Well Established Medical Billing Practice
Not Disclosed, WI Outagamie County
Southeast WI
Seller's Contact Information
- RE: Well Established Medical Billing Practice
- Contact: Patrick McAdams
Business Overview:
40-year old Medical Billing Services company that is in its second generation of family ownership.
Property Features and Assets:
The business is run out of an office space owned by the seller. The seller will lease the space to the new owner at current rent ($2,300/month NNN). Assets = $28,000
Market Competition and Expansion:
From IBIS World iExpert Report – 0D4792 – Medical Claims Processing Services As health expenditure rose over the five years to 2022, industry revenue is expected to grow at an annualized rate of 4.4% to $5.0 billion, including an expected 6.3% increase in 2022. Over the past five years, improving economic conditions and a declining unemployment rate have improved Americans' access to private employer-sponsored health insurance, supporting industry growth. Although the onset of the COVID-19 (coronavirus) pandemic disrupted this trend as the unemployment rate spiked, industry revenue growth was sustained by medical claims related to coronavirus cases, including treatment and testing, telehealth visits and emergency visits. Moreover, while the high unemployment rate led to a loss in private health insurance coverage, a portion of this loss was likely absorbed by strong enrollment in Medicaid or individual market health coverage, reducing the effect on the industry. Rising demand for medical claims processing services has attracted new entrants to the industry. For instance, over the five years to 2022, the number of industry enterprises is projected to increase at an annualized rate of 2.7% to 2,561 companies. Growth in the number of industry companies has placed an upward pressure on wage growth, as industry operators compete for a limited pool of staff with specialized training. Industry operators are increasingly seeking out staff with specialized training and certification that can navigate rapidly changing requirements by US health insurance companies and utilize state-of-the-art medical claims software. Upward wage growth is likely to impede profit growth over the five years to 2027. The industry is expected to continue benefiting from higher health expenditure in the outlook period, driven largely by the rising medical needs of an aging US population. Ongoing trends in the broader healthcare sector, namely the shift away from small, physician-owned practices to large group practices, is expected to benefit the industry as well during the same period. Since larger practices are more likely to outsource claims processing to create cost and operational efficiencies, demand for industry services is slated to increase. In all, industry revenue is anticipated to increase at an annualized rate of 2.8% to $5.7 billion over the five years to 2027. With the current level of employees, the company is at their revenue limit based on available hours. Growth will depend on new ownership hiring and training employees. The seller is willing to help new ownership train new employees.
Reason for Selling:
Retirement. Kindly ask the seller for more information.
Additional Details:
- The property is Leased.
- The owner is willing to train/assist the new owner.
- This is not homebased business opportunity.
- This is not a franchise resale opportunity
Relevant Links:
Opportunity Update!
Exciting update: Well Established Medical Billing Practice has a new owner due to high interest! More opportunities await. Explore our site for other listings or sign up here for email alerts. Find your perfect business opportunity today!
