Learn How to Start a Cash-Only Medical Practice
Many of us know that the average physician of today often leads a quite hectic lifestyle. Frequently overworked and overtired, physicians are also consumed with problems such as high overhead, low reimbursement rates, HMOs and managed care, and the practically inevitable “Universal Healthcare”, also known as socialized medicine.
If all of the above problems sound familiar to you, read on.
The “Learn How to Start a Cash-Only Medical Practice” manual will assist physicians with their cash-only medical practice in regards to:
- Marketing research methods.
- Setting up the office.
- Legal information.
- Record-keeping (accounting & taxes).
- Marketing & advertising.
- "Niche" medical practices.
- ... and much more!
Although accepting insurance from patients may be the “norm” for most physicians, it is certainly not the only option. One could be missing out on what potentially may be the wave of the future in medicine — a cash-only medical practice.
With over 45 million Americans without health insurance, and millions more who are under-insured, cash-pay medical practices allow these patients to pay out of pocket for quality, and most importantly, affordable medical services.
More than 50% of U.S. consumer debt is related to medical bills, 35% of which is accumulated from medical bills that involved acute simple-to-moderate complexity emergency room visits. These medical bills could have been avoided if the patient had been seen in an office setting by a physician with a cash-only medical practice.
- A simple laceration repair in an emergency room can cost more than $2,000
- A simple laceration repair in a cash-only medical practice (office-based) is $200-$500.
- A simple cold or flu treated in an emergency room can cost $300-$800.
- A simple cold or flu treated in a cash-only medical practice (office-based) is $80-$150.
Why Start a Cash-Only Medical Practice?
There are many benefits for physicians seeking to start their own cash-only medical practices. For starters, company overhead drops significantly, as insurance claim processing and patient billing decreases. This also means less paperwork for insurance claim filing. Prior authorization for labs and diagnostic studies are not required. Another benefit: there are no third party payers (i.e. insurance companies), forms, ID numbers, or co-payments with which to contend.
Additionally, even with fewer patients to see, cash-pay medical practices pave the way for increased profits and decreased overhead. These types of practices will also allow a physician to spend more valuable time with the patient.
Lastly, and perhaps what is the greatest benefit of all, a cash-pay medical practice enables a physician to have more free time, most definitely a privilege for those who work in the healthcare industry.
How is all of this possible, you ask?
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