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#204: Tactical Tuesday: 4 Ways to Build your Bottom Line through Cash-Based Services

Healthcare Boss Academy Podcast

Release Date: 08/10/2021

#358: The Pros & Cons of Having a Business Credit Card show art #358: The Pros & Cons of Having a Business Credit Card

Healthcare Boss Academy Podcast

OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, presents the pros and cons of having a business credit card. If you choose to have one, he provides tips on how to use the card wisely. EPISODE HIGHLIGHTS: Jason shares an example of someone who funded their startup with a business credit. He changed his mind on the business and presumed he wouldn't be held personally responsible for the debt. He was wrong. Jason explains the differences between a small business credit card and a corporate credit card. A corporate credit...

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#357: Are You a Creator, Controller or Owner? show art #357: Are You a Creator, Controller or Owner?

Healthcare Boss Academy Podcast

OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy talks about how to create wealth in today's economy, including the two ways to do this and the three types of people who create wealth through their assets.    EPISODE HIGHLIGHTS: The right way to create passive or semi-passive wealth is to create multiple assets vs trading your time for money or ‘working your ass off.' There are three categories of people with assets: creators, controllers, and owners. Creators generate revenue using their mind to build or create...

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#356: Systematizing Multiple Streams of Revenue show art #356: Systematizing Multiple Streams of Revenue

Healthcare Boss Academy Podcast

OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy, talks about if and when you should consider looking into multiple streams of revenue – and how to systemize them.   EPISODE HIGHLIGHTS: Creating multiple streams of revenue may be the obvious way forward but it also has its pros and cons. Timing and taking little steps should always be your focus if you want all of them to succeed. Systemize your streams of revenue. Doing everything at once will only lead to inefficiency and even failure.  Stop pulling yourself into...

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#355: Find Your Capital-S Story and Communicate the Value of Your Business Through Effective Storytelling with Paul Furiga show art #355: Find Your Capital-S Story and Communicate the Value of Your Business Through Effective Storytelling with Paul Furiga

Healthcare Boss Academy Podcast

OVERVIEW: “Some are born great, some achieve greatness, and some hire public relations officers.” – Daniel J. Boorstin Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, sits down with Paul Furiga, President and Chief Storyteller of WordWrite. In this episode, Paul shares decades’ worth of knowledge on Public Relations, such as various PR concepts, how to use PR to gain success, and his take on the difference between Advertising and PR.  EPISODE HIGHLIGHTS: He spent about 20 years in Journalism, wrote about 10,000...

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#354: Are you an aspiring entrepreneur burdened with student loan debt? show art #354: Are you an aspiring entrepreneur burdened with student loan debt?

Healthcare Boss Academy Podcast

OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast talks about how – and if – you should start a business when you have student loan debt.   EPISODE HIGHLIGHTS: In the US, student debt totals 1.6 trillion dollars. The average student graduates with just under 38k in student loans. And 15% of the US population currently has student loan debt. Jason shares five tips for those struggling with student loans yet still want to launch their business. First, choose your institution wisely. As a student, think about the return...

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#353: How to Build Audiences, Authority & Connections show art #353: How to Build Audiences, Authority & Connections

Healthcare Boss Academy Podcast

OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, talks about how to become a guest on a podcast show. He also discusses the benefits of being a guest, including building your authority in your area of expertise, growing your audience and developing connections.    EPISODE HIGHLIGHTS: Being on a podcast show is similar to appearing as a guest on a YouTube channel or writing a guest blog post. It allows you to reach new audiences.  Jason has five tips for becoming a guest on a podcast show ability to speak well...

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#352: Using Innovative Technology in Healthcare to Improve Patient Care and Clinic Efficiency with Kathrine Saunders show art #352: Using Innovative Technology in Healthcare to Improve Patient Care and Clinic Efficiency with Kathrine Saunders

Healthcare Boss Academy Podcast

OVERVIEW:  Obesity is a disease. It's not just a lifestyle issue. Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, sits down with Katherine Saunders, Co-Founder of Intellihealth, Diplomat of the American Board of Internal Medicine and the American Board of Obesity Medicine, and Host of the Weight Matters Podcast. Join us in this episode as we debunk the long-standing stigma surrounding obesity and learn more about Katherine and Intellihealth's mission to bring accessible medical obesity care for all.   EPISODE HIGHLIGHTS ...

