If your profits are being squeezed by low-reimbursement insurance contracts but you hesitate to drop them because you think you’ll lose too many patients, then this podcast episode is for you. I’m going to explain 4 key steps that my students have used to not only minimize loss of current patients, but to actually increase their patient numbers with high-value services that more than double their profit per visit!
You’ll hear the top strategies that can help a practice successfully navigate the transition from insurance-based to self pay. This is equally applicable for practices that will be dropping all those low-reimbursement insurance contracts at once, for hybrid practices that are trying to cultivate more out-of-network business, and even to fully cash practices that are looking for ways to stand out from the insurance-based competition.
This “highlight” is from a Q&A call with my Mastermind Gold group—a highly interactive, supportive group where people who have tons of questions and concerns about how to start, grow, or transition to a cash-based private practice get the answers, resources, and confidence they need to build the practice of their dreams. We have a group coaching call every week, and we occasionally use excerpts of those calls for this podcast.
More specifically, we discuss these topics related to dropping low-reimbursement insurance contracts:
- Ideas for communicating with existing patients to help them understand the reasons why you are making this change and how it can actually provide additional value for them.
- Tips for helping potential patients learn what portion of their self-claims will be covered by their out-of-network insurance benefits.
- How to guide payment-related conversations so that patients will focus on the importance of successfully reaching their treatment goals.
- How to use transition packages to prove the value of your cash-pay services to patients who are “on the fence.”
- Powerful language you can use to feature your improved service offerings in promotional messages to your email list.