Starting a Medical Billing Business > Starting Your Own Medical Billing Business
Attrition
williamportor:
--- Quote from: PMRNC on May 08, 2016, 06:28:44 PM ---I was speaking to the future.. replacing the 60% with 80%. I was pointing out you might be missing the big picture. I think every billing company goes through these kind of growth stunts.. as I mentioned, it could be time for a change. Add some services, change of business model, etc. Was trying to show you that the glass is not half empty, but half full. :)
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OK...that makes sense. I already offer insurance verification and am learning credentialing. Are there any other services that I might offer?
williamportor:
--- Quote from: kristin on May 08, 2016, 10:52:00 PM ---One thing to consider...supplemental work as a biller for another company. If I am reading what you have said here correctly, you are making $1000 a month on four clients? If I am wrong, pardon my misunderstanding.
If I am not misunderstanding, you should consider supplemental work as a biller for someone else, stat. There is good money to be made.
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Sounds good. Any suggestions on what other supplemental work I could offer?
PMRNC:
You can offer other things that go along with credentialing that entail analyzing contracts and plan payments and adjustments. Offer to review the practices adjustments so you can find the carriers with the higher adjustables which could help in re-negotiations of fee schedules for some carriers. Other services you can offer would be review and update of office financial policies, P&P, compliance plans, HIPAA compliance etc.
I know you mentioned insurance verifications, are you offering appeals as well?
As I gained more experience I picked up quite a few consulting only jobs where I was able to do a lot of the above services on a consulting basis and many times I made more money doing that than billing plus it's great way to make new contacts. After I finished a job I would offer a discount and give them my card for referrals. Marketing the consulting services was not only lucrative but it also helped gain contacts and even secure clients who would later use my practice management services.
Michele:
--- Quote from: williamportor on May 08, 2016, 12:41:07 PM ---Since starting my medical billing business 2 1/2 years ago, I've signed up 11 medical professionals, it's been a lot of hard work. Thousands of telephone prospecting contacts, many hundreds of door to door contacts, and over 3,000 mailers. I have a grand total of 4 clients that are still with me (the lowest paying one's naturally!) 2 providers retired, 1 only wanted me to clean up their billing mess, than took it back in house to do themselves, 2 office managers were very happy with my work, but were later overruled by their provider bosses, who insisted the billing be brought back in house so they could "keep an eye on things"1 closed his office to pursue other business ventures, and only 1 was dissatisfied with my work (not wanting to admit their cash flow problem was due to credentialing, not billing) I love medical billing, but don't seen much future in it at this rate of attrition. Is it normal to lose over 60% of one's clients every year?? If it is, I may need to consider another line of work. :-\
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Although "normal" is hard to define, personally I think that 60% is high. It sounds like a fluke though. What are the chances that one billing service would have that many clients leave. We have attrition but I would say it's closer to 5%. I personally believe the billing business is still very much alive and well. I think that providers need outside services even more than ever with the way things are. They must collect everything they are entitled to. Many providers think that bringing the billing in house gives them more control but it really doesn't. I see much more go wrong right under the doctor's noses. Being in the office doesn't mean they know what's going on. You said that your remaining four accounts were only bringing in about $1000. Maybe try to market to accounts that would be a little more income. For example, a provider who visits a nursing home and doesn't have an office might work out well for you. We bill for several of those. They don't even have offices or they are moonlighting. Try contacting local nursing homes to see if they can provide you with the names of providers that visit patients there in the facility.
Just an idea. Sounds like you are diverse and trying very hard. I hate to see you give up.
PMRNC:
Those clients that are pulling out to go "in-house" do so because 9 out of 10 times they want control and most billing companies are utilizing their OWN software solutions. Those leaving an outsourced solution for an -in-house solution are doing so because they want MORE control or they are looking to manage things "in house". This happens to billing companies mostly utilizing their own software and which is why the better solution billing companies have today is to utilize the practices system where they maintain and continue control thereby allowing you to perform your services at the same time as they maintain control. Those providers taking back billing in-house are unhappy with some of the services an outside company is providing and they seek to bring back in-house.. Billing companies today must remain diversified and allow the control to stay within the practice at the same time as providing those services. This has been happening for years and billing companies today don't know how to deal with it because they have positioned themselves with their OWN software, their own solutions/services and thereby taking away some of the practices control which inevitably breaks down. There is NO reason today a billing company with a great deal of experience and knowledge should have to obtain a client and put them totally on their systems. A good, experienced biller can carry out all the tasks and keep the billing on the practices existing system or system of THEIR choice and still save the practice money, time and promote their services with complete control for the client.
This has been happening for years.. billing companies today must stay diversified in their services and allow practices the total control they want at the same time as providing the services to them and saving them money.
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