Assuming you are taking care of all the other sides of your medical billing business it is imperative that you keep selling. It’s all too easy to fall into the day to day management of the business and is the quickest way to have a mediocre business.
Selling includes direct mail, resume marketing, internet, cold-calling, etc. The medical billing business is like any other business and needs fuel (new customers) to keep running. Once you gain your first couple of clients (this can be a significant challenge as physicians will typically want to see proof that you can do the job) and you do a good job you will find this business will thrive with referrals, which is the best type of marketing.
Physicians talk and when you are good, they will give you more business than you need, but it’s getting that first couple of clients that may be difficult.
The best tip I can give is to never give up with your marketing efforts. Consistency and repetition are key in keeping you name “out there”. Even if(when) it takes longer to land the first client or your business isn’t growing as fast as you would like, believe in yourself and be passionate about the services you have to offer. If you aren’t passionate about what you do, you may likely become easily tempted to give up when the results you want don’t materialize when you think they should.
Marketing a medical billing business is really no different than any other business. In order to get a client you really have to find their pain. The bigger the pain, the bigger the opportunity and with the rate of change to regulations and costs in the medical billing industry provides an ample opportunity to take the pain away from the physician so they can go to work doing what they are good at. More than likely the physician is already using someone to do their our coding and billing, so what is it that you can do better/different than them?
When you go out and talk with enough providers, especially the small offices, you will find a number of stories about how hard it is to keep good employees. Typically with the small offices, once someone is trained and they are proficient, they go to a bigger provider for better pay or they start their own business.
One suggestion to set your business apart from other medical billing companies is to offer ancillary services in addition to billing so your initial approach isn’t even about the billing, which the physician gets info several times per week.
Another suggestion is to not focus on telling the provider that by them hiring you, they will save money in bold print. Especially when you then show the upfront startup fee, their question is how are you saving me money.
Another point to consider is that many providers will not entertain anybody that wants to work from home because of so many people being ineffective in that environment. Not that everyone who works out of their home is bad, but it gives off an unprofessional image and so many physicians have been burned by work-at-home’s.
The first thing you need to be aware of as a medical billing company is that filing claims electronically is just a small percentage of the duties and responsibilities of your business. If you plan to market your services based on electronic filing alone you will see very little response. Why? Because anyone with a little training and inexpensive software can file claims electronically and probably cheaper than you. When promoting your services it has to be more than just filing claims electronically as you have to focus on HIPPA, HITECH Act, appeals, patient statements, billing, accounts receivable, follow-up, eligibility and benefit verifications, and so on.
So what benefits can you provide that adds to the physicians bottom line? Is it:
Reducing lost revenue due to poor follow-up
Simplify staff management so they don’t have to search for a competent billing person
Keeping current on constantly changing regulations
Saving the physician money due to lower overhead (almost everyone tries to focus on this one)
The market is saturated with outsourced overseas medical billers, professional firms and people who can do medical billing from home. What is going to set you apart?
Many doctors already outsource to someone already and there is a cost to switching to another provider.