There has always been some degree of instability in America’s healthcare marketplace. Insurance premiums and deductibles have only gone up, with consumers never really knowing just how much they’ll be forced to pay out of pocket each year. The current possibility that Washington may repeal the Affordable Care Act only adds greater uncertainty, causing a number of insurance companies to pull out of the ACA exchange marketplace. This leaves consumers with fewer choices and the likelihood they’ll face greater healthcare related expenses, and a greater degree of anxiety in how they budget for unplanned healthcare expenses. In order to reduce their exposure to the price fluctuations and unpredictability of the medical insurance market, a growing number of healthcare professionals and consumers are turning to concierge medicine.
The national trade publication Concierge Medicine Today estimates as many as 12,000 physicians in the United States now operate concierge practices. A concierge practice charges patients an annual fee or retainer in exchange for services. Physicians who operate using this method can offer lower fees for services since they do not have to spend time and financial resources on the overhead required to deal with insurance companies. Monthly fees for concierge services are more stable compared to the chaotic price swings of the insurance market, making them attractive to consumers. Concierge medicine accounts for a small portion of the physician workforce, but is growing at a rate of about 5%-6% annually across the nation.
Growth in Concierge Medicine Prompts Search for Cash Management Solution
The growth in concierge services and the fact that as many as 17% of consumers remain unbanked is forcing these medical practices to handle a larger influx of cash, which they may not be well equipped to do. Physical currency requires a system for precise management as well as theft deterrence – both of which are our specialty. Tidel provides organizations with best-in-class solutions to secure, automate, and streamline cash management. Since 1978, retailers, convenience stores, casinos and other institutions that experience high volumes of cash transactions have trusted our systems for securing, counting, and dispensing notes and coins.
Today, we offer a wide range of advanced products that are versatile and scalable to meet the needs of an expanding concierge practice. Our systems are simple to navigate and designed to provide an easy user experience so anyone in the office can learn how to operate them in no time. Network connectivity allows administrators to monitor transactions from a remote location, and all activity is auditable to an individual user through secure authentication. Our cash management systems also provide the reporting required for a concierge practice to make strategic decisions as to how they can best manage their cash.
The only certainty in the current medical insurance marketplace is uncertainty and price hikes, so it’s only sensible that a growing number of American consumers are turning to the stability of concierge medicine. Practices that offer this service enjoy less non-clinical paperwork and avoid the pain of dealing with insurance companies, but must be equipped to handle the cash payments of unbanked patients. Tidel offers efficient, secure, and automated technology to help medical practices of all sizes effectively manage their cash receipts.
To learn more, visit us online at www.Tidel.com.