The competitive advantage: 5 ways medical billing companies can provide added value to clients

Most billing companies tout the ability to ensure clean claims, maximize reimbursement, reduce denials, and protect patient data. 

As a medical billing company owner, this means you must be able to clearly communicate your unique value proposition and how you address your customers’ needs. But what else can you do to stand out among competitors? 

Gaining competitive advantage is all about providing added value — that is, giving customers extra benefits beyond the product or service for which they pay. Customers that receive value enhancement during service interactions have an 82% probability of staying with that company. 

The good news? There are many ways for medical billing companies to do this. Consider the following tips.

Did you recently attend a thought-provoking medical billing webinar? Come across a particularly helpful article? Learn best practice strategies from a colleague? Sharing these tips with clients is invaluable and it reinforces the idea that you’re a partner always looking out for their best interests. 

While some medical billing companies create client newsletters, provide customer-only web content, or offer client-only webinars for this purpose, a simple email forwarding important information to clients also works well. Always be willing to provide input and share information when requested, but also when you think it would help your clients navigate the complexities of the healthcare revenue cycle more effectively.

Terri Ann Joy, physician revenue cycle management expert, shares tips about highlighting the expertise on your team. "Emphasize the education and expertise of your employees," Joy says. "Note whether they are certified — especially if you have employees with specialty certification in the client's medical specialty." Doing this, Joy says, shows clients you provide a high level of targeted service.

Rewarding repeat customers with discounts or providing other special perks (e.g., referral discounts, client-only discussion boards on your website, or how-to billing guides or checklists only available to current customers) makes clients feel appreciated and can boost retention. 

Tailoring medical billing services to meet each practice’s unique needs can be helpful. For example, small medical practices may need full-service billing, while larger groups may require specialized support like claim scrubbing or denial management. 

However, customization shouldn’t end there. Consider these additional examples of how to customize your service offerings:

This requires personalized and proactive communication to build loyalty and trust. Be sure to respond to client inquiries quickly and always go above and beyond what clients request. 

Did a client suddenly notice a spike in denials? Experience an unexpected internal staffing challenge? Endure a natural disaster or cyberattack that disrupted business continuity? Whatever the reason for the outreach, helping clients solve problems during moments of hardship — both large and small — can go a long way in terms of providing added value. 

Also, if possible, provide multilingual support and the ability for clients to contact you via different communication channels (e.g., email, text, phone).

What can you do to introduce new medical billing solutions and processes that improve client efficiency and success? Consider implementing the following strategies: 

RPA, along with additional training and the right medical billing solutions, can help your staff navigate new billing requirements, avoid errors and penalties, and reduce claim denials — so you can better serve your clients and help them maintain their revenue streams. 

The bottom line? Do whatever it takes to help your clients be successful. While providing added value is critical in terms of gaining a competitive advantage, it can also help boost revenue in the long run. That’s because customers may be willing to pay more for a product or service they perceive as having greater value. 

This is especially true when you consistently offer superior value over the long term. Regardless of whether your goal is to attract and retain more clients — or ultimately charge more in the long run (or both) — thinking about ways to add value is an important business strategy with many benefits. What operational strategies and billing solutions can help you and your clients be successful?