Should I focus on cash or insurance collections? I get asked this question a lot – whether to go all-in with insurance or to stick to cash payments in your practice. Here’s the deal, and it’s something I want you to consider deeply: at the end of the day, your practice is a business, and we’ve got to make choices like any business would. Does this mean get rid of your goal and love for helping others? Absolutely not, but it does mean you need to make the best decisions for your practice so that it can continue to grow and then most importantly, help others. Now, opting for insurance or cash isn’t just about choosing payment methods; it’s about deciding what kind of game you want to play. And let me be frank – diving headfirst into insurance is no walk in the park. If you’ve been in the game as long as I have, you know the score. What insurance companies coughed up last year? Don’t expect the same this time around. It’s a dwindling reimbursement, my friends, and it’s not getting any easier to squeeze a decent payout from those firms. But here’s the kicker – even if you’re billing insurance left, right, and center, you can’t afford to take your eye off the cash ball. We’ve got to be on top of collecting deductibles and copays, while putting together cash packages and services to help patients with a number of ailments. Let’s cut to the chase – running an all-insurance practice feels like you’re paying one business at a time, scraping together those 25 or 50 bucks every visit. Talk about a tough road to scaling your business! Insurance and Cash Collections Together A mix of insurance and cash can work wonders for those situations where insurance is a must for the patient but otherwise cash is going to be the way to go. Picture this – you’ve got a 24 or 36 visit package lined up, but insurance only covers a dozen. No sweat. You set up a plan where insurance kicks off the journey, and then the patient picks up the tab. It’s a smooth ride if they see the value in what you’re offering. So a hybrid of the two can work well for you in those situations where insurance is a must but in most areas, the writing is on the wall that we are headed towards an all cash-based practice. It’s just the truth, plain and simple. Once you master this by implementing The Business Academy’s program, your practice will skyrocket in visits and collections – I have even seen half a million get collected in under 30 days.. All cash and all he did was follow The Business Academy’s program.. Yes, I am serious.. Here are some more reasons why all cash-based might be considered the best approach: Educate the patient, tap into what they value, what drives them. Get that right, and they’ll happily pay for your services, paving the way for your practice to not just survive but thrive and be abundant with happy patients getting real relief. That being said, I go into more detail about converting into an all Cash-Based Practice in my earlier article here.. You can also speak with Quentin directly for a free consultation and The Business Academy can help you the same way I was helped all those years ago:
A Secret Hiring Tip
In this series I am going to go over some powerful tips that you can use to enhance your hiring strategies. The Car test. In this article, I am going to go over a powerfully, effective tip that you can use to enhance your hiring strategy. It’s called “The Car Test.” This test is an excellent way to improve your assessment of potential staff. A typical assessment of any potential hiree usually includes an evaluation of their state of dress and appearance. You should expect that a hiree desiring a position in your business would dress professionally in an effort to impress you—the hirer. Side note: At The Business Academy we have recently rolled out a new service called Hire Machine! Using this proven system will help evaluate potential candidates capability to operate efficiently and their ability to be a part of a cohesive unit. Click here to request a 10-Day trial! What would you think if an applicant came in with a massive spaghetti sauce stain on their shirt and when you said, “Hey you’ve spilled some of your lunch on yourself.” They said, “No, that was from last night’s dinner.” Or how about an applicant who came in wearing one shoe and when you said, “Hey, looks like you lost a shoe!” They said, “No. I found one.” Of course, I’m joking here. Hopefully, they’re not that bad! Let’s get back to our Car Test. Here’s how it’s done. While you’re interviewing the potential hiree, have a trained observer quietly go out to the parking lot and look over the applicant’s car. What you are looking for are indicators that tell you how this person is actually behaving in life by looking at how they take care of one of their possessions. In this case, you (or your trained observer) will be looking at their car. Their car will be in one of these states or an average of two of them: You get the idea. Which car owner would you prefer to hire? Now I’m not proposing that you use this as the only indicator on whom you hire. It’s just another tool for evaluating an applicant. But it happens to be a very good way. Remember that hiring is a vital way to improve your business. Sometimes you have to interview as many as fifty applicants to find the right one. But when you find a good one, it will be worth the time you have invested. To look professional, a person can iron their shirt and wash up for their job interview. But will they maintain this professional presentation of themselves into the future?
The Key to Staff Retention: a Great Work Environment
In the world of business, understanding the pivotal role of staff retention is crucial. A high staff turnover rate is not just a minor inconvenience; it’s a massive drain on your resources. Time and money invested in employees who eventually leave goes down the drain, impacting not only the bottom line but also team morale. However, the solution lies in creating a great work environment, which is foundational to retaining quality staff. Here’s how it’s done: 1. Define and Promote Your Core Values and Mission The cornerstone of a strong organizational company culture is a clear set of core values and a compelling mission. These elements align your purpose and serve as a magnet for like-minded individuals. When employees resonate with your values and see their work contributing to a meaningful mission, they are more likely to stay committed and engaged. 2. Invest in Onboarding and Training The significance of a comprehensive onboarding process and continuous training cannot be overstated. These initiatives are essential for setting employees up for success. Lack of proper onboarding and training can lead to frustration, low productivity, and ultimately, increased staff turnover. Effective training programs not only enhance skill sets but also boost morale and job satisfaction. 3. Create Clear Career Paths Providing employees with a clear path for advancement is a powerful motivator. It demonstrates that you value their growth and see their potential future within the organization. This not only strengthens their purpose but also deepens their investment in the company’s well-being. 4. Establish a Well-Organized Structure A well-defined organizational structure, complete with clear processes and job descriptions, removes ambiguity and brings about efficiency. When employees understand their roles, responsibilities, and how they fit into the larger picture, it enhances their ability to contribute effectively and find satisfaction in their work. 5. Offer Incentives for Performance Recognizing and rewarding performance is a key factor in employee retention. Incentives, whether in the form of bonuses, rewards, or recognition programs, signal to employees that their contributions are valued. This not only motivates them to maintain high performance levels but also creates a sense of loyalty to the organization.