I don't think you can say it's normal or not.. in 2 1/2 years that's pretty decent!! Instead of looking at the client base you lost as a whole 60%.. maybe look at it with a change in some things you can do within your business. For example the ones bringing it back in-house, that was one thing I noticed too even 5-10 years ago. With that my business model of working in THEIR systems was born and it was the best change I made. Not only were there no more overhead costs for me, but my clients still had the very same control and could keep a watch on things making it a win-win for everyone. The clients having trouble with credentialing, maybe offer to review contracts and expand services to include credentialing and contract review/negotiations? The great thing about this business is that unlike having a store or selling products, you sell services which you can continue to develop and market more diversely. Your services will always save the client money, so while losing 60% you may in fact gain 80%. Just take a look at what you are doing, add to, change and market
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.
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.
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.
Sounds good. Any suggestions on what other supplemental work I could offer?