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#351: 3 Ways to Attract Top Talent: Autonomy, Title & Flexibility show art #351: 3 Ways to Attract Top Talent: Autonomy, Title & Flexibility

Healthcare Boss Academy Podcast

OVERVIEW Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, talks about how to attract the top talent to your team when starting or running a new business. EPISODE HIGHLIGHTS: If you’re launching or starting a new business, building a team of talented people is important for growth. When you have a great team, you can deliver great products and service.  When it comes to hiring new employees, position the benefits of working for your company, especially if you can’t offer a big salary.  One advantage of working for an...

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#350: When Should you Discharge an Angry Customer? show art #350: When Should you Discharge an Angry Customer?

Healthcare Boss Academy Podcast

OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast talks about the best way to manage irrational and overly demanding customers. EPISODE HIGHLIGHTS: When you own a business, complaints are something you can't escape. There are ways you can manage angry customers while maintaining the integrity of your company.  Be empathetic and listen to what unsatisfied customers are saying. Put yourself in their shoes and really listen to the core reason behind their complaint.  Unhappy customers are louder than happy customers....

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#349: From Pharmacy to Agency: How David Lu Changed His Trajectory with Video Production show art #349: From Pharmacy to Agency: How David Lu Changed His Trajectory with Video Production

Healthcare Boss Academy Podcast

OVERVIEW: “We're not competitor-obsessed, we're customer-obsessed. We start with what the customer needs and we work backwards.” — Jeff Bezos Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, sits down with David Lu, Founder of Axon Video Strategy. In this episode, David shares how he combined his years of Pharmacy experience, passion for Business, and for Video Production expertise to build his value-driven career today. We also learn what separates a regular skill from an in-demand, client-centric service. Tune in to learn more...

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More Episodes

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast talks about the top four reasons for opening a  cash-based practice. He highlights the challenges practice owners face when it comes to insurance reimbursements. He also provides tips and options for anyone thinking about starting a cash-based practice.

 

EPISODE HIGHLIGHTS:

  • There’s a misconception that clinicians and healthcare providers need to accept insurance to create a successful practice.
  • Many healthcare professionals are moving away from accepting insurance. There are niche practices finding success through cash-based models, including surgical and primary care. 
  • The first reason for having a cash-based practice is there’s less regulation and you have more freedom as the practice owner. 
  • When you accept insurance, you’ll need to manage your revenue cycles. This will include submitting bills with some getting declined and some requiring resubmitting. This creates massive problems and issues.  
  • When it comes to revenue cycle management, you should hire someone or a company to help you, which means giving up 4-7% of your profits. 
  • The second reason for considering a cash-based practice is you get paid upfront. If you accept insurance, you’ll experience delays in payment 30-60-90 days. 
  • Insurance-based practices need a lot of cash in the bank to fund business expenses while waiting for the stream of income to come in.
  • The third reason is you can provide better service with a cash-based practice. Your patient pool will expand because the middle and upper classes are willing to pay for better service. 
  • Jason shares his experiences with his primary care physician who’s part of a direct pay practice. 
  • Jason pays $70 a month which includes service benefits like being seen the same day, having a short wait time for appointments, and getting cost-effective generic prescriptions filled.
  • Finally, the last reason for starting a cash-based practice is employers are looking to save money. Employee premiums are rising 6-7% annually and employers are eating this expense. 
  • One option employers are exploring is providing memberships to direct primary care and supplementing with catastrophic insurance. 
  • As a clinician, you can easily sell direct primary care to employers. 
  • Jason is considering offering a new course focused on cash-based practices. If you’re thinking about opening a niche practice, contact Jason to share the types of services you’d like to offer and other topics of interest. Contact info: [email protected].

 

3 KEY POINTS:

  1. You’ll have a massive amount of freedom as the owner of a cash-based practice.
  2. Because cash-based services are paid upfront, you don’t have to deal with revenue cycle management issues and can provide better service for your patients.
  3. Insurance premiums continue to rise so employers are looking into alternatives like memberships to direct primary care and cheaper catastrophic health insurance. 



TWEETABLE QUOTES:

“A cash-based practice is where it’s at from the provider standpoint and the patient’s standpoint.” - Jason Duprat

“To me, it’s a no-brainer. Why wouldn’t you want to start a cash-based practice?” - Jason Duprat

 

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

 

RESOURCES:

  • Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
  • Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
  • Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea