Mother and daughter, Alice Scott and Michele Redmond, wrote an excellent article in Issue 6.4 of BC Advantage. The duo are coauthors of 11 books on medical billing and medical credentialing and co-owners of Solutions Medical Billing Inc. The medical billing invoice funding experts at PRN Funding thought the information within the article would be quite beneficial to our medical billing business owner readers. Written below is a brief summary of the article, which appeared on pages 20-21 of the medical billing and coding magazine.
The ladies emphasized the fact that those medical billing company owners who are serious about making it in the business “learn to market effectively and quickly.” They go on to say that there are a number of different ways to market a medical billing service, and that the key to being successful is developing a marketing plan, and then sticking to it.
Utilizing referrals is a great way to get started. However, many business owners assume that referrals can only come from clients. So what do you do if your medical billing service is new, and you don’t have any clients yet? Remember that referrals can come from sources other than clients. Alice and Michele suggest asking yourself this question when looking for good referral sources: “Who do you know that is aware of your abilities and strong points?”
For example, you could reach out to doctors you worked for in the past and ask them to write a referral for you medical billing company, or check in with a teacher you remember from when you took medical billing classes, etc., etc.
Finally, the medical billing industry authors suggested that business owners “get someone to offer some inside information that gives you a little leverage in getting in to see a doctor about your service.” Tell your general practitioner about your medical billing business. Even if he/she cannot use your medical billing services, perhaps they could refer someone else who can.
The women concluded the article by reminding medical billing entrepreneurs that word-of-mouth marketing can only take your business so far, and that sooner or later, you will have to spend money to make a real marketing impression.
For medical billing companies who are just getting started, it might be hard for them to acquire the cash needed to implement a strong marketing program. Enter medical billing accounts receivable factoring. Startup medical billing companies can sell their invoices to a medical billing factor, and get cash upfront to cover those marketing costs. Visit PRN Funding’s medical billing factoring page to learn more about this financing alternative.
