Initially, many physicians may be excited about the thought of severing their ties with insurance companies once and for all, forgoing the piles of paperwork that go with insurance contracts and patient billing as you begin a cash only medical practice. But while it is tempting to imagine a medical practice that accepts only cash, this type of niche medical practice is not feasible for every position or every location. Before you cease your...more
In business spheres, there remain many myths. Particularly when we think of small businesses, there are many things and beliefs which are not actually true. People feel small businesses do not need strategic planning. But in reality at micro levels the resources are smaller and the competition is fierce. Hence they need better business strategy planning. The goal of a business strategy planning is to optimally use the resources and make easier...more
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While many people assume that physicians today earn substantial incomes and enjoy large periods of leisure time, the reality is that most doctors put in long workdays and end up relinquishing a large portion of their fees to insurance companies and patient billing services. Negotiating prices and fees with insurance companies may mean that a doctor...more
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...more
On the outset, a cash only medical practice would seem to be the ideal business environment for a savvy physician: no insurance companies to set pricing structures and necessitate pre-qualifying standards; no mountains of claims to process; the ability to see fewer patients on a daily basis; and a lessened amount of overall paperwork. For patients, a cash pay medical practice should mean additional quality time with doctors and a much less complicated billing process. Why wouldnt every doctor consider transitioning their office into this type of niche medical practice? The answer is that it takes some research, time and preparation to make this type of practice successful, starting with how to proceed with hiring the best staff.Physicians:Every physician that works in a cash only medical practice should be committed to quality healthcare. Since the office will probably not need to schedule as many patients a day as a traditional medical practice has to in order to cover its overhead, doctors will be able to spend more time with their patients. This type of niche medical practice is able to set its prices for services according to market rates instead of insurance guidelines, which...more
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