In Pivotal Practice Solutions

Preparing for the Transition from an Insurance to Cash Practice

Before beginning the actual steps of transitioning from an insurance based model to a non-insurance based cash chiropractic model, there are a number of variables to consider and decisions to make.

The good news is that you are probably going to make it a bigger deal and task in your head then it will be in reality.

Nevertheless, if you get scared about letting go of the ‘mental safety’ that you believe you have by being attached to third party payers, if you take a dip in volume or income during the process or just temporarily lose focus, take a few minutes to reflect on the disaster that is our failing healthcare system… one that is focused on sickness care.

Think about the stress you have endured by being a part of it for as long as you have and how much closer you are to sheading the suffocating insurance carriers and their policies that have created a majority of your stress.

That should snap you back to reality and perspective.

This change will be challenging but exhilarating and freeing to say the least.

1.       Define your ‘Why’ very well. Why are you making this change? With a clear definition for why you are making the switch and what the new office will look like (from the patients to the flow to the income) you will sail through the transition with greater clarity, purpose and passion

2.       Describe the exact type of patient you want in your office

3.       Decide on the type of reimbursement you want to accept (the reason you decide this before narrowing down the services you will continue to offer is because it will dictate the services you offer and how you offer them). You may decide to reject all 3rd parties and not provide superbills to patients. You may elect to still provide superbills but not actively do the billing

4.       Determine the services you will offer. The services you will provide is based on the reimbursement you want to accept and the type of patients you want attract and hence type of business you want to build

*It all ties together if you really want to build your dream cash practice!

5.       Evaluate your overhead. As out clients go through our training to building a cash practice, we encourage them to all the while be figuring out how and where they can reduce costs. This includes everything from personnel to unneeded equipment based on the services you will now offer

6.       Set patient volume and financial goals. In some practices, it is essential the owner allows for a reasonable drop in patient visits and income for a period of time while completing the transition

7.       Choose a date to start advertising the transition along with the benefits of the change

8.       Pick a date to start the transition

Once you have completed the above considerations and tasks, only then is it time to get started with The Transition!

 

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