according to the report by Deloitte. The healthcare industry is projected to take a multi-billion dollar leap by 2022.
These statistics goes to show that the medical billing industry still has a lot to offer entrepreneurs. If you want to start a medical billing and coding business, your best bet is to look for a good franchise to buy into. We have made available for you a few of the medical billing and coding related franchises in the United States, and you can choose to buy into any one of them, depending on your niche.
20 Best Medical Billing Franchise Opportunities for 2019
- Kareo Medical Billing
Kareo Medical Billing is an emerging medical billing francise in the United States. Kareo products and services work together seamlessly so you have a complete platform for tackling your toughest administrative challenges. Kareo is ahead of most of the competition as they have won more awards, for one. They are even ranked as Black Book’s #1 Integrated EHR, Practice Management and Revenue Cycle Management Software Vendor.
- Royalty: 4-9% of your monthly collections
They offer free training, support & upgrades, no up-front fees, and provide you their software for free.
- American Business Systems
ABS is the largest company of its kind nationwide, providing training and support to independent licensees since 1994. American Business Systems is one of the very convenient ways to start your own medical billing business and they are the only company with Live Training, Lifetime Support, and a 100% Money-Back Guarantee.
The company can boast of 20 plus years of medical billing work, and their franchises can work from practically anywhere in the country, full-time or part-time.
The company further claims to have solutions for every aspect of practice management and cash flow optimization including: claims filing, collections, payment services, EMR, coding, automated marketing, digital records management, audit services, HIPAA compliance, and more. In addition, you do not need any special degrees or professional licenses to be a medical biller.
- Minimum Cash Required: $26,990
- ClaimTek Systems
ClaimTek is a low cost, work from home medical billing franchise. ClaimTek trains owners in the most effective ways to reach doctors, how to get the business, how to process the claims, and maintain new accounts. The model is structured to provide owners with professional marketing knowledge and tools that help assure quick success. ClaimTek is said to be the most trusted Medical/Dental Billing business opportunity in the industry. They are the only company with expertise in billing, software development, and business development over the last 25 years. ClaimTek is the only company that enables you to work with any Medical or Dental specialty to maximize your chances for success in Family Practice, Internal Medicine, Durable Medical Equipment (DME), Urgent Care, Surgical Clinics, Cardiology, Mental/Behavioral Health, Dental Surgeons, Maxillofacial Surgeons, and many more!
Franchises of ClaimTek systems are allowed to work electronically anywhere, anytime. ClaimTek customizes 1-on-1 training and business development plan based on clients needs. Owner/operator or enterprise-style business models are available. Again, the organisation does not require previous experience in health care or special training/licenses.
- Minimum Cash Required: $20,000
- Startup Costs: $22,000 – $45,000
- For veterans, they offer a 5% discount on the initial license fee to qualified military veterans.
- The Interface Financial Group
IFG has been in the medical billing business since 1972, and is the market leader providing an alternative funding source for business with its in-demand financial service. With 46 years of experience in the business, IFG provides franchisees with a proven system, thorough training, a comprehensive risk management program and a management team with 400+ years of combined financial services experience.
IFG provides cash flow acceleration to their business clients by purchasing selected invoices at a discount. This is a financial service ‘White Collar’ franchise that can be run on either a full-time or part-time basis from a home-based office environment. IFG is the only truly International franchise opportunity of its kind.
- Minimum cash required: $150,000
- Onyx – The Business Of Medicine Training
Onyx trains people in every aspect of the medical billing business. The software used for processing claims is very user friendly and they guide you through the entire process. Onyx provides a vital service to the medical industry, and no medical experience is required to buy this franchise.
- Minimum Cash Required: $18,500
- Military Veterans are offered a $500 discount on totals fees.
GoTelcare is a medical billing franchise in the country that offers a unique revenue sharing model. They claim to combine their proprietary state of the art telehealth platform, (that features a cutting edge remote patient monitoring service) with end to end revenue cycle management. There are no recurring costs involved, no costs for an office lease and virtually no overhead. Their partners get complete presales, marketing and training support at zero charges!
GoTelecare’s very own medical billing & coding team takes care of everything and processes orders on behalf of the franchisee at an incredibly low, flat hourly rate. Franchisees enjoy a substantially higher net residual income with no additional expenses and zero headache! Work from home, work anywhere- You simply attract the interest of a prospective client, they do the rest!
For Medical Billing, they do all the following on behalf of the franchisee: Implementation strategies for new clients, training new clients, customer support and administrative services, claims processing and claims adjudication, all day to day operational responsibilities.
- Initial Franchise Fee: $100,000
- Liquid Capital Required: $40,000
- Total Investment: $60,000
Thriveworks was set up to solve the medical billing challenge faced by mental health practices. The billing team was developed by mental health providers for mental health professionals. They know firsthand the challenges and pitfalls of mental health service collections (and strategies for getting paid for every session).
Franchises benefit from their in-house, US-based, professional medical billing team.
- Initial Investment: $16,700-$79,282
- Initial Franchise Fee: $10,000-$20,000
- Royalty Fee: 3%
- Advertising Fee: 1%