What types of businesses can NEMT providers start?
Creating a successful business is one of the most exciting accomplishments for any entrepreneur. No matter what field you’re working in, there’s always room to grow and expand once you find that initial momentum. Growing your NEMT business can be more than just adding more vehicles to your fleet and hiring a bigger team. Growth can come in the form of adding supplementary business opportunities to your existing business—in other words, starting additional businesses that benefit your NEMT business and your customers. If you’re just getting started with your new NEMT business, there’s no reason to rush into additional ventures. But if you’re an established, thriving company, it’s time to look at ways to tap into the healthcare market even further.
Areas of transportation healthcare to consider
If you’re a NEMT provider looking for new opportunities in the healthcare field, there are a few different areas you should focus your attention on. If you’re trying to create a sister company, it’s important to remain in the same general field. The team at iSi Technology recognized this and developed New York Medicaid billing software and medical billing software to appeal to customers in a similar line of work as NEMT who are looking for something a little different. If you currently own a NEMT business, these are some other businesses you may consider tapping into.
If you’re already working with NEMT patients, then you’re working with people who are insured under Medicaid. Medicaid billing is a complex process filled with a handful of different steps, complicated coding, and differing regulations based on your locality. Starting a Medicaid billing operation is a great way to do business with NEMT companies who don’t want full-scale NEMT software, but who do want a simpler way to bill claims. One of the best ways to tap into a niche market is by choosing one state (probably the one you’re operating in) to work on Medicaid billing in. Since each state has different rules and regulations when it comes to billing Medicaid, it’s easier to become an expert in just one to start with. For instance, if you’re working in New York, you might consider starting a New York Medicaid billing business to help transportation providers speed up their claims process. Additionally, if you or the people you hire are well versed in other areas of Medicaid billing, you may offer billing services for homecare services, healthcare services, and more.
Nationwide medical billing
If you’re ready to take on even bigger tasks, think about how you might start a nationwide medical billing service. Healthcare practices in every state deal with complex medical billing. Whether it’s billing for homecare, transportation, dental, or another healthcare service, accurate medical billing is essential to the process. Some practices prefer to conduct in-house billing, while others would rather seek outside help from specialists. If you have the knowledge and ability to hire experienced employees, you could be the specialist that handles outsourced billing for practices across the country. This may include a number of different payers based on your capabilities. Starting a medical billing business coincides well with your NEMT knowledge and gives you more stake in the game when all is said and done.
If you have a technology background and are interested in developing software, this could become an extremely useful skill at your NEMT business. Maybe you want to create custom software that works for your specific business happenings. If you have the capability to do that correctly, it’s worth the time and effort. However, if you’re going to take the time to build an entire software system, it may be worth looking into licensing and how you might eventually sell the product to other NEMT providers to help manage their company. NEMT software can be many things, but an all-encompassing solution features modules for routing, scheduling, billing, and dispatching. Software is a time-consuming, technical feat that, when done properly, will pay off. It’s important to note that this shouldn’t be a goal for every NEMT provider. There are a number of reliable non-emergency medical transportation software systems already on the market for those looking to digitize their operation.
Grow your NEMT business
Your business deserves success. Once you’ve assessed your goals, it’s time to take action. Software can help save you time and money while boosting efficiency. Ready to see some products in action? iSi Technology has a family of products that are great for medical transportation providers and billers. Get in touch with us today to learn more and book your free demo.