For billing company owners
How to tell your billing clients you're selling
When to tell clients you're selling your billing business and what to say, including how to handle contracts that require their consent.
2 minute readBy the Fieldstone Billing teamUpdated
For most owners, this is the conversation they worry about the most, and with reason, because handling it badly can cost you the clients you’re trying to look after. It goes better when you’ve worked out your answers before you pick up the phone.
When to tell them
Generally, wait until the terms are agreed, then tell clients before they could hear about it elsewhere. An office manager hearing it from a clearinghouse rep before she hears it from you is the situation to avoid. Telling them too early, before you know who’s taking over, creates worry you can’t answer. Your attorney can advise on timing, especially where contracts require notice or consent.
Who should tell them
You should. Clients hired you, so the news should come from you, ideally by phone or in person. Then introduce your successor directly.
What they’ll want to know
- Will my service change? Tell them what stays the same.
- Who will I call? Give a name and an introduction.
- Will my price change? Say what’s been agreed, including when the answer is yes.
- What happens to my data? Explain the Business Associate Agreement and how access will be handled.
- Do I have a choice? Yes, and be clear about that.
- Why now? Give them your reason. Retirement is a good one, and people understand it easily.
Contracts and consent
Some contracts can be assigned, and others require consent or a new agreement. Your clients may also need a new BAA with the buyer. Check each contract before you begin these conversations, so you can explain what you’re asking them to do.
Something you could say
Adapt this with your attorney’s advice, and make it sound like you. Change anything that isn’t true for your situation.
“I wanted you to hear this from me first. After many years, I’m planning to retire. I spent a long time finding someone I trust to look after your account, and I’d like to introduce you to them. I’ll stay involved while you get comfortable, and nothing changes until you’ve had the chance to meet them and ask your questions.”
After the conversation
Stay visible for a while. Join the first few calls, answer questions, and let your successor handle more each month. A client who gets one introductory email and a new phone number is more likely to start shopping around than one who’s had you on the line with the new team for a couple of months. And if any of your price depends on client revenue, a client who leaves takes part of your payment with them.
There’s more on the whole process in how to sell a medical billing business.
Fieldstone may be a buyer in a sale like this, so read this guide with that in mind. It's general information, and it isn't legal or tax advice.
