I’ve heard numerous billing companies say things like, “We go to trade shows because we want people to see us there.” But my question is, why do you care if they see you? Intuitively, it may make sense to say visibility equals marketing, and marketing is important, right? But more specifically, how does branding in medical billing contribute to your bottom line?
I’ve had other billing companies tell me they want national exposure. My first response is, why focus on national? What’s wrong with your local or regional market? Have you saturated your local market to the point where you can’t grow anymore? I doubt it. And what does “exposure” even mean? Are you trying to generate leads, or is it more about branding in medical billing and awareness? Again, how does this relate to your bottom line? Wouldn’t it be more cost-effective to focus on nearby markets where you already have a presence, rather than far-off regions?
Fear of Missing Out (FOMO) at Trade Shows
I’ve even heard companies say, “We want people to see us at trade shows.” Is this because you’re concerned that competitors will steal your clients if you’re not there? Do you believe the trade show will generate such a high return on investment that you absolutely must attend? Or is it more of a FOMO (fear of missing out), where you’re afraid your competitors will swoop in while you’re absent?
If you’re thinking in these terms, you need to evaluate a few things. First, do you have enough market share to actually worry about this? Second, are your clients even attending these trade shows? And third, do you have any data suggesting that when your clients attend trade shows and you’re not there, you lose them?
If you do have that kind of data, then it’s a retention issue, not a marketing one. In that case, attending the trade show is about client retention, and you should measure it accordingly. If your attendance prevents client loss, that’s a retention ROI, not a marketing ROI.
What Is Branding?
Branding in medical billing essentially means awareness. Do people know about your company? Do they have an unassisted recall, meaning can they name your company without any prompts? Or do they recognize your name when prompted (assisted recall)?
Branding also involves perceptions. What do people think about your company? But here’s the thing—unless you’re a company with significant revenue, say $50 million or $100 million, and you have a multi-million dollar marketing budget, branding in medical billing likely isn’t a good investment for you.
Focus on Existing Relationships and Lead Generation
If you’re focused on existing relationships, then yes, how people perceive your company matters. For example, what do your current clients think of your customer service, your results, or the value you deliver? This isn’t necessarily marketing—it’s about delivering good service, which strengthens those relationships.
When it comes to outbound marketing and lead generation, your focus should be on creating a funnel that converts leads into clients. Branding in medical billing is about hitting a broad audience, many of whom may never convert. If a potential client will never leave their current provider, why should you care if they know about you or how they perceive your brand?
Prioritizing Lead Conversion Over Branding in Medical Billing
In the end, your priority should be generating qualified leads that convert into deals. Focus on onboarding clients who will bring you business. For most revenue cycle management companies that aren’t private equity-backed and operating at a huge scale, this is the most important thing. Branding in medical billing, on the other hand, is a broad and expensive strategy that may not offer the return on investment you need at your current stage.
