My Take On “Cash Practices”
I don’t know about you, but when I hear the term “cash practice” I envision a practice that is high volume, subluxation based, family care oriented….and usually, not very profitable.
Well I’m here to tell you that things are changing. Insurance reimbursement is bad and getting worse; some practices are down 50% or more. Having effective cash collection strategies will be the difference between success and bankruptcy…for more offices than ever before. Mark my word!
So how do you build a huge practice collecting cash and keep from falling into the “low profit” cash practice trap? Here are a few tips:
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Attract the right “customer” – Lowering prices is the worst way to build a practice.
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The less education a prospect needs to make a decision the better—target those who are in a lot of pain, have little options, and think you are one of their only places for help. Unique high tech services like cold laser and spinal decompression is where things are going. (In my opinion)
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Update your appearance, sharpen your skills – How you look and dress has a huge impact on how you are perceived. The same is true with your staff and your office. Study the art of influence. Read Dr. Cialdini’s book on influence.
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Take credit cards and sell the use of them! – American Express, Discover, take ‘em all! Also, offer alternative financing through “Care Credit” and “Unicorn” (Get ‘em both. “Google” them online for their contact info.)
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If you have hang-ups about money, get over it. – I love the book, “7 Spiritual Laws To Success” by Deepak Chopra. I’m not a metaphysical guy but the book has some great tips; universal laws about money. Check it out!
In closing, if people wouldn’t pay out of pocket for your services, then think of that as a big “red flag”. A sign that you need to re-evaluate what you are selling and who you are selling to. Regardless if you bill insurance or not, if you want high quality patients, offer high quality service…ONLY to the right people.
Best,
Ben Altadonna
Article by Ben Altadonna
Dr. Ben Altadonna is the creator of "The Practice Building Alliance™". You can connect with Ben on Facebook, Twitter, and Google +
Ben has written 745 awesome articles.
