What is targeted marketing in medical billing and sales, and why does it matter? One of the most common things I see with medical billing companies trying to grow is that they launch marketing and sales campaigns without much thought. This can involve anything from attending trade shows to hiring a salesperson, using a lead generation company, or trying pay-per-click advertising. Unfortunately, it often doesn’t go as well as they hope. Targeted marketing in medical billing is essential to avoid these pitfalls and ensure success.
The Importance of Targeted Marketing in Medical Billing Strategy
Why do these campaigns fail? Primarily because the necessary upstream work—like developing a strategy—wasn’t done first. One of the key components of that strategy is targeted marketing in medical billing.
So, what is targeting? It’s the process of figuring out exactly who you’re going after with your marketing and sales efforts.
Defining the Target Audience
Many might think they already know their target audience: profitable providers, multi-doc groups, or surgical providers, for example. But unless the target is really narrowly defined, the marketing efforts won’t produce high-quality leads.
Different market segments are highly distinct. You might think “doctors are doctors,” but that’s not true. There are many types of providers, and even within the same specialty, the differences can be significant. This is where targeted marketing in medical billing makes all the difference.
Differences in Medical Providers
For example, some providers have offices, while others don’t. Some are highly tech-savvy, while others are technophobes. These differences impact the kinds of media and channels you use to reach them, as well as the messaging itself. Their motivations vary widely, so without understanding these distinctions, your marketing won’t resonate.
To be effective, you need a narrow target.
Large-Scale Targeting for Big Companies
Now, if you’re a large company like Coronis (with half a billion in revenue) or R1 (with a couple of billion), your situation is different. These companies have multiple divisions, each generating tens of millions in revenue. For them, targeting might span multiple specialties or market segments.
For example, in my own experience at Toshiba, we initially focused only on radiology. I worked in the CT division, and while we started exclusively with radiology, we eventually expanded to cardiology and neurosurgery. But this expansion was on a huge scale, and we weren’t even profitable in the early years of targeting those new specialties. It was a long-term investment in markets we believed would be lucrative down the road.
Targeting by Specialty
Let’s take orthopedic surgery billing as an example. If you also pick up physical therapy (PT) billing because some practices have in-house PT, that doesn’t mean you should market directly to independent PT practices. They’re different from orthopedic surgeons.
A more specific example would be targeting spine surgeons, which seems like a narrow focus. There’s even a conference for spine surgeons—NASS. But here’s the problem: orthopedic spine surgeons and neurosurgeons, both of whom work on the spine, are very different. In reality, you’re targeting two distinct specialties.
The Challenge of Multiple Targets
Targeting multiple segments at once is an oxymoron. You wouldn’t try to shoot a bow and arrow at one target while aiming a gun at another. Marketing and sales work the same way—you need to focus on one thing at a time.
Conclusion
For your marketing and sales efforts to succeed, you must have a very narrow target. This is the first step in ensuring that your marketing leads to growth for your medical billing business. Without precise targeting, your efforts are likely to fall short.
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