The Tough New Reality for Doctors

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The future of medical payments doesn't look so good for most doctors because they have been living off insurance money for decades and have never learned how to get patients to actually pay their portion. When they look at their aging report, they say to the billers - "Let's try harder," but that doesn't seem to be working very well, does it?

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The Tough New Reality for Doctors

  1. 1. It’s Only Going to Get Worse: Surviving the Tough New Reality for Doctors ProfitWise Solutions Getting You Paid Faster
  2. 2. Let’s Get One Thing Straight... ProfitWise Solutions Getting You Paid Faster
  3. 3. Let’s Get One Thing Straight... A doctor’s relationship, both clinical and financial, is with the patient. Remember? ProfitWise Solutions Getting You Paid Faster
  4. 4. History of Medical Payments Patient Responsibility. 1970’s 100% paid the doctor and then got Patients reimbursed by the insurance company. (Remember those days?) ProfitWise Solutions Getting You Paid Faster
  5. 5. History of Medical Payments Patient Responsibility. 1970’s 100% paid the doctor and then got Patients reimbursed by the insurance company. (Remember those days?) 1980’s 20% Patient Responsibility. Doctors started filing claims, living off the 80% insurance money and didn’t care if the patients aid their portion. ProfitWise Solutions Getting You Paid Faster
  6. 6. History of Medical Payments Patient Responsibility. 1970’s 100% paid the doctor and then got Patients reimbursed by the insurance company. (Remember those days?) 1980’s 20% Patient Responsibility. Doctors started filing claims, living off the 80% insurance money and didn’t care if the patients aid their portion. 1990’s 10% Patient Responsibility. Because the patient portion was not really 2000’s pursued, the message was clear, “You don’t have to pay your medical bills.” So few did. ProfitWise Solutions Getting You Paid Faster
  7. 7. History of Medical Payments Patient Responsibility. 1970’s 100% paid the doctor and then got Patients reimbursed by the insurance company. (Remember those days?) 1980’s 20% Patient Responsibility. Doctors started filing claims, living off the 80% insurance money and didn’t care if the patients aid their portion. 1990’s 10% Patient Responsibility. Because the patient portion was not really 2000’s pursued, the message was clear, “You don’t have to pay your medical bills.” So few did. 2010’s 0% Patient Responsibility. An entire generation of Americans have learned to not pay their portion, but with reimbursements plummeting, this must stop. ProfitWise Solutions Getting You Paid Faster
  8. 8. History of Medical Payments Patient Responsibility. 1970’s 100% paid the doctor and then got Patients reimbursed by the insurance company. (Remember those days?) 1980’s 20% Patient Responsibility. Doctors started filing claims, living off the 80% insurance money and didn’t care if the patients aid their portion. 1990’s 10% Patient Responsibility. Because the patient portion was not really 2000’s pursued, the message was clear, “You don’t have to pay your medical bills.” So few did. 2010’s 0% Patient Responsibility. An entire generation of Americans have learned to not pay their portion, but with reimbursements plummeting, this must stop. 2014... Who’s Responsible? will only The Exchanges, HDHPs & ICD-10 increase the mass confusion about what is and isn’t covered & how much to pay. ProfitWise Solutions Getting You Paid Faster
  9. 9. The Tough New Reality for Doctors ProfitWise Solutions Getting You Paid Faster
  10. 10. The Fact #1 Tough New Reality for Doctors Doctors have lived off mostly insurance money for decades. ProfitWise Solutions Getting You Paid Faster
  11. 11. The Tough New Reality for Doctors Fact #1 Doctors have lived off mostly insurance money for decades. Fact #2 Insurance reimbursements are plummeting yearly. ProfitWise Solutions Getting You Paid Faster
  12. 12. The Tough New Reality for Doctors Fact #1 Doctors have lived off mostly insurance money for decades. Fact #2 Insurance reimbursements are plummeting yearly. Fact #3 This downward trend won’t be changing any time soon, right? ProfitWise Solutions Getting You Paid Faster
