How to Succeed with a Cash Only Medical Practice

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 is asked to perform their work for less money, in addition to begin burdened with immense mountains of paperwork. A typical physician will see between 25 and 35 patients per day in an effort to simply pay staff, coordinate with insurance companies and cover their office overhead. Many doctors begin to wonder if there is a better way to run their medical practice; and the truth is that there is another option: a cash only medical practice. Unlike physicians who develop relationships and establish contracts with insurance companies, a cash only medical practice necessitates limited paperwork and can provide patients and physicians with some of the following benefits:
More time with each patient: Because physicians will not have to pack their schedules with as many patients as they can in order to meet their overhead costs, they are able to spend more quality time with fewer patients every day.
No need to prequalify tests and diagnostics. Doctors who work with insurance companies often need to obtain permission to complete certain diagnostic tests prior to completing them. A cash pay medical practice is based on a two-way relationship between a doctors and their patients; effectively removing the middle man (the insurance company) and streamlining service.
Less paperwork. Whether a physician completes insurance and billing paperwork or there is a designated member of the office staff for these tasks, insurance forms undoubtedly take up a large portion of the activity of a typical medical practice. Many doctors who have chosen to run a cash only medical practice will tell you that less paperwork is the primary reason they have chosen to sever their ties with insurance companies.
There are many different ways to set up a successful cash-only medical practice, and every office will likely be a blend of the following models:
Complete cash only. Some physicians set up offices that are completely cash pay only. This means that there is a set fee for particular procedures (i.e. $200 for a complete physical; $150 for strep testing), and the fee is due upon services rendered.
Concierge medical services. Under a concierge plan, patients may pay a yearly fee to the physician, with a small sum due upon each office visit. This type of service is ideal for patients who may need to see a doctor several times a year for maintenance of a chronic ailment.
To further assist you in determining if a cash pay medical practice is right for you, contact with Hippocrates Publishing. Since 2004, Hippocrates Publishing has provided invaluable information to thousands of medical professionals around the world. Their unique specialty is writing and publishing books and booklets that help physicians succeed 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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