More doctors are switching to a cash-based practice, promising better care and less bureaucracy.
It looks like what’s old might be new again, thanks to the ever-increasing stress over the time, paperwork, billing expertise, and hassle involved in reimbursement.
For patients with high deductible plans or who are frustrated by long appointment wait times, having a doctor who accepts cash — and therefore is likelier easier to book an appointment with than one who is part of a large hospital system–based group practice — can be appealing. “You can lose patients if someone comes in for an insurance visit and you suddenly tell them you’ve transitioned to a concierge model,” Patel said. “Patients will say, ‘I don’t want to come to you anymore.’”Alerting patients as soon as possible that you’re incorporating a cash-only side of your practice is exactly what Clinton Carter, MD, a family medicine physician in Tyler, Texas, recommends.
“People take advantage of physicians like us who don’t know much about the business aspect of practicing medicine,” said Gordon, who established a cash-based practice in 2017.
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