How To Build A Cash Only Practice
Why is building a cash practice a great idea? The switch from ICD-9 to ICD-10 and the subsequent increase in documentation to prove medical necessity has resulted in many doctors seeing fewer patients because they are doing more paperwork.
If the increased documentation takes you an extra 5 minutes per patient and you see 20 patients daily - you’ve lost nearly 2 hours of time that you used to be able to spend with patients. And then if some pencil pusher decides you haven’t provided exactly the documentation the insurance company wants, you may be forced to return the reimbursement even if the patient had a miraculous result.
So now you’re faced with working more hours to earn the same income or do like 50% of other medical providers have done and give up private practice for corporate life or a hospital job.
There is a better option and that is to build a cash only practice, or at least offer a substantial number of cash treatment options, where you don’t have to prove medical necessity or worry about the ICD-10 codes and the whim of the insurance providers.
How to Build a Cash Practice
- Add treatment options to your practice that are highly sought by new patients with the ability to pay cash that are not covered by insurance.
- Have your team well trained in delivering the treatments.
- Position your practice as an authority on these new procedures.
- Learn how to market these procedures well in order to acquire new patients in volume
- Fine tune the patient education skills of your team so that they can help patients make more informed healthcare decisions.
- Join a group of like minded medical professionals to share ideas and maximize your success.
All of this sounds great but how can you accomplish these 6 steps to building a cash only practice?
Dr David Singer has been helping medical providers build cash only practices with a great deal of success for the last 37 years. He built the fastest growing practice of its type in the 80s and then went on to help other providers apply the same formulas and procedures to reach their goals. He is the most well respected and successful practice growth specialist in the World today. He will teach you exactly how to build a successful cash only practice.
What Cash Services Can You Add to Your Practice that are Highly Desired by New Patients?
There is an area of medicine that is growing extremely fast, widely accepted, has great growth potential and provides excellent results for patients. The field of regenerative medicine is exploding and the Drs that are involved are treating many new patients with great results. The profit is significant and the industry is still in its infancy so the upside potential is massive.
Regenerative medicine typically encompasses the use of tissue that contains growth factors as well as stem cells along with PRP treatments. These treatments are widely known for regenerating damaged or aged tissue. The various regenerative cells and PRP treatments that we teach are very successful treatment options for:
- Back Pain
- Cartilage damage
- Degenerative joints
- Joint dysfunction
- Knee injuries
- Shoulder injuries
- Ligament tears
- Meniscus damage
- Muscle tears
- Nerve damage
- Rotator cuff tears
- Tendon tears
- Numerous aesthetic procedures
Many of the patients that seek these treatments are affluent. Price is not typically an issue for them. Others that cannot afford to pay cash finance the treatment. It is not unusual for a patient to commit to a treatment costing up to $15,000 or more on the first visit to a practice.
How do I Position My practice as an Authority in Regenerative Medicine?
Training in regenerative medicine is crucial to your success. We provide regenerative medicine conferences throughout the year that teach the finer points of providing these treatments efficiently and effectively. Dr Singer and his team will walk you through how to become an authority in the space and how to position your practice accordingly. Bring your team members to the training so everyone is very well equipped to perform the procedures and represent your practice well.
How Can I Market my Practice to Attract a Volume of New Patients?
Medical marketing is part of the curriculum that we teach. You’ll learn advanced, modern marketing techniques and procedures that will leave you with successful patient acquisition strategies and ideas.
The new regenerative medicine treatments that you will learn from us will provide great opportunity but without a stream of new patients it just won’t have the impact that it could on your practice. Don’t miss any of our medical marketing training.
Join our group of successful Drs offering regenerative medicine and learn from all of us how we implement new techniques and procedures regularly to help you increase your profit while provided excellent healthcare to your patients!
Dr Singer offers a free webinar that he performs live. We invite you to join our next webinar ask your questions, and learn how you can build a cash only practice and stop being dependant on insurance companies for your income.