Cash Only Medical Practices: Getting Started
In todays healthcare environment, much of the overhead of medical practices is spent
by doctors who must hire office staff to keep up with the amount of paperwork necessary to file insurance claims and complete patient billing. Frustration with the system has caused many good physicians to consider closing their practices, or at least researching another way to run their business. Fortunately, there is another way to offer medical services to patients without the burden of dealing with insurance contracts and pricing structures: the solution may be to open a cash only medical practice.Although there are few laypeople who have heard of medical practices that do not accept insurance plans, it is actually a growing niche within the medical community. Operating under a cash pay policy is not such a novel concept; in fact, cash pay medical practices were the golden standard not too many generations ago! For physicians who may be interested in building a cash only medical practice, the process for getting started is not complicated:
1.Research your local market. Not every community is ideal for a cash pay medical practice. You may live in an area in which a large portion of the community is employed by a single firm. If that firm offers a high quality healthcare plan, these employees may not be willing to forgo those benefits. Lower income communities often have a high percentage of residents on Medicare or Medicaid, which also limits your prospective client base. Affluent communities are generally the most logical places to transition your current office into a cash only medical practice.
2.Study the various cash pay models. There is substantial variation between cash only medical practices. Some physicians are strictly cash pay, while others accept particular insurance plans or offer a concierge service to a panel of patients. You will need to decide which model fits your income goals and patient needs.
3.Investigate the process of working at local hospitals and laboratories. Because you will no longer be billing insurance companies for your services, you may have to research the process of working at local hospitals. Working out this new relationship is likely to take some time and creativity, since cash pay is a new niche medical practice. Local laboratories may also ask for specifications on how to begin billing you for diagnostic tests and other procedures.
4.Begin building your cash pay clientele. The transition from accepting insurance to becoming a cash only medical practice takes time. You may have to begin by researching the legalities of ending your contract with insurance companies. Giving your patients and staff notice of the change also takes time; some of your patients may even become frustrated and ask why you have decided to join this niche medical practice. Many physicians find that they have to slowly phase out insurance contracts, and many also discover that they need to work in other clinics while they continue to build their own practice.
To further help you determine if a cash only or other niche medical practice is right for your medical practice, contact Hippocrates Publishing. Since 2004, Hippocrates Publishing has provided very useful information to medical professionals around the world. The companys specialty is developing books and other sources that assist physicians in medical practice marketing and niche medical practices. Visit their website at www.HippocratesPublishing.com today for more information, or call 877-408-2462.
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