1. Political Environment will have major trends that will affect my company True Value
Medical Billing Services Inc. because we specialize in Medical Billing and Coding and the industry is regulated by the government with the codes that are used. Also, our clients will have contracts with the Insurance Companies that regulates the practices of our clients and negotiates the payment amount for each code that we will bill.
2.We would use these to our advantage in taking pride in the accurate work, with minimum error leading to more revenue for the company. We will keep ourselves educated so we could keep current with our procedure codes so that claims aren’t suspended or rejected.
3. There would need to be more internal audits to make sure that the …show more content…
If another recession was to occur, it could cause the patients to visit their doctors less, delay or decline any expensive treatments, and procedures. This could cause
True Value Medical Billing Services Inc. to cut hours back or lay employees off. If we’re coding less then we’re making less money.
2. However the government has opened the door to healthcare reform that will help against these trends. More clinics would look to outsource their billing to True Value
Medical Billing Services Inc. because it would be less expenses vs. in house.
3. By offering competitive prices and standing by our customers while going through this hard time in our economy. I would reduce inventories and overhead cost, and cross train my staff in certain areas.
Social Environment
1. Social Environment trends that may affect the company would be the ability to advertise more broad. Another trend would be physicians may look for other companies that are more diverse to meet their billing needs.
2. We will overcome the social environment by involving ourselves in social media such as LinkedIn, writing blogs and posting on billboards. We would have to do research and see what other companies are doing that will help us to be
Medical Billing Services Inc. because we specialize in Medical Billing and Coding and the industry is regulated by the government with the codes that are used. Also, our clients will have contracts with the Insurance Companies that regulates the practices of our clients and negotiates the payment amount for each code that we will bill.
2.We would use these to our advantage in taking pride in the accurate work, with minimum error leading to more revenue for the company. We will keep ourselves educated so we could keep current with our procedure codes so that claims aren’t suspended or rejected.
3. There would need to be more internal audits to make sure that the …show more content…
If another recession was to occur, it could cause the patients to visit their doctors less, delay or decline any expensive treatments, and procedures. This could cause
True Value Medical Billing Services Inc. to cut hours back or lay employees off. If we’re coding less then we’re making less money.
2. However the government has opened the door to healthcare reform that will help against these trends. More clinics would look to outsource their billing to True Value
Medical Billing Services Inc. because it would be less expenses vs. in house.
3. By offering competitive prices and standing by our customers while going through this hard time in our economy. I would reduce inventories and overhead cost, and cross train my staff in certain areas.
Social Environment
1. Social Environment trends that may affect the company would be the ability to advertise more broad. Another trend would be physicians may look for other companies that are more diverse to meet their billing needs.
2. We will overcome the social environment by involving ourselves in social media such as LinkedIn, writing blogs and posting on billboards. We would have to do research and see what other companies are doing that will help us to be