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.
For example:
A simple laceration repair in an emergency room 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 costs $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 lowers 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?
Click to View Table Of Contents and more information about this title
Starting your own cash pay medical practice can be easy and enjoyable, with the right knowledge and support on hand.
About Us
Learn How To Start A Cash Only Medical Practice Introduction
Section 1: Research, Analysis & Hiring
Advantages and Disadvantages of Owning Your Own Business
Characteristics of the Successful Entrepreneur
Knowing Your Market Market Research Primary Research
Secondary Research
Organizing your Business
Hiring Employees
The Hiring Process
Personnel Programs and Organizations
Regulations of Working Conditions
The Hidden Costs of Employing
Temporary Help Services
Hiring Professional Medical Personnel (Physicians/Physician Assistants)
Section 2: Office Setup The Commercial Office
Leasing Checklist
Office Layout
Outfitting the Office
Buing Used Equipment
Depreciation of Equipment
Dealing with Suppliers
Office Equipment and Fixtures
Section 3: Legal Information Legal Requirements
Legal Forms of Operation
Advantages & Disadvantages of Sole Proprietorships
Advantages & Disadvantages of Partnerships
Advantages & Disadvantages of S Corporations
Advantages & Disadvantages of Limited Liability Companies
Choosing A Name for the Business
Licenses and Permits
Choosing A Business Attorney
Insurance: Risk Management
Section 4: Record Keeping: Accounting & Taxes
Record Keeping
Accounting Methods
Other Records You Should Retain
Choosing an Accountant Taxes
Tax Reporting Summary
Standard Business Deductions
Tax Adjustments
Tax Planning
Financial Management Basics
Working Capital
Analysis Methods
Financial Statements
Section 5: Marketing & Advertising Your Cash Only Medical Practice
Developing a Marketing Plan
Television Advertising and Your Cash Only Medical Practice
Phone Book Advertising and Your Cash Only Medical Practice
Radio Advertising and Your Cash Only Medical Practice
Direct Mail and Your Cash Only Medical Practice
Display Ad Advertising for Your Cash Only Medical Practice
Brochures for Your Cash Only Medical Practice
Advertising Specialties and Your Cash Only Medical Practice
A Web Site for Your Cash Only Medical Practice
Health Fairs and Your Cash Only Medical Practice
Health Lectures and Your Cash Only Medical Practice
Specialized and Niche Markets for Your Cash Only Medical Practice
Creating an Identity (Logo Presence, Shirts)
Section 6: Final Thoughts Start Up Costs The Business Plan
Financing
Is A Cash Only Medical Practice Right For You?
Appendix A: Important Phone Numbers & Addresses
State Medical Societies
State Board of Medicine
State Board of Pharmacies
National/Regional DEA Offices