Cash Based Private Practice

[FoamCup]

I know there are many threads about this, but lets make this the ultimate thread for it.

1) Who's thinking about this or has tried doing it?
2) What are the challenges faced?
3) How practical is this?

I know the biggest and the most important question asked: Why would anybody want to pay cash when the insurance covers it?

What are your thoughts, opinions, suggestions about this?

Discuss.

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[SVDPT_91]

I know there are many threads about this, but lets make this the ultimate thread for it.

1) Who's thinking about this or has tried doing it?
2) What are the challenges faced?
3) How practical is this?

I know the biggest and the most important question asked: Why would anybody want to pay cash when the insurance covers it?

What are your thoughts, opinions, suggestions about this?

Discuss.

1) A family member of mine has done it for about the last 15 years in home health. It has been wonderful but you need to have access to a referral network. Surgeons, other cash pay or concierge physicians, successful professionals in other industries, etc.

2) You need access to people willing and able to pay. If you can sell yourself and PT to those with money then great. But there are many people who unfortunately have no problem paying thier personal trainer $100+ an hour but only want to pay $25 for a session of PT. I'm guessing they are used to just a copay during past visits. Eventually people see the value of a cash pay clinician. It allows some PTs to spend an hour with their patients.

3) If you have a way of being supported when just starting out or have money in the bank to finance it even if it fails then it's a great opportunity. I think it comes down to knowing the right people, geographic location, hard work (50-60 hour weeks), and some luck.

On the plus side it can be very profitable...

 

[DaveMillerDPT]

I am in the process of building a cash pay practice.

Challenges are similar to opening any business. But for me I have had to really learn marketing. In my opinion marketing to physicians is antiquated and dieing. Direct marketing via internet and social media reviews etc means private PT will need to be marketing savvy to compete. I can really talk a lot more about the marketing stuff. It's quite interesting and something most clinics do not do.

It is very practical. Many (though not all guaranteed) insurance companies will reimburse patients for cash services. As the provider you give them a receipt with the appropriate info on codes and the patient submits them. Can be up to 80 percent depending on the plan.

Besides being more lucrative, my main reason for doing it is the freedom to practice the way I do best. One on one and truly patient centered. I can treat how they need it and never have to worry about minutes or codes and the documentation requirements are far less.

There is plenty more to discuss if anyone is interested.

Sent from my Nexus 6P using SDN mobile

 

[FoamCup]

I am in the process of building a cash pay practice.

Challenges are similar to opening any business. But for me I have had to really learn marketing. In my opinion marketing to physicians is antiquated and dieing. Direct marketing via internet and social media reviews etc means private PT will need to be marketing savvy to compete. I can really talk a lot more about the marketing stuff. It's quite interesting and something most clinics do not do.

It is very practical. Many (though not all guaranteed) insurance companies will reimburse patients for cash services. As the provider you give them a receipt with the appropriate info on codes and the patient submits them. Can be up to 80 percent depending on the plan.

Besides being more lucrative, my main reason for doing it is the freedom to practice the way I do best. One on one and truly patient centered. I can treat how they need it and never have to worry about minutes or codes and the documentation requirements are far less.

There is plenty more to discuss if anyone is interested.

Sent from my Nexus 6P using SDN mobile

You have a lot of good information, esp about marketing. Why dont you make a thread updating us how the process of setting up ur cash based practice is going? also a thread for valuable marketing info/tips...it'll help so many current and future students (not limited to the PT field).

 

[DaveMillerDPT]

You have a lot of good information, esp about marketing. Why dont you make a thread updating us how the process of setting up ur cash based practice is going? also a thread for valuable marketing info/tips...it'll help so many current and future students (not limited to the PT field).

I'll get it started in the coming days on those threads. I agree it would be very helpful. I've only been out of school a few years but if I had known then what I know now, I would have started much earlier.

Sent from my Nexus 6P using SDN mobile

 

[FoamCup]

I'll get it started in the coming days on those threads. I agree it would be very helpful. I've only been out of school a few years but if I had known then what I know now, I would have started much earlier.

Sent from my Nexus 6P using SDN mobile

Perfect. That would indeed be extremely helpful. Im sure many would be appreciative and looking forward to them. thanks