How medical billing companies can unlock additional revenue with add-on services
By taking ownership of additional roles beyond billing, billing companies can take their revenue and their practices’ revenue to the next level.
At a Glance
- Medical billing companies that don’t offer add-on services risk falling behind competitors
- Strategic pricing for add-ons is part of creating sustainable revenue streams
- Successful expansion requires aligning team expertise with practice needs while charging premium rates for specialized knowledge
According to a recent Tebra survey, 80% of medical billing companies are unlocking new revenue through add-on services beyond just basic billing. From credentialing, to contract negotiation, compliance consulting, and more, these types of services can strengthen your relationships with clients and open doors to new revenue streams. Yet, based on results from the same survey, 20% of companies still hesitate to expand their medical billing services — missing a crucial opportunity for growth.
By taking ownership of additional roles beyond billing, billing companies can take their revenue and their practices’ revenue to the next level. Here's how.
Address practice-specific needs
Tailoring add-ons to the needs of each practice helps you provide the kind of client-centered services that inspire trust and loyalty.
Through add-on services, billing companies can:
- Help practices grow with revenue cycle management (RCM) or marketing consulting
- Reduce operating costs with bookkeeping or accounting services
- Maximize reimbursement with payer contract negotiations
Customizable add-ons can address critical gaps in practice efficiency and profitability, supporting better cash flow, a healthier business, and long-term growth for your clients.
Know where you can add value
Begin with an assessment to identify your team’s strengths, then determine how these skills align with client demand. The areas where you can add the most value for clients reflect your team's skills and expertise.
Further recommendations:
- Let your expertise dictate which new services to offer
- Create a product roadmap for any new services you intend to offer and stick to that plan
- Before branching out, hire people whose skill sets cover your blind spots
With a strong strategy and the right people, you can introduce and sustain new service offerings that effectively address client needs.
Don’t give it away for free
Additional services require time and expertise. Determine an appropriate fee for any type of add-on.
For example:
- Treat credentialing as an add-on, based on the number of providers or payer types
- Charge for benefits verifications, coding advice, or chart audits
- Charge for advanced reporting and data insights to consult on billing best practices
Price specialty add-on medical billing services as premium options that aren’t included in basic price packages. Practices are more likely to appreciate the value of ancillary services when they’re billed as premium extras, not standard inclusions.
“Practices are more likely to appreciate the value of ancillary services when they’re billed as premium extras, not standard inclusions.”
Read our whitepaper on medical billing best practices for detailed information about services pricing.
Fast-track your growth
Ultimately, if you are strategic in your planning and resource allocation, offering add-on services doesn’t need to be a drain on your internal resources. As a medical billing expert, your guidance is highly sought after — so make sure you are compensated appropriately for each unique service you deliver.
By branching out into the world of ancillary services, you will:
- Maximize your revenue potential beyond standard billing services
- Win more new business from medical practices prioritizing growth
- Experience more robust profits by influencing all aspects of practice financial health
Adding additional services helps you stand out from your competitors. Independent practices are more likely to choose a partner offering comprehensive and customizable solutions.
Ready to unlock the potential of ancillary medical billing services?
There’s no need to worry about embracing add-on services, especially when they offer so many potential advantages for medical billing companies. By harnessing the skills of your team and designing a solid plan for service expansion, you can transform additional services into major growth drivers and become a trusted partner that consistently contributes to practice success.
Ready to unlock the power of add-on medical billing services? Visit tebra.com/billing-companies to learn how our all-in-one platform can help you achieve scalable business growth — for you and the practices you serve.
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