Are declining reimbursements driving you to the brink? Well, then you’ll be especially interested in this interview with Austin cash-practice owner Dan Bockman, one of my Mastermind group members… After working as a chiropractor for 21 years, Dan found himself in exactly that position. He was one of the top-rated docs in Austin with a busy pre/post surgical-rehab practice for treating spine and extremities. But since a full 80-90% of his patients were insurance-based, he began to notice a startling trend: while patients outcomes were getting better and better, he was getting paid less and less.
Eventually he got “literally squeezed out” of accepting insurance because the reimbursements no longer allowed him to provide high-quality patient care. Despite his fears, he decided the only option was to stop accepting insurance. Last year, despite a pandemic and a move to new office space, he took the plunge and dropped all his insurance contracts. With a little early course correction, the transition went better than he could have imagined—garnering zero patient complaints.
In this interview, Dan explains how he navigated the switch to create a practice that he looks forward to reaching on his drive each morning. You’ll hear details on how new-patient calls are managed; the schedule arrangements that lead to a relaxed, optimized atmosphere for both provider and patient; and how he scores tons of stellar online reviews.
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More specifically, we discuss these cash-based practice topics:
- Exactly how insurance reimbursements changed over the last decade and why that forced him out of network.
- Why his office manager’s fears about dropping insurance contracts quickly turned to happiness.
- The reasons Dan had the confidence to take the plunge into the cash-pay model.
- Which factors to consider when determining if the cash-based model is a good fit for your practice.
- Specific tactics that will generate lots of online reviews for your clinic.
- How to reply to bad reviews in a way that can actually attract new patients.
- The billing strategy during the transition that ensured a seamless patient experience.
- How a simple script change saved the day when new-patient signups fell off a cliff after the switch.
- The time-saving strategies that have worked best since the transition to cash.
- The “luxurious” schedule that allows Dan to enjoy his practice even when patients are late.
- Why having a coach during the transition made the process much easier and more successful.
Resources mentioned in this episode:
- “Dr. Dan Says” on YouTube
- Austin Spine and Sport clinic website
- How to answer “Do you take my insurance?”