  13. 13. The Tough New Reality for Doctors Fact #1 Doctors have lived off mostly insurance money for decades. Fact #2 Insurance reimbursements are plummeting yearly. Fact #3 This downward trend won’t be changing any time soon, right? Fact #4 The patients owe the remaining balance. ProfitWise Solutions Getting You Paid Faster
  14. 14. The Tough New Reality for Doctors Fact #1 Doctors have lived off mostly insurance money for decades. Fact #2 Insurance reimbursements are plummeting yearly. Fact #3 This downward trend won’t be changing any time soon, right? Fact #4 The patients owe the remaining balance. Fact #5 Most patients haven’t been paying their portion for years. ProfitWise Solutions Getting You Paid Faster
  15. 15. The Tough New Reality for Doctors Fact #1 Doctors have lived off mostly insurance money for decades. Fact #2 Insurance reimbursements are plummeting yearly. Fact #3 This downward trend won’t be changing any time soon, right? Fact #4 The patients owe the remaining balance. Fact #5 Most patients haven’t been paying their portion for years. Fact #6 Practices are losing money every single month. ProfitWise Solutions Getting You Paid Faster
  16. 16. The Tough New Reality for Doctors Fact #1 Doctors have lived off mostly insurance money for decades. Fact #2 Insurance reimbursements are plummeting yearly. Fact #3 This downward trend won’t be changing any time soon, right? Fact #4 The patients owe the remaining balance. Fact #5 Most patients haven’t been paying their portion for years. Fact #6 Practices are losing money every single month. Fact #7 To survive, doctors have been cutting staff & borrowing. ProfitWise Solutions Getting You Paid Faster
  17. 17. The Tough New Reality for Doctors Fact #1 Doctors have lived off mostly insurance money for decades. Fact #2 Insurance reimbursements are plummeting yearly. Fact #3 This downward trend won’t be changing any time soon, right? Fact #4 The patients owe the remaining balance. Fact #5 Most patients haven’t been paying their portion for years. Fact #6 Practices are losing money every single month. Fact #7 To survive, doctors have been cutting staff & borrowing. Fact #8 This is not working, and is certainly not sustainable. ProfitWise Solutions Getting You Paid Faster
  18. 18. The Tough New Reality for Doctors Fact #1 Doctors have lived off mostly insurance money for decades. Fact #2 Insurance reimbursements are plummeting yearly. Fact #3 This downward trend won’t be changing any time soon, right? Fact #4 The patients owe the remaining balance. Fact #5 Most patients haven’t been paying their portion for years. Fact #6 Practices are losing money every single month. Fact #7 To survive, doctors have been cutting staff & borrowing. Fact #8 This is not working, and is certainly not sustainable. Fact #9 The Exchanges, HDHPs & ICD-10, will make it worse. ProfitWise Solutions Getting You Paid Faster
  19. 19. The Tough New Reality for Doctors Fact #1 Doctors have lived off mostly insurance money for decades. Fact #2 Insurance reimbursements are plummeting yearly. Fact #3 This downward trend won’t be changing any time soon, right? Fact #4 The patients owe the remaining balance. Fact #5 Most patients haven’t been paying their portion for years. Fact #6 Practices are losing money every single month. Fact #7 To survive, doctors have been cutting staff & borrowing. Fact #8 This is not working, and is certainly not sustainable. Fact #9 The Exchanges, HDHPs & ICD-10, will make it worse. Fact #10 ProfitWise Doctors must learn to collect the patient dollar...and fast! Solutions Getting You Paid Faster
  20. 20. The Urgent Burden of Debt This chart shows the amount of SBA-backed loan dollars borrowed by independent doctors from from 2000 to 2011 ProfitWise Solutions Getting You Paid Faster
  21. 21. The Urgent Burden of Debt This chart shows the amount of SBA-backed loan dollars borrowed by independent doctors from from 2000 to 2011 A 10-fold increase in just 10 years. Wow! How much longer, realistically, will this “quick-cash” kind-of-fix sustain these practices? ProfitWise Solutions Getting You Paid Faster
  22. 22. The Options? ProfitWise Solutions Getting You Paid Faster
  23. 23. The Options? 1) Play the Ostrich (and deny reality) ProfitWise Solutions Getting You Paid Faster
  24. 24. The Options? 1) Play the Ostrich (and deny reality) 2) Play the Damsel (hoping the hospitals will save you) ProfitWise Solutions Getting You Paid Faster
