The medical billing business is a lucrative one, but it can be riddled with problems. First of all, you have to find clients, and then you have to get them to sign up with your service. It’s not always easy to do either, and it’s even harder when you’re new at the game. If you’re looking to grow your medical billing business, we have a 5-step plan that works.
We’ve got a surefire plan we’ve seen work time and again.
1.Don’t fumble the basics.
You’ve got only a few minutes to convince a physician or practice manager that you’re extremely knowledgeable about billing and that you’re offering something of value. It starts with being able to answer all of their basic questions with ease. They’ll want to know if you have experience with their medical specialty, if you’ve done work for someone they know, what basic services you provide (and what ancillary services you offer), and what percentage you charge.
2. Be prepared to dazzle.
With the basics complete, you’ve got a brief window of opportunity to show your stuff. Explain that you are not a claims processor—you’re a revenue cycle management expert. You know exactly where billing problems occur and how to fix them. Convince them that if they let you see some of their financials, you can show them how to save serious money.
3. Prepare a mini-audit.
Either in person or web-meeting (depending on time and geography), use the data you’re given to make your case. Show them how in addition to tackling their A/R, that you have both the knowhow and technology to plug revenue leeks, reduce claim errors, eliminate denials, and how a comprehensive RCM Practice Management System can alert management to uncollected Co-pays, potential fraud, and catch claim errors before they become denials. End by estimating how much you can decrease the practice’s revenue drainage using technology and Best Practices, and then increase their monthly revenue through technology, skill, and diligence.
4. Address the geography issue.
If the practice you’re hoping to add to your client list is nearby, you’re all set. But if your market is saturated and you want to expand into other regions, you’ll need to demonstrate how a cloud-based billing system gives you access to all of the financial information you need—just like you were in the cube next to them.
5. Offer a guarantee.
If the prospective client remains on the fence about hiring you, it’s time to pull out the big guns. Offer to perform a complete audit that includes a forensic look at their claim errors and denials and culminates in a report on how much money they’re “giving away” each month. Explain how you can recover that entire amount by training office staff in best practices and implementing automated billing software that offers advanced Revenue Cycle Management features.
After adding clients, be sure to understand how to properly scale your business to keep up with increasing clientele. Once you convince prospective practices that you are not just another cost but a source of recovered income, you’ll be able to quickly expand your business. After all, if you can add 15% – 17% to a doctor’s bottom line each month, your 5% to 7% service fee becomes a no-brainer.