When I first purchased my decompression table, I had always planned on using it to create a nice cash generator for my business. I remember all of the time that I took researching the right table and finding the best deal. I finally found the right table, and I spent around $11,000 by the time it was delivered to my office.
I was so excited to start putting patients on the table and helping them with chronic pain and disc problems. I just knew that once I bought it, I would start making additional cash for the practice.
What ended up happening?
Almost a year went by and it started to collect dust in the corner of my practice. What was worse is that the few patients that did end up using it, I didn’t even charge them for it. I was pretty much giving away decompression for free. And I probably would have kept on going that way until…
MASSIVE INSURANCE CHANGE!
“That drop in reimbursements, coupled with a low amount of cash collects almost crippled us.”
Major Insurance had always been a big part of our practice collections. At the time, I had been collected about 85% of our revenue from insurance reimbursements. The rest was a combination of cash and personal injury. I was guilty of not having balance in my reimbursements. Practically all of our collections were coming from insurance. What happened? A few of the major carriers changed their policies and overnight our insurance reimbursements dropped 60%.
That drop in reimbursements, coupled with a low amount of cash collections almost crippled us. Virtually overnight, our monthly collections dropped by 40-50%, and we were barely covering our overhead. My stress went up and I was close to having panic attacks every time I walked into the practice.
I knew that I had to start collecting more cash for the practice. (if this sounds familiar, I have some strategies for you below)
But how was this going to happen?
DECOMPRESSION TO THE RESCUE!!!
I decided that I was going to actual start using that dusty decompression table that was sitting in the corner barely getting used. I was going to actually start to sell decompression packages cash and add that service to my care plans to sell my packages at a higher fee.
So how did I take my decompression collections from 0 to $30,000 a month (cash) in 90 days?
#1 - Selling Decompression Packages to Existing Patients
I started by creating a 10 and 20 session package for existing patients of the practice. What we did was give any existing patient who had disc issues 1 free session. Once they tried it, we had them come back the next visit and we presented a package of sessions. 20 was the most popular and we discounted it based on how many sessions they purchased. The first month we did this, we ended up generating $12,000 cash to existing patients.
#2 -We added decompression to our existing care packages.
We added decompression to our existing care packages and up charged several thousand for the additional service. We ended up increasing our care packages close to $2000 for the addition of decompression, and went from 2800 to $4800 for a 40 session treatment plan. This ended up helping us grow our cash collections and we ended up selling at lest 4-5 of these packages each month.
#3 - I got good at sales & communication training.
I had to revamp my communication and sales skills. I had always been pretty strong, but moving to a majority cash practice requires improving your sales skills. It was not easy, but I got the coaching that I needed to really communicate more effectively and sell more services. It made a huge difference and is one of the reasons why we moved from a 15% cash practice to a 65% cash practice without losing too much revenue that year.
In the end, the transition took about 3 – 6 months and at the end of those 6 months, we had a practice that was 65% cash, 25% insurance and 10% PI. We were covering all of our operating expenses each month by the cash we were collecting. My stress went down and I felt way better about the health of the practice. I was less dependent on insurance collections and we had more balance in our revenue generation.
If you’d like to learn more about how to increase your cash fees and consistently sell $5000+ care packages, then sign up below to receive our Cash Freedom Blueprint: 5 Keys to Selling $5000+ Cases. In this Free Report, I share with you my blueprint for selling high case fees.
It’s a step-by-step process that you can use to sell your care at the highest fees possible. If you’re struggling with collected cash fees, this is a great place to start to learn more.
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Dr. James Roman, DC
For over 11 years, James has been involved in online marketing for healthcare professionals. Since 2007, he’s used online marketing to promote his and other’s health care businesses. After 11 years in private practice, he sold his highly success private practice in Atlanta to move out west to Denver, CO and start iVelocity Marketing. In addition to online marketing, he provides personal business consulting and coaching to several healthcare facilities and small businesses.