thinking about transitioning to a cash based practice so that you could just focus on helping your patient instead of figuring out what codes and how to jump through hoops, and then you’re in the right place.
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If you are tired of dealing with the hassle of insurance, the paperwork, the, it’s taking too long to get reimbursed, sometimes even insurance companies saying that you have to jump through these hoops and even taking your reimbursement back. and you’ve been thinking about transitioning to a cash based practice so that you could just focus on helping your patient instead of figuring out what codes and how to jump through hoops, and then you’re in the right place.
But how this is Chen and your six and seven figure practice makeover mentor@introvertedvisionary.com and your host for the AAC show today. And today we’re gonna talk about. Just from having a lot of experience with helping our acupuncturists and other holistic health practitioner clients transition from an insurance based practice to cash-based practice, I’m gonna share with you some pearls of what has helped our clients with that transition well, so that you can apply if you’re thinking about transitioning to cash based practice or already planning on doing so.
So the, there a couple things in terms of. Certainly. Let’s first talk about some benefits of cash based practice, and then let’s also have a look at some of the biggest challenges to transitioning and what to do about it. So some of the benefits are that you don’t end up having this waiting period.
You could get paid right away. Also, you don’t have to have either yourself spend time on this admin stuff or having to hire a biller or someone to chase after claims and different things like that. No more cat and mouse kind of game, right? so many benefits of, or being able to, to transition, but what are some of the.
The challenges to to transitioning that I often see, So one of the things that I hear is that but if they’re used to paying for insurance, then once I transition to cash, then they’re not going to be staying or that I want to still be affordable. And by the way, in terms of if your patients are used to paying for insurance and you’re afraid that they’re, they won’t end up continuing to work with you.
I’m going to share with you a couple of practical tips that will help you with this. But the most important thing is if you have a way of attracting new patients in the door, even if you some patient. Don’t end up staying with you, you will still have a patient flow of of new patients willing to pay cash if you know what you’re doing.
And then as far as the concern about, I want to still be affordable. So I think it’s very important for you to be in alignment with your own practice philosophy and if there are still reasons where you really want to accept insurance and keep doing that, but there’s still. But some of the shortfalls of that is you may need to see a higher volume of patients in order to be sustainable in your practice.
Or you need to hire or things out like billing or have higher expenses related to that or your time insanity, right? So there’s a trade off with that. So it’s just a matter of you choosing what’s most in alignment for you and then. If you’re not liking it, explore other options like transitioning to cash’s practice.
But some of the other things that I hear are, But what about the economy? So even during the start of the pandemic and when people were freaking out and being concerned about how, I’m not working right now and not making money, things like that. In, in terms of potential patients in that situation, even during the start of the.
When potential patients might have been in that situation or there was just this fear about things there were still acupuncturists who were doing just fine with cash based practices. In fact, some of our clients who are, were completely cash based, were doing great during even the start of the pandemic, during the pandemic and even, and also now as well too.
There’s always a, at any economy, there are people who have the ability to pay cash there. Are there gonna be people who may not be able to afford it? That might be true, but there are always, in any economy, even if there’s a recession, there’s always people. Who are able to and willing to and open to paying cash and interested in seeing you in your cash based practice.
It’s just a matter of being clear about the who you would really like to be helping. So let me share with you three tips to transitioning to a cash-based practice. And I feel like the very first one, Is very key. When I, when you hear me say it, you’re gonna think, Oh yeah, I know that.
And then you might think, Oh, I’ll just skip a scope, but what about the next one? And and yet I feel like this one that I’m about to share with you is one of the reasons why a lot of acupuncturists don’t do it is just mainly because of this main reason. And is the distinction between those who don’t do it and who do it.
What’s the distinction? is being really confident in your abilities as an acupuncturist and in that you’re totally worth, people paying you even if it were cash based practice. So when you are able to show up from that place of confidence and that sense of where you are really the expert. and a both in the knowingness that you’re an expert and in that you are good with your clinical skills, then it’ll make it an easier transition to you having a cash based practice if you’re still feeling like you’re.
Not that good clinically or you are, You have a lot of fear coming up around this then in terms of how to transition, then maybe it’s not time to do it yet. You really owning that energetically is going to be the key to everything else I’m gonna share with you beyond this as well. . And then the second thing is and also I was gonna mention related to the first thing, cuz otherwise how come there are acupuncturists and other holistic practitioners we’ve helped who’ve come straight out of school, they’re totally fresh grads and they start off with a cash based practice.
In fact I have a, an acupuncturist client who just did that in the last two months and she is at 12 patients a week, and she could be seeing more actually. But she does go and goes to where they, the her patients are. So she’s more limited with being able to travel and that kind of thing.
That’s her preference right now. But There, otherwise she has the capacity to see more, and she has a hundred percent cash based practice straight outta the school. People are totally happy to pay it. So why is it that, that some fresh grads can do that, but then some acupuncturists are have been in practice for 20 years and are still afraid that if they were to transition to a cash based practice and then people won’t, will stop coming.
So that’s why this confidence factor and you really owning that your expertise makes a big difference. So then the second thing is to carve out your differentiating factor and what is your differentiating factor? What’s your specialty? By the way, specialty doesn’t mean that you always have to focus on.
One particular kind of health issue or anything like that. It’s just really looking at what differentiates you and how can you help people see that you are the one to go to, whether it’s in your community, whether it’s for a particular kind of a health issue that you’re the go-to person to go to, whether it’s for a certain kind of patient experience too.
