Starting a medical billing and coding business is an admirable ambition. With aging baby boomers requiring more medical care each year, any industry that can assist a physician in increasing operational efficiency offers a valuable service. Collecting payment from insurance companies is challenging and impacts a medical practice’s financial health on a very basic level. The challenge to a new entrepreneur in the medical billing and coding business is to get the word out to busy physicians and office administrators about why they should choose your company over competitors and how you will make them more profitable. That’s where a good marketing plan can make or break a new business.
One proven strategy that works best in the medical field is to be recommended or referred by another physician. As simple as that sounds, for a new company without a single client, it may seem difficult. Networking is a proven way to get referrals and start proving that your business is a superior choice. A good place to start is with family doctors that your family already uses. It is easy enough to get a family doctor to listen. That is a good starting place for a new business owner. Don’t forget about discussing your business with your extended family to expand on the number of prospective new physicians available as immediate prospects.
Any medical billing and coding company lucky enough to have a family member or close friend who works in the medical field is certainly in a good position to get started. Once you have that first client and a great reference, everything gets easier. Like many professional groups, physicians listen to other physicians. Getting your family member to put in a good word for you offers the best possible recommendation.
Trade Shows and Sponsored Events
Trade shows and sponsored events organized by Medicare and Medicaid are two exceptional ways to get in front of physicians and administrators in a more relaxed environment, away from a busy office. It is important to remember that people do business with people they like. Getting your message across in a networking setting is much easier for most people than trying to cold call on busy health care professionals during the work day.
Press releases also work well as a cost effective way to reach out to the medical community. It is easy to find a writer that will do a press release for a nominal fee. There are many online press release organizations that can assist you with this task to achieve a high distribution level and get the word out about your company.
Become a Speaker at Medical Conventions
If you are a good speaker or someone on your staff is a good speaker, it is recommended that you offer your company’s speaking services to any medical group at conventions or other meeting forums whenever possible. This type of marketing effort establishes your company as a leader in the field. Image is important, and this type of public relations effort elevates your company’s image above the others.
The medical billing and coding business is positioned in a growth industry that guarantees success to any entrepreneur who learns how to effectively cultivate and service medical clients. As is true with most businesses in high growth industries, the competition is substantial. Companies who learn how to effectively market themselves as industry leaders have a bright future. Having a compelling offer with positive results along with persistence and ingenuity will win the day for entrepreneurs willing to make the marketing commitment necessary to command attention in the lucrative medical billing and coding business.