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Expand income stream

  • 1.  Expand income stream

    Posted 01-24-2018 15:36
    Life coaching was a vehicle I decided I'd use to expand my income stream and not change my practice style as payers tighten our reimbursement.

    The idea came out of a meeting with lawyers to determine what cash payments could I receive without coming close to insurance/CMS contracts.

    in my second year the offering has improved my overall bottomline while not taxing or adding more than an hour a week to the work week on the whole. Moreover response ( just to existing patients) has been good in many ways even from people who do not sign up as members.

    if anyone has questions about the set up, processes etc I'm happy to answer them.

    Adam Schwarz MD FACP
    Imp at heart through and through.

  • 2.  RE: Expand income stream

    Posted 01-27-2018 16:44
    I would like to hear more about how you incorporated life coaching into your practice.

    Karen Betten MD
    Betten Integrative Medicine
    Portage, Michigan

  • 3.  RE: Expand income stream

    Posted 01-28-2018 04:41
    I've been practicing in private practice for 10 yrs and before that in an aces demo practice for 10 years in the same town; the turn over is very low; 20 or so new patients a year. I rolled to life coaching out very explicitly to diversify the income stream AnD to capture billing not otherwise receivable. I described what primary care is, a box, all the traditional things we do, and then described life coaching as outside that box. We help with listening a lot about kids failing to launch, elderly parents who need advise about downsizing and where to go...advise about retiring and the next phase of life....these are the margins of a family doc that we give away as a trusted member of the community.

    I made it very clear that many people (patients) can't afford to pay for this and that we'd do it anyway but that if you could great! It helps pay for our time. I made an hourly rate to be available after hours so as never to impede clinic time; "the practice is not changing" in that way; it's the sole priority. 

    The framing was essential; the values aligned the the ideals of IMP; this is not concierge, but being honest does take the temperature of what value and resources your patients hold in case that shift down the road is needed.

    Few took the time after hours but it was exciting when they did. I ensured to see them in a conference room and send them a written letter (note) immediately after as well as a bill from the P.O. Box address, not the clinical address.

    The work setting and executing the practice is more that worth the actual additional time  and I like so many walk the walk of giving this time to everyone. 

    My staff does not know who is or is not in the membership group by design so as to have zero different treatment. The members don't get a different clinical care experience. If they reveal more detail of their life issues all the better for the clinical exchange; and I don't over offer if they are  ambivalent about changes and do not bring them up in clinical time. That multiple pathway awareness is typical to what we all do so it does not feel mental taxing.

    Adam Schwarz 
    Sent from my iPhone