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While Most Physicians Continue To Battle Cash Flow Problems and Shrinking Reimbursements - How Is It Other Doctors Are Thriving?

April 18, 2011

by Shawn Michael Fisher

Categories Practice Services

It's getting tough out there.

Walk around any medical conference and you'll see a lot of doctors starting to look nervous.

With insurance reimbursements taking hits across the board and operating costs rising every day, more and more physicians are expressing their concerns about the future of their practices. Many are already upside down, losing money every month (or barely breaking even), just hoping to wait it out, hoping it will turn around somehow.

But hope doesn't keep the lights on. And with an increasing number of physicians gravitating to managed conglomerates in pursuit of a modicum of security, and with those managed conglomerates hammering the market with all the might they can muster, the independent physician running his own practice is having a hard time surviving, much less thriving.

Or so it is for most doctors.

Though not for all of them . . .

While most doctors are struggling, some forward-thinking physicians have seen the writing on the wall and have reminded themselves of one of the great truths in business today:


"The best solution to a cash flow problem - is to bring in more cash."


Cash is king. And in adding popular cash-based procedures to their practices, these physicians are changing the entire equation and flipping the old model on its head.

Instead of working 60 hours a week hoping that the pittance doled out by the insurance companies will somehow pay the bills, some doctors are taking a different approach.

The most astute physicians are now boosting their profits through offering their patients elective cash procedures. As a result, these doctors are working less and earning more. In giving the market what it wants - and collecting cash for what it wants - they have begun working smarter, not harder.

Old ModelNew Model
Precarious ReimbursementsPopular Cash-Based Procedures
60-Hour Weeks40-Hour Weeks (and Fridays Off)
Routine Stress and PressureConfidence and Enjoyment
The GrindTrue Lifestyle


Cash-Based Laser Procedures Top The Charts

Some of the most lucrative and popular cash procedures being offered involve assorted medical and aesthetic laser treatments. Because of their effectiveness, laser procedures are becoming more and more popular - and what's more, the public would appear to prefer to have these procedures performed in a medical office, by medical staff, with a medical-grade laser.

"Patients are asking for the treatments," says Dr. Kevin Gavin, of Algonquin, IL. "If we can offer the procedures in our practice, it not only makes us more profitable, but also ensures the patient of the best possible results, the greatest safety, and the most effective care."

Dozens of popular medical-aesthetic laser are commanding substantial fees, typically to the tune of $800 an hour (and often much higher).

And patients are cheerfully paying for them.

Common Laser ProceduresTypical ProfitsTime For Treatment
Varicose Veins (Endovenous)$3,000 - $500030 - 90 minutes
Spider Veins (External)$400 - $1,60030 - 120 minutes
Laser Lipolysis$1,500 - $4,00030 - 120 minutes
Facial Veins$200 - $5005 - 15 minutes
Acute Acne$200 - $80015 - 60 minutes
Rosacea$400 - $1,20030 - 90 minutes
Onychomycosis (Toenail Fungus)$800 - $1,2005 - 10 minutes
Warts (and Verrucae)$200 - $1,0005 - 30 minutes
Hair-Removal$800 - $2,00060 - 120 minutes


Combining the right laser, the right training, and the right marketing can easily generate a very comfortable six-figure income stream for a physician's practice. (Figures ranging from $250,000 to $500,000 a year are not uncommon.) Those are serious numbers. And these lasers do not have to cost a fortune, either. Typically one or two patients a month will cover the doctor's entire investment.

And what might be most appealing to the doctor is that his staff can often handle scheduling and performing the laser procedures without his direct involvement, leaving the doctor free to see patients as usual, all while enjoying the increased profits the laser brings in - almost on its own.

Of course this doesn't have to be a $500,000-a-year production. Even when the laser plays a smaller role, its impact on a practice can prove substantial, bringing in not only fresh profits but also new patients and added referrals. Simply as a practice-builder, a laser can prove a tremendous advantage. And when you think about it, even low six-figure cash influxes can make a real difference.

Says Dr. Gregg Petty, of Texarkana, TX: "If we can schedule two very simple 10-minute medical laser procedures and just one hour of aesthetics each week, easily drawn from our existing patients and from our marketing and referrals, that works out to an almost effortless $145,600 a year in cash income for the practice. That hour and a half each week is what keeps us cheerful and optimistic in an otherwise challenging market. And when you double those numbers, to just three hours a week, and we are bringing in over $290,000 a year in cash - well - that changes everything."

Emerging Turnkey Solutions

In February this year, Healthcare Networks of America (HNA) gave its exclusive endorsement in the realm of medical-aesthetic lasers to Professional Laser Solutions LLC and its line of world-renown Fotona lasers.

Professional Laser Solutions LLC is making its entire focus that of helping doctors successfully add cash-based laser procedures to their practices. They train the doctor's staff and arm them with iPads to consult patients; they set up a suite of in-office marketing tools; they roll out websites and online marketing campaigns; they set up local referral partnerships for the practice.

According to the website of the Physician's Business Academy (PBA), Professional Laser Solutions "helps doctors quickly and easily build substantial parallel cash income streams for their practices, freeing up the doctor's time, crushing his debts, protecting him against concerns over dwindling insurance reimbursements, and ultimately transforming the lifestyle he is able to provide for himself and his family."

Lifestyle is something too many doctors have given up on achieving. But with a substantial cash income stream, and the right financial planning in place to take the greatest advantage of it, it really is possible to transform a doctor's practice - and his life.

A couple hundred grand a year in cash removes a lot of worries.

Two Webinars You Won't Want To Miss

One of the top medical figures with Healthcare Networks of America, Dr. Richard Jacoby of Scottsdale, AZ, will soon be conducting a series of webinars, leading off with the unambiguously titled piece:


"How To Easily Add a Substantial Six-Figure Cash Income Stream
To Your Practice With Laser Procedures."


If you would like to sign up for an invitation to the webinar with Dr. Jacoby, and grab some additional free information on successfully adding cash-based laser procedures to your practice, visit:

http://www.medicallasersolutions.com/OJM.htm

The webinar audience will be limited to only 250 seats, however, so if you are interested in looking further into building a significant cash income stream for your practice with laser procedures, be sure to act now and visit the link above to sign up before the seats are all taken.

What's more, everyone signed up for this webinar will also receive an invitation to a second webinar featuring David Mandell, JD, MBA, a principal of the OJM Group, who will be speaking on the subject of how to reduce your taxes and increase your take-home in the face of a sudden six-figure cash influx to your practice.

Don't miss this opportunity.

Sign up today and grab your invitation - and learn how to transform your practice through cash-based procedures and create the lifestyle you and your family deserve.

http://www.medicallasersolutions.com/OJM.htm

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About the Author

Shawn Michael Fisher
President
Professional Laser Solutions, LLC
Dallas, TX
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