Stop Complaining About Declining Reimbursements and Do Something!
Stop Complaining About Declining Reimbursements and Do Something!
I'm continually miffed by the outrage expressed by physicians about their declining reimbursement rates. Now there's a whole new list of reimbursement models that are starting to be pushed including "Medical Homes", ACO's (Accountable Care Organizations), vertical integration and bundled reimbursement. Many pundits believe they are disguised words for "capitation" and will result in further decline in physician revenue.
I don't hear any other business in America complain about their declining "reimbursement" rates. Why? Because they don't get reimbursed by a third party. Why is it that physicians think third party reimbursement is the only way to get paid? If you don't like the way you get paid and you feel at the mercy of those who set the reimbursement rates, then I would suggest finding another way.
As I speak to physicians of all varieties around the country, the ones who are most enthusiastic about their career are the ones who are finding a new way to get paid. The most common strategy is to integrate ancillary and cash procedures into the practice. Patients (better referred to as consumers) spend billions out of pocket on their healthcare. They would prefer to do most of their out-of-pocket spending at their doctor's office. Most doctor's don't offer the choice.
It's time to stop complaining about reimbursement rates and surrendering to the third party payers. There is a whole other world of compensation out there waiting for you to grab. Figure out how you can capture a small slice of the out of pocket spending from your patient base. That's all you need. There are proven programs out there that work. Many physicians will attest that this, more than anything, has brought life back into their practice.