Physicians First Billing and Claims - Essay Example

1. Do you think that the research behind this strategic plan is adequate and appropriate? The research behind this strategic plan is appropriate but not adequate. All aspects have been researched but it should have been more targeted and in-depth. Competitor analysis only looks at one competitor which is not enough. Other competitors in the market also need to be taken into consideration. Mainly the pricing strategies of the competitors will be vital in designing the pricing strategy. This has been completely ignored.

But the strategy gone into creating the business idea and concept is valid and appropriate. 2. Is the mission statement appropriately focused to ensure the strategic plan is executed? Yes, the mission statement is appropriately focused to ensure the execution of the strategic plan. It mainly focuses on providing a service that will help the customers to be more effective and at the same time save money. It establishes that the company is a expert in field of reimbursement services. It highlights the strategy of having the medical practices outsource their insurance processing and medical billing activities.

The mission statement sets a target which in line with the strategic plan. The statement proposes to be a one-stop-shop for all the needs medical practices by 1998 and also make profits that will make the company independent and repay the start-up loans. 3. Are the goals and objectives manageable and realistic? Are they focused toward implementing the mission of the company? Yes, the goal and objectives of the company are manageable and realistic. Care has been taken to ensure that the goals and objectives are realistic and manageable.

The sales goals are realistic and gradually increase over time which makes it manageable. The objective of acquiring an account by the end of 2 months is every realistic and manageable. And the goals and objectives are focused in implementing mission of the company. The mission of becoming a one-stop-shop is reflected in the objectives of the company as one of the objectives is to add additional services to the portfolio. 4. Do you consider “Medical Billing Service” a good business concept?

“Medical Billing Service” is a good business concept. One of the reasons for this is that it will allow the medical practitioners to concentrate on their core activity and outsource the other activities to a third party expert company. This is very attractive to the medical companies and institution as it will save them a lot of money and help them become more efficient. Another important factor that makes the business even more attractive is the fact that the government is now made it mandatory for medical professionals to take the responsibility of the filing of claims and other paperwork. 5. Does the business plan provide an adequate explanation of the business concept?

The business plan provides an adequate explanation of the business concept as it addresses and explains every aspect of the business. It explains why the business concept is going to be a success. It lists and explains the keys to the success of the business concept. It explains the various services that will be offered and why it advantageous for these activities to be outsourced.