In Discussion 1.2, I stated that I am actively pursuing my goal to open my own medical billing and coding company. I am still eager and ready to step out into the world of entrepreneurship. Armed with the knowledge that I have attained during this course and the experience that I have as a leader, I am confident that my business will succeed. I know that this is just the beginning and that there is still a great deal of work and research that is needed to ensure my success, however I am confident that armed with the information that I already have and the excess knowledge that I will accumulate over this learning journey I will be equipped with all that I need. During some of my research, I learned of the leader for my target industry (healthcare)
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What do I mean by this? According to The U.S. Bureau of Labor Statistics (BLS) 2013 Occupational Outlook Handbook, the field of medical records and health information technicians (which includes medical billers and coders) is expected to increase by 21% between 2010 and 2020. The BLS has also pointed to this industry as having a faster growth rate on average than all other occupations, with an expected increase of approximately 37,700 employed in this exciting field by 2020. Additionally, “with the increase in the nation’s aging population, along with the implementation of ICD-10 in 2014, there is and will continue to be an added demand for medical billing and coding professionals to assist the provider community with the increase in patient encounters and medical chart reviews that will require the services of these highly trained professionals.” (Demand for Medical Billing and Coding Jobs, n.d.) The statistics prove that this is a fast growing profession and the demand for medical billing and coders will continue for many years. It is then up to me to ensure the success of my company by further educating myself on the career (Medical Billing and Coding), management and …show more content…
Profit- It is essential for any business to “turn a profit”. If there is no profit then the business will eventually fail.
2. High Quality Products- The products and/or services that you offer should be of the highest quality. This ensures that you develop happy customers.
3. Loyal Customers- What is a business without customers? NOTHING! So, it is also essential for any business to attract and maintain customers. This is done by “taking care of them” and by listening to their wants and needs (demands).
4. Brand Awareness- Brand awareness is defined as the percentage of people who are aware of your brand, products or services, depending on what you sell. Brand awareness must be germane to your particular market. This is also a task that takes time. (Suttle & Demand Media, n.d.)
5. Social Contributions- It is equally important for any successful business to give back to the communities, especially to the ones in which they conduct business.
MOST VALUABLE THING
What do I mean by this? According to The U.S. Bureau of Labor Statistics (BLS) 2013 Occupational Outlook Handbook, the field of medical records and health information technicians (which includes medical billers and coders) is expected to increase by 21% between 2010 and 2020. The BLS has also pointed to this industry as having a faster growth rate on average than all other occupations, with an expected increase of approximately 37,700 employed in this exciting field by 2020. Additionally, “with the increase in the nation’s aging population, along with the implementation of ICD-10 in 2014, there is and will continue to be an added demand for medical billing and coding professionals to assist the provider community with the increase in patient encounters and medical chart reviews that will require the services of these highly trained professionals.” (Demand for Medical Billing and Coding Jobs, n.d.) The statistics prove that this is a fast growing profession and the demand for medical billing and coders will continue for many years. It is then up to me to ensure the success of my company by further educating myself on the career (Medical Billing and Coding), management and …show more content…
Profit- It is essential for any business to “turn a profit”. If there is no profit then the business will eventually fail.
2. High Quality Products- The products and/or services that you offer should be of the highest quality. This ensures that you develop happy customers.
3. Loyal Customers- What is a business without customers? NOTHING! So, it is also essential for any business to attract and maintain customers. This is done by “taking care of them” and by listening to their wants and needs (demands).
4. Brand Awareness- Brand awareness is defined as the percentage of people who are aware of your brand, products or services, depending on what you sell. Brand awareness must be germane to your particular market. This is also a task that takes time. (Suttle & Demand Media, n.d.)
5. Social Contributions- It is equally important for any successful business to give back to the communities, especially to the ones in which they conduct business.
MOST VALUABLE THING