It’s easy to be intimidated by the idea of growing your business – your medical billing company. You’ve got a great team, you are delivering great service to practices, more medical practices reaching out to you to help them with medical billing. But you do not have enough trained staff to service this demand. Or at times your pricing is higher than your competitors. 4 actions you can take to convert such a situation to your advantage.

1. Create a Hybrid Talent Pool: Along with your own staff, which is on your payroll, look to hire outsourcing services for transactions such as Charge Entry, Account Receivable Management, Payment Posting and Reporting. With such a hybrid model, you get the advantage where your employees focus on building the relationship with the clients, help improve the RCM workflow for the practices, the trained staff from the outsourced company in low cost locations such as India and Philippines carry out the transactions.

2. Reduce Direct Employee/Contractor Cost: Cost of staff and outsourcing should not be more than 65% of your revenue. Hybrid Talent model will help manage this cost because by outsourcing, your company can save staffing costs by more than 50%. It will also give your flexibility to increase or reduce outsourcing based on the demand. By reducing the direct employee and contractor cost, you can offer a competitive price and can also direct funds towards marketing to generate more leads.

3. Moderate Price of Your Services: In most cases, medical practices would enquire with more than one company about their medical billing needs. Besides referral and quality of services, pricing plays a key role in their decision making. By outsourcing, when you save 50% on your labor costs, you can offer competitive pricing and win more clients. And you can add or reduce the outsourced staff based on the demand and keep your direct costs variable.

4. Generate More Medical Billing Leads: As simple as it sounds, generating leads and enquiry for your services could be a very difficult task. Particularly when you are not investing enough in marketing. Hybrid Talent model would reduce your direct costs and that can be used to increase digital marketing such as Google Ads, Google My Business, participating in conferences, becoming members of MGMA, AAPC and other forums that are frequently visited by the practices.

Most growing medical companies use the approach outlined above. One aspect that is very critical for the success of this approach is to find the right medical billing outsourcing partner. The outsourcing partner should have focus on training the staff on medical billing, various PM systems, quality frameworks such as six sigma and data analytics. Another aspect to consider is that your outsourcing partner should at least have 100 employees. This indicates they can support your needs and has a strong business to be your long-term partner.

ProBilling is one of the most preferred choice of medical billing companies that are looking to take the advantage of outsourcing and building a hybrid talent model to achieve growth. Talk to one of our experts and start saving 50% right away.