As someone who owned a small practice for several years, it was hard to make ends meet. Eventually, I had to leave and become employed again. As I get more more comfortable with the idea of blockchain and it’s applications  I want to talk a little about costs.  If block chain takes off the way I think we all know it is... and it’s applied to healthcare which is a no brainer, Billions of dollars could be saved many of you already know more money is spent on healthcare In the USA than many countries combined.  Costs are higher and higher and I know people are frustrated. That’s not just patients, but providers -like myself. 

By Utilizing blockchain there would be total transparency in billing, reimbursements from insurance companies and also the need for manually submitting claims, obtaining prior authorizations for medications and procedures will become automated as well .

As a result,  overhead cost would go down and that should lead to health care savings. Roughly 25% of all costs in an office goes just to teams getting authorizations, working with insurance companies for verifications, billings and advocating for patients and compliance. The way the system is now,  owning a practice is becoming obsolete due to so much cost and the hassle factor. My dream is that those like myself may again have a chance to be able to pursue that dream of small practice ownership and Blockchain may be part of the answer. 

Saving Money on Imaging:
The tip for today 

DID you know that in most states when you are given in order for imaging, whether it be a x-ray, CAT scan, MRI or ultrasound… You can opt pay the self-pay price. This is perfectly legal in Arizona and in most state so do your homework. You  don’t have to use your insurance and if you have a HSA account you can use that account but the catch is if you choose to pay cash for a procedure it will NOT apply to your deductible so you’re gambling there that you would not reach that deductible for the year, anyway. 

Let me give you an example of what happened to me. A few years ago I had a mountain bike injury and I need an MRI of my right shoulder. I checked with the insurance cost would be and the insurance negotiated contract for the MRI would’ve been and it would’ve been $2000. My deductible that year was $5000. I then  asked if I pay cash for this and didn’t use my insurance what would it cost, the answer blew my mind - $500. So I went ahead and paid  $500 knowing that at the time I was really healthy and I would not likely meet that $5000 deductible. That year I won. I kept the money in my pocket got my MRI and my shoulder today is great. There’s a lot of ways to save money in healthcare. If you want to know more more is coming. Check me out on a Ask the PA.com and also my book: Surviving the business healthcare... FB: Askthepa

I am here to learn about the business of money especially crypto but also to share my stories that may not only save money but possibly a life along the way. If you see any value in this I’d really appreciate tips as I’m trying to grow crypto accounts Along with you and meet new connections here! 

Have a great day!  Thanks for all the great blogs and I am starting to follow some of you. I hope for the same  🙏

Please stay healthy and safe. Thanks for sharing great info!