#204: Tactical Tuesday: 4 Ways to Build your Bottom Line through Cash-Based Services

<p><strong>OVERVIEW:</strong></p> <p><span style="font-weight: 400;">Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the</span> <em><span style= "font-weight: 400;">Healthcare Entrepreneur Academy</span></em> <span style="font-weight: 400;">podcast talks about the top four reasons for opening a  cash-based practice. He highlights the challenges practice owners face when it comes to insurance reimbursements. He also provides tips and options for anyone thinking about starting a cash-based practice.</span></p> <p> </p> <p><strong>EPISODE HIGHLIGHTS:</strong></p> <ul> <li><span style="font-weight: 400;">There’s a misconception that clinicians and healthcare providers need to accept insurance to create a successful practice.</span></li> <li><span style="font-weight: 400;">Many healthcare professionals are moving away from accepting insurance. There are niche practices finding success through cash-based models, including surgical and primary care. </span></li> <li><span style="font-weight: 400;">The first reason for having a cash-based practice is there’s less regulation and you have more freedom as the practice owner. </span></li> <li><span style="font-weight: 400;">When you accept insurance, you’ll need to manage your revenue cycles. This will include submitting bills with some getting declined and some requiring resubmitting. This creates massive problems and issues.  </span></li> <li><span style="font-weight: 400;">When it comes to revenue cycle management, you should hire someone or a company to help you, which means giving up 4-7% of your profits. </span></li> <li><span style="font-weight: 400;">The second reason for considering a cash-based practice is you get paid upfront. If you accept insurance, you’ll experience delays in payment 30-60-90 days. </span></li> <li><span style="font-weight: 400;">Insurance-based practices need a lot of cash in the bank to fund business expenses while waiting for the stream of income to come in.</span></li> <li><span style="font-weight: 400;">The third reason