  25. 25. The Options? 1) Play the Ostrich (and deny reality) 2) Play the Damsel (hoping the hospitals will save you) 3) Play Dreamy Smurf (and fantasize of a pre-pay practice) ProfitWise Solutions Getting You Paid Faster
  26. 26. The Options? 1) Play the Ostrich (and deny reality) 2) Play the Damsel (hoping the hospitals will save you) 3) Play Dreamy Smurf (and fantasize of a pre-pay practice) 4) Play King Solomon (and get wise like other savvy doctors) ProfitWise Solutions Getting You Paid Faster
  27. 27. The Options? 1) Play the Ostrich (and deny reality) 2) Play the Damsel (hoping the hospitals will save you) 3) Play Dreamy Smurf (and fantasize of a pre-pay practice) 4) Play King Solomon (and get wise like other savvy doctors) ProfitWise Solutions Getting You Paid Faster
  28. 28. Bottomline: ProfitWise Solutions Getting You Paid Faster
  29. 29. Bottomline: Maybe for the first time... ProfitWise Solutions Getting You Paid Faster
  30. 30. Bottomline: Maybe for the first time... Ever! ProfitWise Solutions Getting You Paid Faster
  31. 31. Bottomline: Maybe for the first time... Ever! You have GOT to learn how to get your patients to pay their portion... ProfitWise Solutions Getting You Paid Faster
  32. 32. Bottomline: Maybe for the first time... Ever! You have GOT to learn how to get your patients to pay their portion... ...or else! ProfitWise Solutions Getting You Paid Faster
  33. 33. So how do you get patients to actually pay their portion? ProfitWise Solutions Getting You Paid Faster
  34. 34. So how do you get patients to actually pay their portion? Common Answers: ProfitWise Solutions Getting You Paid Faster
  35. 35. So how do you get patients to actually pay their portion? Common Answers: “We’ll just try harder.” ProfitWise Solutions Getting You Paid Faster
  36. 36. So how do you get patients to actually pay their portion? Common Answers: “We’ll just try harder.” “We’ll hire more staff.” ProfitWise Solutions Getting You Paid Faster
  37. 37. So how do you get patients to actually pay their portion? Common Answers: “We’ll just try harder.” “We’ll hire more staff.” “We’ll get it upon arrival.” ProfitWise Solutions Getting You Paid Faster
  38. 38. So how do you get patients to actually pay their portion? Common Answers: “We’ll just try harder.” “We’ll hire more staff.” “We’ll get it upon arrival.” “Our agency will get it.” ProfitWise Solutions Getting You Paid Faster
  39. 39. So how do you get patients to actually pay their portion? Common Answers: Savvy Wisdom: “We’ll just try harder.” “We’ll hire more staff.” “We’ll get it upon arrival.” “Our agency will get it.” ProfitWise Solutions Getting You Paid Faster
  40. 40. So how do you get patients to actually pay their portion? Common Answers: Savvy Wisdom: “We’ll just try harder.” “We’ll hire more staff.” Pray for daily miracles! “We’ll get it upon arrival.” “Our agency will get it.” ProfitWise Solutions Getting You Paid Faster
  41. 41. So how do you get patients to actually pay their portion? Common Answers: Savvy Wisdom: “We’ll just try harder.” “We’ll hire more staff.” Just kidding. “We’ll get it upon arrival.” “Our agency will get it.” ProfitWise Solutions Getting You Paid Faster
  42. 42. So how do you get patients to actually pay their portion? Common Answers: Savvy Wisdom: “We’ll just try harder.” Leverage... “We’ll hire more staff.” “We’ll get it upon arrival.” “Our agency will get it.” ProfitWise Solutions Getting You Paid Faster
  43. 43. So how do you get patients to actually pay their portion? Common Answers: Savvy Wisdom: “We’ll just try harder.” Leverage... “We’ll hire more staff.” The Rosenthal Effect, “We’ll get it upon arrival.” “Our agency will get it.” ProfitWise Solutions Getting You Paid Faster
  44. 44. So how do you get patients to actually pay their portion? Common Answers: Savvy Wisdom: “We’ll just try harder.” Leverage... “We’ll hire more staff.” The Rosenthal Effect, “We’ll get it upon arrival.” The 4 Payer Motivations “Our agency will get it.” ProfitWise Solutions Getting You Paid Faster
  45. 45. So how do you get patients to actually pay their portion? Common Answers: Savvy Wisdom: “We’ll just try harder.” Leverage... “We’ll hire more staff.” The Rosenthal Effect, “We’ll get it upon arrival.” The 4 Payer Motivations “Our agency will get it.” Automation & Frequency ProfitWise Solutions Getting You Paid Faster
