Oh, the word “deductible” invokes such an uncomfortable response for so many people. Patients, staff, and doctors alike are uncomfortable when it comes to the conversation surrounding deductibles.
Well, it’s the time of year that we are all dealing heavily with deductibles. With the ever-increasing deductible that patients have, the issue of deductibles has become a very important part of providing the best care yet ensuring that you won’t lose money.
Patients often don’t know what their deductible is or what it really means. Many are accustomed to the comment, “just submit it to my insurance,” not realizing or in denial that they will have to cover their deductible.
I’ve found that most practices don’t have a good strategy to inform patients of their deductible responsibilities. Their team doesn’t have good protocols to collect deductibles and physicians are uncomfortable having the conversation with patients about their financial responsibility.
All of these scenarios leave a business chasing money well after treatment is rendered which negatively impacts cash flow, places unneeded stress on the staff and owner of the business, and prevents the business from investing in better patient treatments and services because of the fear of a cash crunch.
Take a look at this week’s video to hear some of the strategies we employ to handle the deductible issues.
Having good business strategies for this issue and other business issues is critical to a healthy practice, where you can provide better patient care, more opportunities for your staff and enjoy an improved lifestyle and work-life balance.
If this resonates with you, you should be attending the FABI 2020 Event. At the Event, we cover the key strategies that aren’t discussed elsewhere to help grow your business and position you and your business for long term success. Join us and surround yourself with like-minded podiatrists who want the best for their patients, their employees and themselves.
Don’t wait another year to put your practice on the right trajectory. So many people tell me that they wish they had attended FABI sooner. Don’t be that person and fall behind others.
Come to Miami March 13 – 15, 2020 for an experience like no other in the profession. Guaranteed.
Visit www.FABI2020.com to register today and don’t miss out.
Have a great week.
Lowell