So have you ever thought about that? What is your differentiating factor? Of your practice that makes your practice the experience of a patient coming through your clinic different than the experience of other people going to other acupuncturists. And if the reason for that is it’s either unique or it’s very, Like it’s something that people really want then, and you also are able to communicate that in such a way that people feel like, Oh, I just have to go see her, or I have to go see him.
Then you it’ll make it a lot easier for you to transition into cash base practice. And they’re not just comparing you like, Oh wait, but my insurance covers this. They’re feeling like I just need to see you. And so this could. Also there, there could be, as I mentioned, it could either be that you become, decide to really carve out like this, I’m the go-to acupuncturist for particular health issues.
Or it could be the patient experience whether it’s like you can always get seen within x number of hours. Maybe that’s your differentiating factor, right? That maybe it could be that they don’t have to travel, that you go to them. Maybe it could be that you are the, you’re just the go-to acupuncturist within this kind of, this vicinity in, in, in the area.
So it could also be how you showcase your credibility factor. So one of our clients who has a cash based practice, Whenever someone would call at her front desk and then they weren’t really sure if they cuz yeah, they weren’t really sure if they wanted to book with her. One of the things that her receptionist says before they hang up the phone is, go check out all our five star reviews on Google.
So that’s an example of where a contributing factor to your credibility factor. So how clearly are you showcasing your credibility in whether ways like reviews or in how you describe your clinic and how it’s different or in how you’d describe your story and journey and your expertise. Those are all aspects that make up your credibility factor.
That’s really important to help you with transition more seamlessly. And then the third key to transitioning to a cash based practice smoothly is having a way of explaining to people in such a way that, that they they like they’re totally willing to pay cash, right? So where you are able to be prepared with what to say.
To and the right visuals that support it too. So when we work with our clients and get a few key visuals in place and then make the transition, the patients, the existing patients also are able to. Not only like verbally hear it from you or experience from you about how you’re like the person they wanna still keep seeing, but also what’s happening in terms of what do they see on your walls?
What do they see in what you give to them that makes them just see this clinic, or see you as an acupuncturist as this is the place I still need to go to because. , there’s nobody else who does it like this, right? So do you have visuals in place that really differentiate your practice?
And I found that when we get these in place with, in working with our clients, it makes a huge difference in transitioning to cash based practice. Now, the fourth thing, a bonus tip here is. , you can also consider offering other kinds of products or services too that can help support cash flow in the practice as well.
So these could be either additional streams of income related to supplements, herbs, or there could be products that you feel like are beneficial for your patients or even just a lay public. It could be ancillary services, whether it’s, for example, an acupuncturist client of ours is doing point injection therapy and she end.
Making additional income stream by adding that on top of the acupuncture treatments. We have clients also offering other types of anular services that are in alignment with the rest of their practice, whether it might be microneedling or it might be having other practitioners in the clinic like are doing, fertility clinic and offering our Vigo massage.
And then there are also. Opportunities for, even things that don’t require your time. For example, maybe they’re, you feel like foot baths or sauna is great. Ionic fit foot baths or saunas or, that kind of thing that you end up having at the clinic, which can also help support your patients and cash flow.
And that can also. Be helpful as you’re transitioning to cash based practice, although for most of our clients in that timeframe of transitioning focusing on one main thing, which is about. Being able to have good communication with your existing patients so that it’s a seamless transition and that most of your patients do end up staying with you is the most important thing to focus on.
And then also with bring in new patients that are willing to pay cash and this is what it is. So some of, sometimes acupuncturists tell me they’re like But I’m still a little afraid that if I go all cash then I’m just not gonna have enough patience because that’s just how it was.
And how I, I used to track people through insurance companies. And so part of it in looking at this is by thinking about this, it’s like radio weights. If you are sending certain radio signals at at a frequency, let’s say it’s like 89.5, right? Is what you’ve been sending radio waves at for insurance, then you’re gonna keep attracting the insurance patients because of what you’re doing.
But if we just tune your frequency to 94. Nine . And then your, all your communication, all your messaging, all your radio waves are all about that, whether it’s in what you say, what people see also in your marketing and your communications with, then you’re attracting a different kind.
Of patient who is at that different wavelength. And so that’s what we need to get in place. And then you will be able to feel really comfortable with transitioning to cash based practice. And it doesn’t have to be hard, It doesn’t have to feel like you, you just, you keep putting it off until you get so.
Frustrated by having to deal with the headaches of insurance or having to stay late. For example, I know an acupuncturist who has a busy insurance based practice, he stays late every day to do charting and then and billing related stuff. His family’s not really seeing him like he has kids, and his wife is when are you gonna come home Earlier?
Because you’re missing your kids growing up, right? So you know, you don’t need to wait till it hits that point, because once it hits that point, you’re already burnt out. And then wanting to transition is just not as good of a place to be. So why not be able to plan ahead and then. Especially at the start of the year, it’s oh, is this a really good time to actually transition?
It is one of the moments of start of the new year. So new things on new practice, new you, new energy, right? In terms of, or evolution and reinvention. So if you are in a place where you would like help with transitioning to cash based practice, or if you would just like free six and seven figure practice makeover tips that can help support the growth of your practice so that you could grow with less stress and have a practice that you’re proud of, then go to introverted visionary.com, then go to introverted visionary.com and look around or book a free chat with us and happy to help you further.
Till next time.