Healthcare Provider Benefits of Joining Cash Price MD for Cash Medical Care

As many healthcare providers know, cash for healthcare is becoming more and more popular for providers and patients alike. For patients, even if they are insured, they may have a high deductible health plan, some far above the cost of the procedure. For example, a simple x-ray at an urgent care center can cost more for both the doctor and the patient than the service is worth. And with that, there is the hassle on the provider’s end to negotiate with the insurance companies, bill the patient’s insurance, and ensure the codes are properly billed. After all of that, there still may be a denial or uncertainty that you will ever get paid.

This is where Cash Price MD comes in. Cash Price MD is a cutting-edge technology firm that provides an online marketplace for patients seeking high-quality healthcare services at low-cost cash prices. Our upfront and transparent pricing model enables patients to make quality decisions in real-time while allowing healthcare providers to establish their costs. Without the intervention of health insurance corporations, our approach concentrates on the patient-provider relationship. We are making it more straightforward for Americans to connect with excellent healthcare providers and take charge of their health and wellness.

What is Cash Pay or Cash Price Medical Care?

When you receive medical care, the doctor or practice will often initiate a convoluted billing chain that extends from them through your insurer, back to the clinic, and finally to you. Deductibles, co-pays, and co-insurance are all considered during this process. In reality, most parties involved will have no clue what the patient’s and insurance’s final financial responsibilities will be. This entire procedure typically takes months and significantly contributes to the rise in healthcare expenses.

Cash payment is when you pay for medical care on the spot, similar to how you would pay for food at a grocery store. Many hospitals, clinics, and doctors offices are willing to accept a lower cost if the patient pays in cash because the money arrives instantly and there is no time-consuming paperwork or multi-party adjustment.

Price Transparency Tool Basics in regards to consumer and provider

As you likely are aware, the somewhat new price transparency tool is a tool hospitals use to enforce the price transparency rule, which states a requirement for hospitals to publish standard charges for all their services and items and to make the prices for the 300 most common services accessible in a consumer-friendly format. The rule took effect on January 1, 2021, but a year later, just 14% of hospitals were in compliance. However, as compliance becomes more widely completed, an alternative to paying cash for some of these services instead of using insurance is bound to become more popular.

The PARA Price Transparency Tool (PTT) ensures the hospital follows the CMS requirements for the upcoming and previous deadlines and allows the patient to determine their out-of-pocket cost from a provider-based web portal.

The web-based tool includes clear language and comprehensive support to better inform users regarding the cost estimates they wish to obtain.

The Advantages of Patients Who Pay Cash Over Insurance

There are several advantages to choosing a cash-only doctor or clinic.

1. Increased one-on-one time

One of the most significant advantages of cash-only physicians is that you often receive more one-on-one time with your patient. When you spend less time managing the bill, trying to figure out what will work best for the insurance company, and so on, you have more time to tailor the best solution for your patient, not just the one you can sell to insurance companies.

Many doctors spend 10-20 hours a week just providing notes, tests, and other documentation to satisfy insurance company’s needs to be reimbursed. This time can be better spent understanding your patient’s needs.

2. Greater Appointment Flexibility

According to the Journal of the American Board of Family Medicine, each full-time physician is allocated 1200 to 1900 patients. It’s no surprise that patients feel like cattle being herded into a corral when they arrive for an appointment.

Patients see cash-only physicians significantly less frequently. Some have as little as 200, while others have up to 1,000. Because they have fewer patients, these doctors can spend more time chatting and listening to each other. They can also provide same-day or next-day appointments to their patients without managing pre-approval documentation and verification.

Cash-only doctors have unlimited autonomy over how they treat their patients. Although office visits are frequently required, many medical conditions can be diagnosed using FaceTime or Skype. Doctors may also contact patients by text or email to save time and make themselves more accessible.

3. Transparency in Pricing

Even for sophisticated operations, a cash-only approach lets you understand precisely how much you’re getting paid for each service. Insurance companies have forbidden explaining rates in the past, but transparency laws are changing that. However, even with these laws, progress is slow. Doctors who are transparent about prices now face an advantage in doctor-patient trust, sometimes even if the cost is higher, because patients hate having to deal with paperwork.

Furthermore, by eliminating the intermediaries, cash-only physicians may provide numerous pharmaceuticals to their patients at a reasonable cost, frequently at wholesale plus 10%.

4. Improved Care

According to AARP researcher Dave Chase, doctors do not always have the discretion to treat their patients as they see fit. To be compensated by insurance companies, physicians are sometimes required to treat a patient’s primary issue in the manner specified by the insurance company. So, instead of talking to the patient or employing alternative treatments, they order a test or refer the patient to a specialist.

Cash-only doctors are allowed to address their patients’ health issues however they see suitable. After all, this is why they became doctors. Most doctors can construct a complete treatment plan that involves behavioral changes, procedures, and drugs that can address many conditions when they have the time and freedom to do so.

5. Attract New Patients

When you start using Cash Price MD, you attract new patients who pay before their appointment, making them more likely to show up and cancel less frequently. Our patient-provider-centric strategy assures total openness and no unexpected charges.

In addition, when you partner with cash Price MD, the patients come to you without having to market your services or benefits. When you partner with us, we do the heavy lifting in marketing and promotion, allowing you to focus on what you do best: caring for your patients.

How Does It Work?

1. Sign up and fill up your profile. We double-check your NPI, medical license, expiration dates, board certificates, and clinic information. Then set up your 30-day free trial membership. You are now active on the marketplace after both are finished and validated.

2. Choose the services you want to provide, personalize each, and establish your costs. Any service can be added, modified, or removed at any moment.

3. We advertise your profile and service offering to patients looking for high-quality treatment at reasonable pricing.

4. Patients search for and identify your one-of-a-kind service listing, pay CPMD in advance, and then contact your clinic to make an appointment. We hold the monies in escrow until the services are performed.

5. Your new patient arrives and is well-cared for. There is no need for medical billing and no money to be collected!

6. Every second and fourth Friday, we deposit your cash into your bank account, less a 6% CPMD charge. The CPMD charge covers all fees including:

  • credit card processing
  • any patient complaints, refund requests, chargebacks, or disputes
  • any banking expenses incurred as a result of direct deposits, scheduling, and payments
  • entire yearly accounting and 1099 tax docs
  • 24/7 Customer service and assistance are provided.

With Cash Price MD, the choice is simple. You don’t even have to give up your insurance patients. However, by offering a new alternative for your patients, you are incentivized to provide better services at better prices and less overhead than constantly dealing with the hassles of Medicaid and other third-party insurance coverage needs. So what are you waiting for? You have nothing to lose.

Contact us today and say goodbye to insurance headaches and hello cash medical prices for those who want to self-pay for medical services.