One of the primary challenges in chiropractic care involves navigating the complexities of insurance companies. Whether it’s dealing with insurance plans that offer limited coverage for chiropractic care, navigating intricate billing and coding systems, or contending with high deductibles, chiropractors frequently encounter obstacles that hinder accessibility to care.
Many chiropractors believe cash-based practice is a better alternative to insurance-based payment methods because they have better control over fees and payments.
If you have a cash-based chiropractic practice, you will not have to directly deal with insurance companies, no need for submitting claims, or wait for the insurance payments to come.
However, It’s important to note that you need to provide patients with invoices and superbills containing the correct CPT and ICD-11 codes and charges so they can seek reimbursement from their insurance provider.
A cash-based model offers you a predictable income, but it might limit the patient base. You won’t get referrals or larger patient base if you don’t accept insurances. That’s why in order to grow your cash practice, you need a strong foundation built upon three fundamental pillars. Let’s check out what are those 3 essential pillars.
1. Automate Payment Processing
You probably pay your cell phone bill automatically, every month. Each month, like clockwork, the bill gets deducted from your card without you having to do anything. It’s convenient, hassle-free, and lets you focus on what really matters.
So, why do cell phone companies set up automatic payments? Well, it’s simple. They know that the more you have to think about the money you’re spending, the more likely you are to question it and maybe even start shopping around for better deals. Automatic payments take away that hassle and make it easier for you to stick with them.
Now, let’s apply that same logic to your cash-based practice. By automating payment processing, you can create a smoother experience for your patients.
Instead of thinking whether to pay cash or pay via card at every visit, you can allow patients to save their cards on file and set up automatic payments, just like with their cell phone bill. It’s more convenient, less stressful, and helps patients stay focused on their care.
How to automate payment processing?
By implement payment processing software. Select a reliable payment processing software or a practice management system with integrated payment processing capabilities. Payment processing solutions offer features such as secure online payments, text-to-pay, email invoice for payment, recurring billing options, and more.
zHealth Pay is a payment processing solution that comes integrated with chiropractic software. It provides patients with convenient online payment options, such as credit/debit card payments text-to-pay.
Patients receive a message with a payment link to pay their outstanding balance. Patients can securely enter their payment information and make payments at their convenience.
You can send an email a few days before payment due dates to encourage timely payments and reduce missed payments.
Since everything is integrated with chiropractic practice management software, you can track payments, reconcile accounts, and generate financial reports more efficiently.
2. Offer Affordable Membership Plans
As a cash-based practice, when patients come to your clinic, they have to pay out-of-pocket for your services. They may later seek reimbursement from their insurance company. While they may seek reimbursement from their insurance later, the upfront costs might seem prohibitive. This initial barrier can lead to patients discontinuing follow-up care if they perceive the expenses as excessive.
Offering affordable membership plans can be a great way to attract and retain patients while ensuring consistent revenue. Here are three membership plan options tailored to fit different patient needs:
- Recurring Monthly Payments: This option involves splitting the total cost of care evenly over the duration of treatment. Patients pay a fixed monthly fee, making budgeting easier and spreading out the financial burden over time.
- Initial Payment Plus Monthly Installments: With this option, patients make an initial payment upfront, followed by smaller monthly payments. This hybrid approach combines the convenience of an initial lump sum payment with the affordability of monthly installments.
- Prepayment for Entire Course of Care: For patients who prefer to pay upfront and enjoy peace of mind knowing their care is fully covered, this option allows them to prepay for the entire course of treatment. By paying in advance, patients may qualify for discounts or incentives, making this option financially appealing.
To seamlessly manage these membership plans, your practice requires an integrated membership management solution. zHealth chiropractic EHR software provides a comprehensive membership management solution, offering options for recurring payments, one-time payments, and various payment frequencies.
With zHealth Pay and membership management features, you can seamlessly collect payments for your plans without any hassle.
3. Automate Patient Scheduling and Education
Automating patient scheduling and education is essential for cash-based practices to streamline operations and enhance patient engagement. With zHealth chiropractic EHR software, you can automate these processes, reaping numerous benefits:
- Enhanced Efficiency: Automated scheduling reduces administrative workload, allowing staff to focus on patient care. Automated education ensures consistent delivery of educational materials, saving time for both patients and practitioners.
- Improved Patient Experience: Seamless scheduling and educational resources enhance the patient experience, fostering loyalty and satisfaction. Patients appreciate the convenience of online scheduling and access to educational materials anytime, anywhere.
- Increased Engagement: Automated education keeps patients informed about their treatment plans, improving compliance and engagement. Interactive educational resources empower patients to take an active role in their health journey.
- Better Practice Management: zHealth’s integrated platform centralizes patient scheduling and educational content, simplifying practice management. This consolidation streamlines workflows and reduces errors, leading to more efficient operations.
- All-in-One Comprehensive Solution: zHealth offers a complete suite of features tailored to the needs of cash-based chiropractic practices, including patient scheduling, EHR management, billing, payments, membership management, SOAP notes, and more. By using zHealth, practices can consolidate their tools and streamline processes, saving time and resources.
Conclusion
The foundation of a thriving cash-based chiropractic practice lies in maintaining a robust patient retention rate, fostering better patient engagement, and ensuring excellent patient experiences. These three pillars serve as cornerstones for enhancing patient retention, each addressing crucial elements integral to achieving sustained success.
