Author Topic: Starting my own Medical Billing business... Hospital Billing experience only.  (Read 4640 times)

PMRNC

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I completely disagree.. I think the smaller billing companies will be the last men standing. I have a very strong instinct that EHR  and cloud computing or both will suffer a big failure down the road putting the larger companies in a quandary. I think with the way this business changes doctors want to pick up the phone and get an answer, advice and education w/out having to wonder who's picking up the phone and to what country they are in.

I believe the next decade is the decade of the small business.  Digital marketing.. Pfff.. I can't remember the last time I even sent out a brochure. I get better responses and like GOING to the doctors, educating them, meeting their staff and personalizing my services. I leave digital marketing to the HP's of the world. I never want to be so big that I can't pick up my phone for a client every time they call. That was my goal starting out and that has never changed.
I'm in middle of finding another accounting firm because mine just joined a huge conglomerate, I want to talk to ONE person. I want to know MY best interests are on his mind and I don't want to have to provide an account number to someone on the phone to "look me up". I have enough of that with utility companies, mortgage companies, etc.   

Decade of the small business :) I wouldn't trade with the kareo's of the world. I really wouldn't. I believe in quantity and value of the client not volume. I've seen billing companies once they get big begin to drown, the medium fish sinks or swims.
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

shanbull

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Have you ever seen a small butcher shop? They went out with horse and buggy.

Ingebretsen's on 16th and Lake, Clancey's on 43rd and Upton, Kramarczuk's on 2nd and Hennepin, and Everett's on 18th and 38th are all small, family-owned butcher shops that have been in business for 50+ years, and that's just on the south side of Minneapolis. We also have a thriving charcuterie scene. Perhaps where you are located these types of establishments are long gone, but there are big cities that prefer the little guy. Still, your point about startups being likely to fail is valid and no one should be overly optimistic about their chances of success. At the same time though, there is a market that exists for small operators to provide local, personalized services. As an example I would point to our IT guy, Bill. We could hire some large company to administer our IT support, but we pay Bill to do it because we can call him on his cell phone and he will drop everything and come over in person to take care of things. I can call him and he knows exactly who I am and what computer and fax machine are mine. I need to do very little by way of explanation when I have a problem. It would be very difficult for a large company to compete with this type of setup. That is why the opportunity for small business startups remains possible.

PMRNC

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I'm lucky to still live near our small and family owned pharmacy to which Walgreen's and Riteaid can't touch, yes we have  a local butcher that people will go to visit before their big chain grocery store (I even have no problem paying a bit more for better quality).

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but there are big cities that prefer the little guy
A good friend of mine owns a billing and consulting business in Brooklyn.. the larger companies are of no competition to her and in fact she's taken some of their business. I know another billing company in direct competition with a large corp in NJ who offshore outsources and she too takes biz from them. They will both tell you they have no problem competing because their competition's failures are their successes. Those big biz failures are usually what the small business capitalizes on. You can put me up against the biggest of the big and first I will sell them much quicker.. mostly because the bigger fish don't care. ]

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As an example I would point to our IT guy, Bill. We could hire some large company to administer our IT support, but we pay Bill to do it because we can call him on his cell phone and he will drop everything and come over in person to take care of things. I can call him and he knows exactly who I am and what computer and fax machine are mine. I need to do very little by way of explanation when I have a problem. It would be very difficult for a large company to compete with this type of setup. That is why the opportunity for small business startups remains possible.

A while ago I had a big time data loss. Won't go into the details but let's say I was a little behind (few days) in my backup and my hard drive completely melted. I called 3 places.. the best price and the one that that back to me and treated me like they understood my dilemma was the "SMALL" guy.. He's still my go too.

And the great thing is for small businesses.. with the ever-changing regulations we face..the large billing companies are fine just issuing their little memo's where as the small business can cater to their client with more personal services AND be there for them always.
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com