You and a friend decide to open a small business, with a storefront and Internet site. Which form of business would choose to operate - partnership or corporation and what advantages are there for your choice? You must decide what method of payment you are willing to accept for your products and services. Discuss what methods of payment you are willing to accept. The benefits and risks associated with method. Are you willing to accept the same payment methods at the storefront and on the websites? If they differ, explain why. Cite references.
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Based on the scenario, this solution discusses different forms of business to choose to operate e.g. partnership or corporation, and the advantages of this choice. It examines other aspects of business, such as the method of payment you are willing to accept for your products and services. It also discusses the methods of payment, the benefits and risks associated with each method, and if the same payment methods will be accepted both at the storefront and on the websites, or if they differ, why. References are provided.
Financial and Economic Basics
Give a brief background on the following topics:
1. Government insurances and payment expectations
2. Commercial insurances and payment expectations
3. Liability insurances and payment expectations
4. Self-pay/ cash pay patients and payment expectations.
5. Focus on the ways in which these types are different from one another and what you as the medical business professional might need to know about the types of programs in order to bill, collect, account and project financial expectations. Do they have different rules? Are the patients responsible for more or less of the balance? Can you reasonably reduce the charges for a self-pay patient? Do you need to be comfortable with contract language for the others?
6. Consider that your payer mix is the basic determinant for much of your financial projections as you review and prepare this material
Please include in text citations and must be APA format