When I started Red House Medical Billing 5 years ago I knew I had to differentiate if I was going to succeed. Processing medical bills is a commoditized business in a highly competitive industry with thousands of players. I couldn’t go out with the same messaging and service offering as everyone else. I needed to understand and articulate what makes Red House Medical Billing different.
One of the first things we did was pull the covers off the full billing cycle. Patient billing has historically been written off as a loss-leader in the medical billing community. We believed there was an opportunity here to differentiate. As we benchmarked ourselves using patientbillingscore.com, it was clear we had work to do.
I knew I wasn’t the patient billing expert but did know there was a huge opportunity for Red House and for the practices we serve to strengthen the financial relationship between the doctor and their patients.That’s why I teamed with Inbox Health who helped us tackle the areas of improvement identified in the patient billing assessment, and personalized and automated the whole patient billing experience for Red House practices.
The result was that we empowered patients to be in control of their payments. This was critical during 2020 when so many people were struggling financially. Red House noticed a substantial increase in patient payments and an increase in velocity of capital for our practices, 60% increase in patient payments paying within 2 months of the first invoice. Our doctors were getting paid more (and quicker) because their patients understood their bills better and had more ways to pay them. My team now focuses on growing our business instead of answering the same patient billing questions over and over again.
Today, patient billing is not a loss-leader for Red House; it’s one of the key things that differentiates us and propels our growth.