Revenue Growth Rx: Jeff Hillam’s Prescription for Growing a Medical Billing Company

Leaders in Medical Billing

In this podcast episode, we have Jeff Hillam, an entrepreneur, investor, speaker and art collector, who invests in small to mid-sized RCM businesses. Hillam shares his journey into healthcare, starting with a small consulting company in 2015 and expanding into a nationwide billing company. He attributes customer demand and a sales strategy focused on word of mouth to their expansion into 42 states. Hillam describes his approach to sales and stresses that the medical billing industry requires non-transactional relationships with doctors and other healthcare providers. Addressing the shift in a post-Covid world, he emphasises LinkedIn as a key sales tool and explains the need for targeted advertisements and analytics in engaging with potential clients. While discussing technology's role in billing, Hillam warns against replacing human interactions with AI or automated systems, potentially harming quality account management. In terms of medical specialties, Hillam's company selects those they can best serve, opting to avoid large hospital systems and certain complex fields like pediatric oncology. The choice of software, notably, should grant full control over data. On the matter of buying and selling in the industry, Hillam advises potential sellers to brace for rejection and build trust. Calling the American healthcare system 'broken', he is hopeful that medical billing companies can aid financial accessibility. The podcast ends with Hillam reflecting on the need for change at Red House due to the shift in employment patterns among medical professionals. He stresses the importance of gaining clients among those making acquisitions, to stay relevant in a consolidating world. #HealthcareEntrepreneur #MedicalBillingInnovation #FromStartUpTo42States Timestamps

• [00:00:00] Introduction: Meet Jeff Hillam, An Entrepreneur in the Heart of Healthcare
• [00:00:39] Journey to Success: From Humble Beginnings to Billing in 42 States
• [00:02:46] Behind The Sales: Overcoming Complexities in the Medical Business
• [00:03:58] Surviving Post-COVID: Thriving with Digital Insight
• [00:05:53] The Business Strategy: Customized Offerings for Four Personas
• [00:08:33] Replacing Human Interaction: A Threat to Account Management?
• [00:13:58] The Future is AI: A Sneak Peek into an Upcoming Project
• [00:16:49] Focusing on Specialties: Targeting Smaller Hospitals Over Massive Systems
• [00:18:29] Data Accessibility: A Significant Factor in Software Selection
• [00:21:22] Combating Trust Issues: A Buyer and Seller Perspective
• [00:23:13] Fixing the Broken: How Medical Billing Can Reinvent the American Healthcare
• [00:27:15] Adapting to the Market: Red House's Shift in Client Type
• [00:29:10] Staying Relevant: Transforming Acquisition Loses into Gains