What you need to start a company

Discuss the best ways to make it as a direct, independent examiner.

What you need to start a company

Postby pdirector » Thu Aug 23, 2007 8:02 am

In my experience, starting your own medical company requires the following:

1. A billing contract, either directly to each company you are providing service to, or indirectly through another medical/billing company, such as Portamedic, EMSI, Ex1, Superior Mobile, etc.
2. A lab contract so you can order lab kits. In some cases, the company/ies you bill through will provide lab kits but it is always nice to have the ability to order them directly as well, through LabOne, Heritage Labs, Clinical Reference Lab, or whatever lab(s) you are working with.
3. A tracking method for keeping track of your exam work. A lot of companies make the mistake of deciding they will just "write everything down" and then automate it when necessary. I believe companies that plan effectively for growth from the start, do much better. Options for good tracking solutions vary depending on need, most of which in insurance exams is dicated by where you bill your exams. If you bill EVERYTHING you do through Portamedic, their Quanis system is by far the best solution. If you bill everything through Ex1, their online system is the best, alhtough they won't give it to you for less than 300 exams a month in most cases. If you do less then 300 exams a month or bill through multiple companies, MediPro Direct's system is by far the best one out there.
4. Good marketing materials. Get an email address, business cards, and some simple fliers; and if you can, set up a simple website that at least tells agents who you are. You will likely not find agents through your website, but directing those you find through face-to-face marketing to a website can help them feel your company is grounded and help them get more information about who you are and what you do.
5. A mentor. Whenever possible, I recommend new business owners get a mentor, as in someone who has created a SUCCESSFUL company in the same or a similar industry. The insight this mentor will provide will absolutely prove invaluable to you and your growing company and will save you a LOT of sleep.
6. Realistic expectations. Successful companies know that except in extremely rare circumstances, all companies take 2-3 years to get stable. That means that even if you dump 100% of your time into marketing and have a lot of contacts initially, all of those contacts are currently using another provider and getting them to use you is NEVER as easy as you think it will be. Be smart about presenting who you are and what you offer to groups of people rather then individuals and then plan on about 3-10% of the group ever calling you to do business with you. It could be more, but plan for the worst and prepare for the best and you will be ready for anything.
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Re: What you need to start a company

Postby rjaneway » Wed Jul 02, 2008 2:42 pm

I have found that another good item to have is a solid look and feel to your company. The MediPro Direct system is great because it not only provides a website and online tracking, accounting and other tools, but it is ALSO a professional networking site. If I have exams out of my area or state, I can easily transfer them to another independent medical company through the MediPro Direct system. The other company completes the work, but I--and my agents--can still track it by logging into MY company's account. It accomplishes through a unique business model, what the NAPEA has been trying to accomplish through an association.
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you need supplies to start ...

Postby pms » Thu Sep 22, 2011 6:52 am

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Re: What you need to start a company

Postby Examiner1963 » Wed Dec 14, 2011 10:49 am

I have responded to a couple of the posted exams. I received an email stating "This company has chosen not to start a new contract with you at this time."
Does this mean I will no longer see exams posted by this company?
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Re: What you need to start a company

Postby pdirector » Thu Dec 22, 2011 11:32 am

You continue to see exams posted by this and every other company; the message is related only to a single exam and indicates the posting company either closed the post or connected with a different examiner for any number of reasons (location, feedback, etc). Great question!
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