Why Research Is Key For Cash Only Medical Practices
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 contracts with insurance companies and open up a cash only medical practice, it is vital that every doctor complete research into this type of office. Most doctors also find that they will need to continue to accept insurance claims for some time while they make the transition to cash pay, and they may even need to work part-time in another medical practice or clinic in order to maintain their income while they build a cash only clientele.Can you be successful in your location?
Some communities are much more ideal for a cash only medical practice than others. If your office serves an affluent community you may have an easier time building a clientele of cash pay patients; wealthier patients may be willing to convert to cash pay even if they have health insurance.
It is also important to take the large employers in your community into consideration. If a large portion of the community is employed by a single firm and that firm offers quality health insurance, you may not be able to build a successful cash pay medical practice. A quick local survey could also give you information about the type of health insurance that is common in your local community. Residents who currently have an HMO plan are not able to take advantage of plan benefits if they use out-of-network doctors (which is what you would be if you transitioned to a cash only medical practice); therefore they will lose money if they opt to use your services. On the other hand, local residents who have a PPO plan with a very high deductible may be interested in visiting a cash pay medical practice.
What are the different styles of cash only medical practices?
No two cash pay practices are exactly alike. After carefully researching the various types of this niche medical practice, you may choose a variation of one of the following:
An entirely cash pay medical practice: Some physicians decide to stop accepting insurance claims altogether, completely transitioning to a cash only medical practice.
Limited insurance acceptance. In order to keep certain patients or to maintain current income, physicians can make the decision to continue accepting claims from particular insurance companies; perhaps those with limited paperwork or with higher-than-average charge schedules. Many cash only practices continue to accept Medicare patients, as well.
A concierge medical practice. One of the newest and most innovative cash only medical practices is a concierge service. Under this type of cash pay, patients pay a certain amount every year in order to be considered enrolled in the service, and they then pay a small fee for every office visit.
If you would like help researching on whether or not a cash pay medical practice is right for you, call Hippocrates Publishing. Since 2004, Hippocrates Publishing has been creating invaluable support for thousands of medical professionals in countries around the world. Their unique specialty is in writing and publishing books and other publications that assist physicians with medical practice research and niche medical practices. Visit their website at www.HippocratesPublishing.com today for more information, or call 877-408-2462.
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