How to Ensure a Vibrant Future in the Medical Billing Industry

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As Charles Dickens wrote in A Tale of Two Cities, “It was the best of times, it was the worst of times.” Despite not being in the medical billing industry, his quote rings true in our industry today.

I know of billing companies that are growing by 20-plus percent per year, and I also know of billing companies that, after decades of delivering quality services, have shrunk to the point where their company can’t even be considered an asset. An example is a $2 million company that became a $200,000 company in less than one year.

One pattern that remains consistent is that if you have had two consecutive years where your total revenue has declined, it a pretty good bet that your revenue will continue to decline in the future.

What is happening nationwide that is allowing companies to either rapidly grow or experience a downward revenue spiral? The primary issue is that opening or maintaining an independent practice seems to be going by the wayside. Many established medical professionals are burned out trying to deal with the challenges of running their own profitable practice and are trading independence for a steady paycheck.

Additionally, many of the people coming out of school are open to accepting a position as an employee of an established practice or healthcare system because they are willing to trade independence for a predictable lifestyle. It’s more attractive to work 9-to-5 and let someone else worry about the administrative hassles of running a practice.

 

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