How to have the practice you’ve always wanted
Chiropractors are, by definition, not just caregivers but connectors: people who thrive on both healing others and on creating a sense of community. When you love something so much you’d do it for free, it’s easy to want to ignore the financials. But you still have bills to pay and staff to support, and you likely want to create abundance in your own life.
KMC University encourages and supports our clients and their staff in creating the practice they’ve always wanted to have, while also gracefully but firmly managing the “less-than-fun” parts like chiropractic patient finances. For example, we know it’s easier and ultimately more gratifying to keep patients in your practice than find new ones. We’ll guide you in creating a seamless customer relations experience that incorporates successful scheduling, creating referrals, automating payment plans, and collections.
Fees and risky business
We also help you negotiate shark-infested waters such as hardship discounts, inadvertent inducements, and illegal dual-fee scheduling. It’s far too easy to unknowingly run afoul of the rules of the Office of Inspector General (OIG) through something as simple as a coupon or waiving a patient’s co-pay.
Because of the nature of the rules that apply to the doctor-patient financial relationship, the OIG has delivered guidance about exactly how much you can discount for those who are uninsured, underinsured, or partially insured, cash-paying patients. Some states have clarified their time-of-service discounting rules, but most haven’t. Did you know that without state-level direction, the federal guidance of discounting no more than 5-15% from your actual fees should be your policy? Any more than that, and you’re treading on dangerous and non-compliant ground. Of course you can offer financial hardship fees to those who are needy. But if you don’t have a written policy and guidelines for that fee schedule and a way to verify that hardship, it’s risky business.
Patients who pay get better, faster
Handling chiropractic patient finances in a way that makes your policies clear while still creating genuine connection to your patients is both a compassionate—and fiscally smart—way to do business. Patients want and need to know how much their care in your office will cost. It’s not threatening to tell them! They don’t expect to come in for free. Set policies and, more importantly, procedures and scripting that will carefully, thoughtfully, and compassionately explain how that patient can make their care fit into their budget. We’ll show you how.
A healthy practice is filled with patients who stay, pay, and refer. Often, this state of being hinges on the level of policy, procedure, and clarity in the area of patient finances. KMC University helps you keep the business side of your practice running smoothly and stress-free so that you can keep your focus on what you studied and worked so long for: caring for your patients.
Kathy recently gave a one hour webinar on coding and billing changes for 2023 to our membership. The feedback from attendees was extremely positive with a deep appreciation to KMCU for sharing timely, relevant and important information/changes for members to use in their practices immediately. Thank you for sharing your expertise with Vermont, KMCU!