As claimed by many medical practitioners these days, the strategy involving cash medical practice presents a lot of benefits. However, before going into these benefits, it is very important to start by understanding what this practice is.
Cash medical practice is a business strategy which requires patients to only pay through cash, rather than availing of their medical insurance coverage. Building cash paying patients can turn out to be both rewarding and challenging. After all, if you are used to entering contracts with insurance companies, the transition to cash medical practice may require time and some research on your part.
Bringing Back the Traditional Practice
Even though entering contracts with health care providers may mean a lot of patients in your clinic, it may also increase overhead, even resulting to fees that are deeply discounted. With this, a lot of family physicians also end up having to see more patients in a single day, working more hours than the regular just so they can maintain their standards of income.
Others, however, have dealt with this pressure by bringing back the practice observed by earlier doctors – cash medical practice. One thing that needs to be understood while building cash building clients is that it may not work in all markets. However, it particularly merits family physicians that are more than willing to take the challenge and implement fundamental challenges in their practice.
The term cash medical practice basically means that patients have to pay right after receiving the services they requested. They may opt to pay using a debit or credit card, cash or check. The main key here is that there is no involvement with third-party payers who are involved in complicating the relationship or the transaction.
What Cash Medical Practice Offers
Cash medical practice typically allows lower overhead since patient billing, claims processing, as well as countless hassles that are related to care management can be removed. In certain cases, physicians may choose to deal with a limited number of health plans, submitting claims while asking other patients pay cash at the time they receive the service. Building cash paying patients ultimately limits overhead reductions but may also be needed in order to insure that the patient pool is huge enough to generate enough revenue to the practice, even in a short term basis.
Some physicians are wondering whether or not cash medical practice is a feasible option. For this, they become hesitant to embracing the idea. In order to find out more about this, you can either join our webinar on how to build a cash paying practice or attend the 2 day Discovery Day in Las Vegas. There, you can learn how to establish, and promote your cash medical practice.