Why some doctors act like battered spouses when it comes to abuse from Big Insuarnce
Let me apologize in advance. This blog post will definitely anger some of you — but trust me when I say that my heart is in the right place. I very much am on a mission to “fix” chiropractic and make you guys waaaaaay more profitable and avoid the burnout that I am seeing all around the industry.
For the past six years now (perhaps longer) I have been pounding the table to urge our PBC members and Ben’s Apprentice Clients to reduce their dependency on Big Insurance and to “phase in” moving towards all cash.
What has been the result of the move towards 100% cash
Not once — I repeat that NOT ONCE — has a doctor that drop kicked insurance to the curb regretted it. In 100% of the time all my clients have raved about life “AFTER Big Insurance.”
Yet I still get massive resistance to this. It is like the abused and battered wife who continues to return to the hideously violant husband simply from — FEAR OF THE UNKOWN. To the spouse, the fear of change is GREATER than all the abuse and battering.
This short article below from a recent Dan Kennedy newsletter will perhaps change your mind about insurance once and for all.
Dan Kennedy Case Study — Doctor’s Drop Kick Insurance to the Curb and Live to Talk About It
From the January 2012 No B.S. Marketing Newsletter by Dan Kennedy:
A SURPRISE FROM THE FAST-APPROACHING FUTURE OF HEALTH CARE
In a town in North Carolina, Dr. Brian Forrest, M.D. had had enough with insurance billing complexity and costs, worried over Obamacare, so he stopped accepting insurance – period – and decided to deal only with patients willing to pay him directly.
He imposed a $399.00 yearly ‘membership fee,’ but then charged less for most services than he had billed to insurance companies, and slashed the number of patients being taken care of, but quickly found his practice was more profitable – given zero collection costs, and a 2/3rds reduction in overhead.
He’s able to spend more time with each patient, provide quicker access and better service, work less, manage a lot less, and make more money. He and two other M.D.’s have also pioneered their own direct-buy health plan that businesses can purchase for their employees instead of traditional health insurance – and under the Obamacare rules, providing this exempts employers both from requirement to provide insurance and the fines/tax for not doing so.
So the “surprise” here is that you can dump 2/3rds of your customers and with them 2/3rds of your overhead, deliver superior service to a smaller number – and increase net income.
So I repeat my original question…3>
Are you stupid for STILL taking insurance? Oh yes, I too can recite the 101 plausible reasons you will try to give me to explain why “YOU” are different, unique, and in a position where you simply “have” to take insurance.
Know what I say to that?
I work with more DC’s than perhaps anyone in history, certainly been around the block longer than 99% of the consultants in our industry, and I can tell you this:
There is no reason Big Enough that you could ever give me, for putting up with the battering and abuse you have been putting up with from Big Insurance. Period. Big insurance is an illusion — you “think” it provides income and stability but that is a desert mirage.
Insurance = Net Profit Killer Par Excellence.
Instead taking insurance is a Net Profit killer, it mentally destroys most, and overhead costs skyrocket so that you can “make more” from insurance. Can you say — battered spouse syndrome?? Fear of the unknown is keeping you enslaved to insurance. That is a fact. Ask any Business Person – not a chiropractor – and they would look at the numbers, the situation, and what the trust “costs” of taking insurance, and they would say:
“Are you insane to continue to do this? That is a BAD business model.”
All I ask is this: That you give VERY serious consideration to what you’ve read, the actual experiences of MD’s — who are even more entrenched in insurance than chiropractic – and even by “losing” 2/3rds of their patient base their net profits are UP. Just let that little tidbit sink in, and you might just change your practice and your life for better.
Okay… post your comments below! I’m ready for ya!