Obama care 2013...Insurance cost goes way up..... employers pass more of the cost onto employees... employees just can't afford it...employeees drop vision and dental or the whole plan... patients we are accustomed to seeing annually (because they have vision plans) now only come to us when they can't see clearly. what happens to cash flow?
Welcome to the world of taking no insurance! We enjoy it and do well by it!
HSA's will be a big year end hit to the industry over the next few years. Our insurance is eliminating the Flex Spending accts that accumulate money for the current year and you lose it if it is not used. So the past few years have been eye exams and glasses for the family to the point of spending the remaining dollars in the acct. Now that we are switching to the HSA where the money is mine and will carry over from year to year, the end of year shopping spree will not be so urgent...
Indeed, some would do quite well under this scenario. It depends upon the practice. For some practices, it will be addition by subtraction.Originally Posted by optical24/7
HSAs still require the patient to spend their own money and also not receive big discounts off u/c prices (copays)
You can give away most of your business to managed care or you can utilize the opportunity to offer unique products that do not flow thru the insurance world. It is called retail and Lenscrafters figured that out while the OD's and MD's of world tried to pretend it was not important.
We could not offer the service we do and take insurance at the same time, so insurance going away is good for all expect the middle management who make up the insurance company.
There will still be low, middle and luxury with or without insurance sucking $$ out of the system and not adding anything back!
Yours or the insurance company? I'm serious...
You probably make less then 1/3rd the profit with a vision plan.
Instead of seeing you every year for $100, they'll see you every 3rd year for $300 and take better care of their glasses because they now know the value.
This scenario gives you the flexibility to sell any frame, lens and use any lab you choose.
It will require less time to sell one quality pair instead of 3 "give me what my insurance covers" pairs which in turn will increase your customer satisfaction and retention which in return increases your cash flow.
From our theorectical point of view this is fantasctic. Now, put yourself in the consumers shoes. What was only costing you around $25 to $230 is now going to cost around $230 to $600. Don't you think that it might be too much of a shock to the system? Or do we lower prices since we are no longer getting the poor margins of 3rd party reimbursements?
First batch of patients came in NOW having to pay for their vision plans (instead of their employers paying) and not too happy about it. But still happy to have a plan!
Hmmm...
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