Pros and Cons of a Cash-Based Practice

We're taking an honest look at the pros and cons of working in a cash practice.As most of you know, PelvicSanity is a cash practice and we've been working without interacting with insurance companies for more than 7 years.But that might not be the right decision for everyone.  So we want to lay out the pros and cons.  Whether you're a 'wannabe' considering your options or an already established business wanting to make sure you got it right, this should help!Clinical - CashCash practice gets insurance completely out of the picture.  Hour-long (or two-hour) treatment sessions, wellness, working with patients for a longer plan of care - as long as you and the patient believe it's worthwhile, you can do what you clinically believe!Financial - CashIn terms of profit margin and the financial metrics, a cash practice wins.  You have control over your profit margin, instead of insurance capping reimbursement.  There are no cash flow issues.  Marketing & Sales - InsuranceThis is always the biggest challenge for cash-based practices.  Being 'in network' literally means you're part of a referral network.  You might still have to do some work, but you should have a much easier time in an insurance practice of getting patients to call and schedule.  Your ability to do this in a cash practice is vital for success. Ability to Grow - TieBoth types of practices can grow, and have different issues.  An insurance-based practice often has the patient volume to grow, but with low profit margins it can be difficult to hire and expand while still paying yourself.  A cash practice can expand with good profit margins, but the marketing and sales need to be on point.Lifestyle - CashWith a cash practice you can work fewer hours.  You don't have insurance BS.  You don't have a biller.  And you can treat how you want.Business ResourcesWhether you're a business 'wannabe' or an established practice, we have some amazing new resources in our Business Resources (www.pelvicptrising.com/business) - check them out!About UsNicole and Jesse Cozean founded Pelvic PT Rising to provide clinical and business resources to physical therapists to change the way we treat pelvic health.   PelvicSanity Physical Therapy together in 2016.  It grew quickly into one of the largest cash-based physical therapy practices in the country.Through Pelvic PT Rising, Nicole has created clinical courses (www.pelvicptrising.com/clinical) to help pelvic health providers gain confidence in their skills and provide frameworks to get better patient outcomes.  Together, Jesse and Nicole have helped nearly 200 pelvic practices start and grow through the Pelvic PT Rising Mentorship Program (www.pelvicptrising.com/business) and business courses to change the way pelvic health is administered. Get in Touch!Learn more at www.pelvicptrising.com, follow Nicole @nicolecozeandpt (www.instagram.com/nicolecozeandpt) or reach out via email ([email protected]).Check out our Clinical Courses, Business Resources and learn more about us at Pelvic PT Rising...Let's Continue to Rise!