Cash Only Practice
Jan 09, 2024Hi this is Dave Kats with Therapist Consultants and I have a tip for you. Maybe now is the time to move to an all cash practice or a mostly cash practice. You see, the best time is at the first of the year. So now at the first of the year, you can move to an all cash practice.
Now here's how you do it. The first thing you do is you decide which insurance companies are low payers, which EAPs are low payers, and you kick those insurance companies to the curb. In other words, you get rid of 'em, you don't take that insurance anymore, and anybody that comes in, you just convert them to a cash patient because it doesn't pay you to have these low paying insurance companies paying you such little amounts.
So here's what you do. At the first of the year, you just announced that you're going to be an all cash practitioner. You will have a certain amount of drop-off, but not near as much as you think you're going to have. And you can slowly move to a cash practice or you can move all at once to a cash practice. But either way, you have to seriously think about getting rid of some of the low payers. They're not gonna get any higher reimbursement.
Get rid of the low payers and you'll see that your practice will grow and you'll get more to a cash practice and you'll have a happier time in your clinic.
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