As a leading medical financial planning firm, of course we advocate for appropriate billing structures, but of course we know and respect the unwritten rule of not charging colleagues.
However, this unwritten rule is quite traditional and we are seeing it being challenged in a modern practice. It’s not for everyone, especially in the face of a cost of living crisis amongst rising insurances, college fees, education, investor and administration costs. So what is the answer?
Whether you’re a GP, specialist, or working within a multidisciplinary clinic, navigating fee options can be complex, but the right strategies can help you optimise your practice for long-term success.
One would think having Doctors and their families as patients was an incredible testament, but not when they all come with the expectation of no gap billing.
We’d like to put forward some key communication advice to convey your policies to patients and colleagues in a professional and compassionate way, ensuring transparency while safeguarding your financial sustainability.
Discussing fees with patients and colleagues can be a delicate matter. The key is to communicate your policies in a way that is professional, respectful, and aligned with patient care.
Here’s some handy phrases to use when informing patients about out-of-pocket costs
- Transparency: “For this consultation, there will be an out-of-pocket fee of $X. Medicare/private insurance may cover a portion, but you will need to pay the gap.”
- Empathy: “I understand that medical costs are not always clear amongst colleagues. Let’s go over your options and see what might be covered by Medicare or your insurance.”
- Flexibility: “If the out-of-pocket fee is a challenge, we do offer concessions for certain patients. Let me know if you’d like to discuss that further.”
- Reassuring quality of care: “By offering private billing, we can dedicate more time to your care and ensure that you get the attention and expertise needed for your situation.”
Phrases to use with colleagues when communicating a shift in billing practices
- Informing about private billing: “Our clinic is shifting toward private billing to ensure we can continue offering high-quality care.”
- Framing as a community effort:”We’re working to find a balance between maintaining accessibility and covering the true costs of our services, especially for more complex cases.”
- Communicating a favour without guaranteeing it: “In certain cases, I’m happy to bulk bill if I can, but I can’t always guarantee that for every patient. It’s important for me to balance accessibility with sustainability.”
- Addressing concerns from colleagues: “We know that out-of-pocket costs can be challenging for some patients, and we’re committed to doing our best to provide support where possible, but we also need to ensure that we’re able to maintain the financial health of the practice.”
- : “For this case, I’m happy to work with the patient on fees. Let’s see how we can make it work together, though I’d like to clarify that we can’t do this for all cases or for every visit.”
Ultimately, our advice is do what is comfortable for you, especially if you consider the shoe on the other foot – and you need a medical specialist or your family or children are off to see a specialist. What are your expectations?
By: Walshs Financial Planning
