Gotta start with a big announcement: This week’s guest, Vatsal Thakkar, has created an incredible tool for cash-based practices, and I couldn’t be more excited to introduce it to you! This app enables patients to submit their own out of network claims for services covered by their insurance in less than a minute! Remove the hurdles and headaches of the self-claim process for your patients, and in the process you’ll open your practice up to loads of patients who would have been much less likely to go out-of-network for your services. Follow the steps below to register your practice with “Reimbursify” today (it’s quick, easy, and free to register). You’ll have 2 options as you enroll your practice. (You’ll just check the box of your choice at the bottom of the registration page here.)
Enroll now as a Provider Pro to save 50% with an exclusive offer for listeners of the Cash Based Practice Podcast. You’ll be able to offer all your patients the ability to file their own claims quickly and for free. Believe me, this is a game changer for a cash-pay clinic and is the option I chose for Carter Physiotherapy … removing the friction and significant time of submitting claims, and making it free for our cash-pay customers! No brainer (especially with this podcast listener discount).
Or, simply sign up without “Pro” and you’ll still get a welcome package with patient handouts that explain exactly how to file an out-of-network claim through Reimbursify for an incredibly low fee-per-claim (literally takes less than $2 to complete in one minute what used to take most OON patients 30-60 minutes to complete when submitting self-claims).
So whether you make it free to your patients or free to your practice, you need to put your practice on Reimbursify and get your patients using it! Click here to register.
Okay back to the podcast interview …
I’m so excited to share this tool and the fascinating story of how it came to be. It’s not every day a NYC psychiatrist finds himself in the software business, disrupting the insurance and claims industry!
When Vatsal Thakkar first opened his own practice, he decided on the cash-based model because he wanted to spend more time with each patient. He found the experience of helping his patients inspiring and “magical” compared with what he saw among many of his in-network colleagues who had to see 20-30 patients a day!
Throughout the years, Vatsal found ways to streamline the process of filing out-of-network reimbursement claims for his patients. He discovered how incredibly valued this service was to his time-starved patients and how much additional business it was bringing in for the practice. It was clear there was a need for something to help patients get their out-of-network reimbursements, so he decided to sell his practice and create a system that would simplify this convoluted process. The result is Reimbursify, an app that can file a reimbursement claim for virtually any insurance plan in less than a minute! Click here to take advantage of the discount offer on Reimbusify for Cash-Based Podcast listeners.
In addition to the app for filing an out of network claim, we discuss the following cash-based practice topics:
- How the cash-based practice model helps foster therapeutic doctor/patient relationships and protect patient privacy—things that are especially critical for a psychiatric specialty.
- What features made the practice sellable even though Dr. Vatsal Thakkar was the sole physician seeing patients.
- The early approaches that got his practice established online in a way that created a reliable stream of new business for years to come.
- How giving presentations helped create a strong referral network that became a source of new business for the long term.
- The key competitive advantages that a cash-based practice can offer compared with an insurance-based practice.
- How Vatsal arranged the sale of his private practice, including determining valuation and how the transition was handled in a way that led the majority of patients to stay on.
- How the practice’s willingness to file out-of-network claims on behalf of patients became a deciding factor for a large portion of their new business and contributed to growth.
- The cost options for using the Reimbursify system to file claims and how the app can contribute to the growth of your practice.
- Why there is currently a trend toward lower deductibles for private insurance and how that creates a big opportunity for a cash-based practice.
- How you can explain the reimbursement-filing process to patients.
- Why W9s are not required in order for a reimbursement claim to be processed by an insurance company.
Interested in Reimbursify’s exclusive discount for Cash-Based Practice Podcast listeners?
Resources mentioned in this episode:
- facebook: https://www.facebook.com/reimbursify/
- Article on research showing that stronger patient-doctor relationships reduce costs: https://www.nytimes.com/interactive/2018/05/16/magazine/health-issue-reinvention-of-primary-care-delivery.html
Let us know if you enjoyed the show:
[Click to Tweet link] Thanks Vatsal Thakkar @reimbursify for all the online and in-person marketing tips on the Cash-Based Practice Podcast w/ @drjarodcarter ! https://drjarodcarter.com/108 #cashPT