A chiropractor was telling me this week that he got hit with a $120k insurance audit, so he decided he was done with the hassle — this cat and mouse game. He dropped insurance.
An acupuncturist was complaining to me last week about how her VA reimbursement got cut from $140 to $60. What could it get cut to next? She loves working with Veterans and this was completely unexpected for her. Check out this practice’s sugar daddy and the writing on the wall over a year ago.
If you are not on someone’s insurance panel, what do you do?
You need to be able to communicate the value of your services and be in front of people who are willing to pay cash.
If you think insurance is the way to go without having a backup plan, think again.
I’ve heard too many of these kinds of stories over the years of helping DCs, LAcs, NDs. For example, a naturopathic doctor’s insurance reimbursement from one insurance company dropped to $25 in AZ!
That was the last straw for him to go cash, BTW.
If you’re accepting insurance because it increases access and you don’t want only people who have a lot of money to have access to care, I understand. I believe it’s important for you to accept insurance because of your practice philosophy.
However, don’t be in the illusion that accepting insurance = security.
Things can be pulled from underneath you in a moment’s time.
You can always go all-cash and then do pro bono work for people who truly can’t afford it. One of my acupuncturist clients does that. She has an all-cash practice, but takes on patients pro bono. For example, she helped a kid whose family was not able to afford care and it felt really good.
She was able to do this because since she started working with us, she’s not struggling anymore to make money to take care of herself and her own son.
The lesson here: be prepared. Don’t get too comfortable if you accept insurance.
Develop the skills and have systems in place to be able to attract patients without having to depend on insurance.
Have you been wanting to transition to more of a cash-based practice?Have you gone all-cash recently and having trouble getting cash patients?
Get in with us to see how we can help.
Chen Yen, 6 & 7-Figure Practice Makeover Mentor
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