  46. 46. We can show you how. ProfitWise Solutions Getting You Paid Faster
  47. 47. However, we can show you how. We help doctors everyday. All day. Nationwide. ProfitWise Solutions Getting You Paid Faster
  48. 48. However, we can show you how. We help doctors everyday. All day. Nationwide. There’s no need to go broke. ProfitWise Solutions Getting You Paid Faster
  49. 49. However, we can show you how. We help doctors everyday. All day. Nationwide. There’s no need to go broke. Our clients are doing just fine. ProfitWise Solutions Getting You Paid Faster
  50. 50. Learn how to keep your practice flush with cash. ProfitWise Solutions Getting You Paid Faster
  51. 51. Learn how to keep your practice flush with cash. It’s easier than you think. ProfitWise Solutions Getting You Paid Faster
  52. 52. Learn how to keep your practice flush with cash. It’s easier than you think. Just ask for a personalized A/R strategy meeting. ProfitWise Solutions Getting You Paid Faster
  53. 53. In just 20-30 minutes, ProfitWise Solutions Getting You Paid Faster
  54. 54. In just 20-30 minutes, We’ll cover... ProfitWise Solutions Getting You Paid Faster
  55. 55. 1 It’s Only Going to Get Worse: Surviving the Tough New Reality for Doctors ProfitWise Solutions Getting You Paid Faster
  56. 56. 1 It’s Only Going to Get Worse: 2 Don’t Go Broke: Surviving the Tough New Reality for Doctors Why Your 2-Stage Approach Isn’t Working ProfitWise Solutions Getting You Paid Faster
  57. 57. 1 It’s Only Going to Get Worse: 2 Don’t Go Broke: 3 3 Revolutionary A/R Strategies: Surviving the Tough New Reality for Doctors Why Your 2-Stage Approach Isn’t Working The Only Realistic & Sustainable Way to Profits ProfitWise Solutions Getting You Paid Faster
  58. 58. 1 It’s Only Going to Get Worse: 2 Don’t Go Broke: 3 3 Revolutionary A/R Strategies: 4 Sneak Peak Surviving the Tough New Reality for Doctors Why Your 2-Stage Approach Isn’t Working The Only Realistic & Sustainable Way to Profits 2 Heroic Apps That Could Save Your Practice ProfitWise Solutions Getting You Paid Faster
  59. 59. 1 It’s Only Going to Get Worse: 2 Don’t Go Broke: 3 3 Revolutionary A/R Strategies: 4 Sneak Peak Bonus Surviving the Tough New Reality for Doctors Why Your 2-Stage Approach Isn’t Working The Only Realistic & Sustainable Way to Profits 2 Heroic Apps That Could Save Your Practice Quadrupling Your Recovery Rates Yes. Seriously. Here’s Real-World Proof. ProfitWise Solutions Getting You Paid Faster
  60. 60. You’ll find this fascinating! ProfitWise Solutions Getting You Paid Faster
  61. 61. You’ll find this fascinating! As a matter of fact, ProfitWise Solutions Getting You Paid Faster
  62. 62. You’ll find this fascinating! As a matter of fact, You’re peers will think you have a magic wand! ProfitWise Solutions Getting You Paid Faster
  63. 63. You’ll find this fascinating! As a matter of fact, You’re peers will think you have a magic wand! No kidding. ProfitWise Solutions Getting You Paid Faster
  64. 64. Seriously. ProfitWise Solutions Getting You Paid Faster
  65. 65. Seriously. Staying profitable is only going to get harder. ProfitWise Solutions Getting You Paid Faster
  66. 66. Seriously. Staying profitable is only going to get harder. Even if you sell-out, the ACOs will still want to you get that patient dollar! ProfitWise Solutions Getting You Paid Faster
  67. 67. Seriously. Staying profitable is only going to get harder. Even if you sell-out, the ACOs will still want to you get that patient dollar! So.... ProfitWise Solutions Getting You Paid Faster
  68. 68. Seriously. Staying profitable is only going to get harder. Even if you sell-out, the ACOs will still want to you get that patient dollar! So.... Don’t Go Broke! ProfitWise Solutions Getting You Paid Faster
  69. 69. Seriously. Staying profitable is only going to get harder. Even if you sell-out, they’ll still want to you get that patient dollar! So.... Don’t Go Broke! Learn How To Get Patients To Actually Pay Their Portion ProfitWise Solutions Getting You Paid Faster
  70. 70. You want in on this? ProfitWise Solutions Getting You Paid Faster
  71. 71. You want in on this? Set-up a time now. ProfitWise Solutions Getting You Paid Faster
  72. 72. You want in on this? Set-up a time now. Go to www.profitwisesolutions.com Check it out! ProfitWise Solutions Getting You Paid Faster

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