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Category : Optometry
Dear Doctor: Here is half your money, take it or leave it
I recall as a student when – somewhere near the last day of school – an instructor would share the funniest things that they’d seen come across their desk throughout the year. It was usually some 5-word blooper from a student or a simple, yet funny misstatement of history that found it’s way into a writing assignment; something that managed to set itself apart from the rest, truly catching the attention of the instructor through a countless sea of papers, essays, tests, and homework assignments. Only the real gems would make it to that last day of school.
We’ll, I wish I could say that I’ve got a “gem” for you, or perhaps even a blooper. If not that, then at least something that is a bit rare and unusual. Unfortunately, the only qualification that my statement has is that is has caught our attention, and it should catch yours as well. It’s not funny, rare, or even a blooper.
One of our functions is as a provider of medical billing services, and we consider this to be a “sign of the times” in health care and in our economy, and the statement is simply this (taken from an actual letter from patient to doctor):
Dear Doctor:
I am your patient and I have a bill for $400. I will send you half within the month if you will agree to write off the balance. Please sign below acknowledging this agreement.
Sincerely,
Your Patient
Approved:_________________________
Medical Practice Authorized Representative
Our recommendation is simply this: If you believe in your services, your prices, and your policies, then don’t fall hostage to anyone, not even a patient. If you feel that arrangements such as this are in the best interest of your practice, and your financial policy supports this behavior, then it certainly might be right for you. But understand the risks of too quickly going after the quick buck in lieu of collecting the sum of what is rightfully yours as a provider of health care services.
There are no easy answers, but it is in your interest to know that these letters are coming and you should at least know how you will respond.
_________________
Tannus Quatre PT, MBA is a private practice consultant and principal with Vantage Clinical Solutions, Inc., a nationwide healthcare consulting and management firm located in Bend, OR and Denver, CO. Tannus specializes in the areas of healthcare marketing, strategy, and finance, and can be reached through the Vantage Clinical Solutions website.
Demand for services in optometric practices
This article from Optometric Management suggests that an oversupply of eye care practitioners coupled with low patient loyalty can be a recipe for low demand for services in some markets. The good news is that by creating a higher perceived value for optometric services, patients will pay more, keeping the bottom line healthy for practice owners and managers.
While many practices suffer from lack of demand, anemic fees, and saturation by vision plans, let’s be clear that not all practices have those problems. In every region of the U.S., in every type of market and in all kinds of local economies, we can find ophthalmic practices that thrive. These practices have full appointment schedules and they charge fairly high fees. They take some vision plans, but they are not dominated by them because they also have some private pay and they bill medical plans as well. They have a reputation as the best eye care provider in town. Practice owners really do have options for the destiny of their practices. There may not be enough patient demand for all practices to be busy, but there is enough for yours to be busy.
_________________
Click here or call (888) 827-5613 for information on a free program dedicated to helping private practices throughout the U.S. strategically adjust to the slowing economy. Free program runs through March 31st, 2009 and is open to practice owners and administrators of any healthcare discipline.
Tannus Quatre PT, MBA is a practice consultant and principal with Vantage Clinical Solutions, Inc., a national healthcare consulting and management firm located on the west coast. Tannus can be reached through the Vantage Clinical Solutions website by clicking here.
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