The major threatUnfortunately, one major threat to the partnership you have with your providers are other practice management software companies which have decided they want to offer their own billing services. When software companies start doing medical billing for physician’s offices, where will that leave you? To protect yourself and your business, we have 3 simple tips to keep your business up and running in spite of healthcare software vendors who have taken on the role of billing.
3 Crucial Methods to Protect Your Medical Billing Business
Don’t use software that offers medical billing services.Visit the website of your preferred practice management software vendor to verify that they do not offer billing services to compete with your service offerings. If you discover that your favorite software vendor in deed does offer billing services, you have two options: a.) discuss with them about not directly soliciting your current customers, or b.) find a new preferred software vendor ASAP. A trusted practice management software vendor should at the least support your business growth, or even further, refer business opportunities to you. A good software company knows that you depend on the physician’s success, and we depend on your thriving and growing medical billing company. The software vendor you support should also support you and your business growth. With the hundreds of software systems in the market, your business should never feel threatened when you’re spending your hard earned money on a revenue cycle software system.
Remind your physicians of the value of having someone who works directly with them do their billingBecause a medical practice can be busy and overwhelmed, doctors can be tempted to outsource their billing needs to the same company which manages their software. But to protect your business, you must continue to educate your doctor about the value of working directly with a company whose core strength is revenue cycle management not software development. Remind your providers how great it is to know someone whom they know personally, and whom they can call on to be there. Inform your providers that you are working in their best interest, but a PM software company will work in the software company’s best interest. Finally, tell your clients how important it is to work with your company because you are an expert in billing and only focus on engaging in the medical billing industry. When a practice management software company tries to do too many things, resources may be spread too thin. You are focused on doing one thing, and doing it well.
Exercise good business practicesUnfortunately, sometimes all it takes is one small mishap for a doctor to become dissatisfied with your medical billing services for her / him to switch her / his business to a software company. That’s why it’s key to exercise good business practices. Stay aware of the needs of your medical practices. Check in with the providers and ensure they are still happy with your services. Maintain an open line of communication so they can come to you first if their needs change. Employ the use of a solid contract for your clients protect yourself over a period of time from a loss of business. Doctors may shy away from signing any contracts at first, but to build trust show them case studies of how you’ve increased the collected revenue for other providers. Continue to market to new clients, always! Never let the revenue of your medical billing business overly depend on one or two key accounts. What will happen when those accounts leave? Instantly you could lose 50%-60% of your revenue. Never let your company get in that precarious situation. Always work to find new qualified clients.