Big news! This podcast has hit 200k downloads—Thank you so much for getting it there. I couldn’t have done it without your support!
More specifically, we discuss these cash-based practice topics:
- What happened when the “honeymoon” of owning his own practice ended
- The ethical dilemma he faced with the semantics of “accepting” insurance (even when his clinic was out of network)
- The success Jamey has had with his out of network practice and how he builds relationships with in-network physician practices
- His best advice for: Team-building, hiring, training, and onboarding new staff so that he no longer had to spend every day at his clinic.
- The “million dollar question” he asks at the end of evaluations when he’s explaining a patient’s plan of care, that lead to an incredible improvement in cancellation and drop-off rates for all his staff.
Resources mentioned in this episode:
- Jamey’s book – The Automated Practice: Success Secrets for Working Less and Earning More (It’s free for you … If you prefer a paper copy, get one here–just pay for shipping!)
- Jamey’s “Foundations Workshop” – You can complete the application at this site to find the best fit for you!
Interested in the cash-based private practice model?
>> Click Here to learn how to start your own Cash-Based Practice <<
Cool stuff, thanks for the great tips Dr Jamey. Just wondering, would it be more appropriate for the Front Desk to handle conversations about money rather than the therapist. For example, in the consultation room when the client says he/ she can’t afford it, should the therapist usher the client out to the Front Desk to continue the conversation (because it could drag on for a few minutes, and there are other clients waiting to be treated). Thank you.
Great Question, Ben. I’m gonna let Jamey field this one, but wanted to say thanks for tuning in and leaving a comment.
Hey Ben – good question.
It really depends on Who in your company addresses financial questions. The Therapist should be able to understand and direct the person. For example, if the client says, “That’s a lot of money”. The therapist should ask “Would it help if the payments were spread out?” or something like that. If the cleint says “yes” then direct them to the Office manager or whoever handles Payment Plans.
Otherwise, the therapist should be trained on how to handle these questions and objections. Most cash based practices are small and the transactions are mostly done by the therapist except for handling scheduling. The better trained in communication, the more programs you will sell and people you’ll help.
Most PT’s are not trained to ethically sell their services which causes tons of money in loss revenue.
If you’re interested in learning more, PM me directly.
Great tips Sir. Thanks a lot!
Great podcast! I have a quick question, the introduction says that Jamey owns an out of network practice, however when I visited his website it says that they accept a whole list of insurances with billing department included. Just wondering if you might shed some light on this? Thanks!
Great question, Kayla. I’m guessing that’s because they do bill OON on behalf of patients but I’ll let Jamey field that one.