Cash Based Practices

I read an article recently stating it in plain English: 26% of small practices are worried about closing in the coming year. This is a frightening scenario, as I don’t think anyone wants their medical care to come from a “health mall” – which is rapidly where hospitals are headed. We can help you tap a growing market that will improve revenue and grow a loyal patient base.

 

This report stated that income was falling due to anticipated cuts in Medicare and Medicaid spending in the coming year, and 56% reported cutting staff or services. This needn’t be the case.  For specialists such as allergists, transitioning to an increased cash-based practice allows you to bypass the new legislative mess and draw new patients from the younger folks who will happily chose to be under-insured due to the new mandates. For these younger patients who are using the internet to find a physician in ever-increasing numbers, finding personal care is still important. And what’s better is that they’re very easy to target and market to. Pay attention to what people say about you online. Cultivate an audience of fans and share value through press releases, blogging, and social networks.

 

Unlike large print, radio and television campaigns small practices are on more or less even ground when it comes to the internet. The online advertising marketplace is not yet mature for health care, and competing against hospitals (or OTC medications like Claritin) is something a savvy practice with the right digital team can accomplish without breaking the bank. What’s more, a digital strategy comes with no surprise costs, can be written to suit any monthly budget restriction and can be easily judged on its results!

 

Takeaways:

  • Younger patients are vastly more likely to pay cash
  • Younger patients are vastly more likely to find you online
  • Smaller practices can compete for attention far more easily online
  • Therefore, a solid digital strategy is key to attracting new, cash-paying patients and recouping anticipated cuts in Medicare/Medicaid

Give us a call at 347-559-4802. We can help you reach this growing market, extend your internet presence and ultimately improve your bottom line.

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