How To Make The Transition Into A Cash Only Medical Practice
Many physicians began their professional careers excited about the opportunity to
care for their patients and optimistic about the income potential, only to find out the reality of modern healthcare is not nearly this simple. The typical workday for doctors includes a steady flow of patients, interrupted only by the completion of stacks of insurance claims and billing paperwork. If you are a doctor who is becoming increasingly frustrated with todays healthcare environment, there are marketing tools that can help you make your practice more efficient. Todays healthcare marketing strategies are full of innovations to the traditional practice model.One such healthcare marketing strategy is to establish a cash only medical practice. For those unfamiliar with cash only practices, this type of medical office is one that accepts only cash payments for services rendered, or perhaps accepts only a few choice insurance companies. A cash only medical practice is becoming one of the most popular medical marketing tools; however, making the transition takes research, patience and the willingness to make some initial sacrifices.
It takes a great deal of initial research into the cash pay medical practice to make a smooth transition. You should utilize as much healthcare marketing publications as possible prior to making any final decision. There are various options for this type of practice; such as a completely cash pay office, or an office that allows for particular insurance company claims or Medicare. However you decide to model your practice, it is wise to begin with a turn-key model that is already firmly established.
Once you have decided to make an official announcement, the first group that needs to be informed is your office staff. Modern physicians traditionally have at least once person who is in charge of insurance claims and billing paperwork; and this is one of the people who will be most affected by the transition to a cash only medical practice. Sometimes this office professional can adjust their responsibilities to accommodate this new business model, otherwise you may need to simply make staffing changes (and perhaps even staff downsizing).
Of course, your patients will also need to be among the first informed of your new practice policies. Some of your long-standing patients may express frustration about the direction your office is heading, while others are likely to appreciate the new streamlined nature of your medical business. Most physicians who make the transition to a cash only practice recognize that it will take a few months to make a complete transition, as your current panel of patients adjusts to the new procedures. If you find that you need assistance educating your patients about cash only policies, there are companies that specialize in medical marketing strategies, and hiring one of these companies during this transition time may prove invaluable to both maintaining your relationships with your current patients as well as building your new cash only medical practice.
To help you as your further consider whether a cash pay medical practice is right for you, contact the professionals at Hippocrates Publishing. Since 2004, Hippocrates Publishing has provided invaluable resources to thousands of medical professionals around the world. Their unique specialty is writing and publishing books and informative booklets that help physicians find success with 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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