{"id":27059,"date":"2021-04-16T12:12:13","date_gmt":"2021-04-16T12:12:13","guid":{"rendered":"https:\/\/www.syscreations.ca\/blog\/?p=27059"},"modified":"2021-10-30T06:52:13","modified_gmt":"2021-10-30T06:52:13","slug":"medical-billing-software","status":"publish","type":"post","link":"https:\/\/www.syscreations.ca\/blog\/medical-billing-software\/","title":{"rendered":"Cost to Develop Your Own Medical Billing Software Like Dr. Bill for Doctors"},"content":{"rendered":"\n

This blog is for all healthcare providers and healthcare providers who want to be entrepreneurs. <\/span><\/strong><\/p>\n\n\n\n

Canada has the universal healthcare system known as Medicare. <\/p>\n\n\n\n

Under Medicare, patients are not supposed to pay the fee for the listed medical services they receive. <\/span><\/p>\n\n\n\n

Instead, the provincial governments pay the medical fees on behalf of the patients to the healthcare providers. <\/span><\/p>\n\n\n\n

So, to get reimbursement from the provincial governments, the healthcare providers should submit the claim to the healthcare ministry of a particular province. <\/p>\n\n\n\n

And for easy submission and a higher claim success rate, they use 3rd party medical billing software. <\/span><\/p>\n\n\n\n

And here is the problem. A very big financial problem!<\/strong> <\/p>\n\n\n\n

Why should you develop your own medical billing software like Dr.Bill? <\/strong><\/h1>\n\n\n\n

In Canada, there are many tech companies providing medical billing software. <\/p>\n\n\n\n

But none of them are free.<\/span> <\/p>\n\n\n\n

They charge some percentage on every claim amount you receive from the government. <\/p>\n\n\n\n

For instance, the most popular medical billing software in Canada is charging 1.95% on all paid claims. <\/span><\/p>\n\n\n\n

So if you are a physician and $200,000 is your annual paid claim, you would end up paying the software $3900 every year.<\/span> <\/p>\n\n\n\n

This way, after 10 years of your practice, you would have paid them $39000. <\/span><\/p>\n\n\n\n

But you know what \u2026 if you now invest $39000 or less than that, you can actually develop your own medical billing software like Dr.Bill. <\/strong><\/p>\n\n\n\n

And since you completely own it, it is free for you. <\/p>\n\n\n\n

So, if you have an entrepreneur mindset – you can easily distinguish between spending $39000 and own nothing vs investing $39000 or less and own your own medical billing software which you can offer to others too under the SaaS model! <\/span><\/p>\n\n\n\n

Here, $39000 is just an estimation and comparison with you using others\u2019 medical billing software. <\/p>\n\n\n\n

If you are planning to develop medical billing software for your own practice, the final cost depends on the features you would like to add. <\/p>\n\n\n\n

With purposeful features and not so fancy features, it costs very affordable! <\/span><\/p>\n\n\n\n

How can you make $3 million annually with your own medical billing software? <\/strong><\/h2>\n\n\n\n

I will talk straight and with on-ground data. <\/p>\n\n\n\n

Provincial governments every day carry out transactions of millions of dollars to healthcare providers.<\/span> <\/p>\n\n\n\n

And each medical billing software is taking a huge bite out of it. <\/p>\n\n\n\n

Because it acts as the only medium between provincial governments and healthcare providers when it comes to reimbursement. <\/span><\/p>\n\n\n\n

Suppose, individual physicians of Ontario are submitting the average claim of $200,000 annually to the health ministry of the Ontario government. <\/span><\/p>\n\n\n\n

And there are 15000 physicians in Ontario. <\/span><\/p>\n\n\n\n

So, the overall claim in a year is the amount of $3000000000 – only in Ontario by just physicians. <\/span><\/p>\n\n\n\n

Now think – if you develop your own medical billing software and make it available for physicians in Ontario at the fee of even 0.10% on a claim amount, you will end up making $3000000 or $3 million in a year. <\/span><\/strong> <\/p>\n\n\n\n

And if you make your medical billing software available for all healthcare providers and in all provinces, your annual earning would easily surpass $10 million dollars! <\/p>\n\n\n\n

So, by just charging 0.10% you will make millions of dollars! <\/p>\n\n\n\n

A small number leads to a big number!<\/span> <\/em><\/p>\n\n\n\n

Now\u2026 you must be wondering, <\/p>\n\n\n\n

Why would healthcare providers use your medical billing software?<\/u><\/strong> <\/p>\n\n\n\n

Just because of the aggressive pricing! <\/p>\n\n\n\n

All popular medical billing software here in Canada are charging at least 0.25% on every paid claim. <\/p>\n\n\n\n

While you will be charging only 0.10%. That would be a great deal for healthcare providers! <\/p>\n\n\n\n

And to be more aggressive and cover the entire market, you can even charge only 0.5%. <\/span><\/p>\n\n\n\n

Since the market is huge with many healthcare providers, even with 0.5%, you will end up making millions of dollars! <\/span><\/p>\n\n\n\n

(As per our previous calculation, with 0.5% only, it would be $1.5 million in just Ontario with just physicians.) <\/span><\/em><\/p>\n\n\n\n

How can you build medical billing software if you don\u2019t have technical knowledge? <\/strong><\/h2>\n\n\n\n

First of all, it is very clear that to build medical billing software along with an app like Dr. Bill, you would require the following resources and knowledge<\/span>. <\/p>\n\n\n\n

Resources required: <\/strong><\/p>\n\n\n\n