Many nurse practitioners that consider opening a business believe they have to accept insurance to create a successful practice. Nothing could be further from the truth. We are led to believe that insurance is a requirement for healthcare in this country. A majority of the adult population believe that they need to pay for and use their insurance…
Insurance premiums and deductibles continue to rise year after year… Many individuals have deductibles ranging from $1,500 to $10,000 a year! Most of these people are healthy individuals who will likely never pay their deductible fully to have their insurance kick in. Overall, insurance is a scam and a total money racket for the vast majority of the population. Yet, people continue to pay for it and think they need it…
Cash practices are a way around insurance companies including Medicare, Medicaid and private payers. When you take insurance, you invite a 3rd party into your business. When you accept Medicare or Medicaid, you invite federal regulation into your business. Does a plumber, barber, landscaper, electrician, and the majority of other service providers invite the federal government into their business? NO. Do these people rely on a 3rd party to pay them? NO. Why should you? Was this country not built on free market principles?
Private insurance companies, Medicare, and Medicaid bring in an enormous amount of regulation and red tape into your business. You must follow their bullshit rules, protocols, procedures, etc… It is an absolute headache. Talk to any person who owns a medical practice and they will speak unfavorably about Medicaid, Medicare and private insurance companies. It is an extra step and stressor in your life.
CASH IS KING.
Cash affords you freedom. You practice as you want. You provide a service, and the patient pays you. It is that simple. Therefore, you should strive to open a cash practice.
Many people are afraid that a cash practice will not generate enough revenue to keep the doors open.
Many people do not believe there are enough cash paying patients in their region.
Many people believe they will have a low patient census with a cash only practice.
Well you know what? That is total bullshit. There are a PLETHORA of people in your area willing to pay you cold hard cash for services. Do not believe otherwise.
My men’s health clinic is in one of the poorest counties in the country and it is flourishing. We only accept cash.
You can make a side income of $10,000 a month CASH! You can do it!
When you work in healthcare for a long period of time, you begin to see the amount of individuals who utilize Medicare and Medicaid. You become accustomed to this. You begin to create this delusion that everyone has Medicare and Medicaid. Well, you are right to an extent. A large number of individuals that utilize the healthcare system do use Medicare and Medicaid. But guess what? There are a lot of people that make $80,000 or more year that have a disposable income to spend on services they derive value out of.
That is the KEY! You must provide VALUE to the patient. Sorry, some generic health coaching business or basic primary care visit does not provide that much value to a person. You must open a practice that has a niched service that people find valuable and difficult to obtain. Think outside the box.
People will pay you cash. People will drop $250 a month on what you can provide them. You would be amazed at what people are willing to spend to feel and look better. People are vain. People are self-conscious. People are afraid of getting old. People want to feel good and youthful. Hell, who doesn’t?!
Well…. that is outside of “medical necessity” as defined by the federal government and private insurance companies. Therefore, they will not pay for those services. The only option is to pay cash. End of story.
Do not be afraid of opening a cash practice. If you provide value to the patient, they will pay you over and over and over again without question. I have seen and experienced it. Pick the right idea, market the hell out of your practice, improve your patients quality of life and see the dollars pile up!