Q: For insurance companies that are paying for laser ablation, what is the average reimbursement?
A: In very general terms, the average reimbursement from private insurance is roughly $2,300.00 per laser ablation procedure; with additional procedures, the procedure package increases to $2,900. With Medicare, the average reimbursement is roughly $1,400.00 per case, without additional procedures. Note, these figures will vary from state to state and from carrier to carrier. Any payment for an ablation combined with a phlebectomy that is reimbursed less than contracted rates is automatically appealed by Precision.
Q: How long will it take to open our doors for business?
A: Precision will provide a complete implementation plan that will outline all of the steps necessary to open your office. We will set out specifically all of the information and responsibilities of both your practice and Precision. It is very feasible to complete build-out, acquire proper credentialing, set-up your software and computer network, implement advertising and complete all clinical and business training within 2- 2 ½ months. Service roll out for an existing practice can be accomplished in a few weeks.
Q: How much will it cost to open a vein practice, including all expenses?
A: Costs will vary from market to market, but whether you choose to partner with Precision or not, we conservatively recommend that physicians who plan on starting from scratch have a $300,000 line of credit available. This amount is for equipment, furniture & fixtures, supplies and working capital for three months. Note: As a Precision partner you will receive a complete pro forma whereby you will be able to estimate costs, revenue and overhead for years one, two and three. This business plan and projections will assist you in obtaining a line of credit. Our bank contacts are familiar with Precision's model and we have a proven track record that aids your loan approval. This estimate is dependent on whether you choose to open a new office or begin operating parallel practices with your existing specialty. All loan activity is governed by the banking institutions' rules and regulations and Precision can not guarantee loan approvals.
Q: Is it possible to start a Precision office within our current practice?
A: Yes. Some of our physicians opt to focus completely on treating veins; thus, giving up hospital privileges and being on-call. Others in our group opt to start within their current practice and perform vein procedures 1 or 2 days a week. Precision can work with you at any level you choose. You can select any single area of emphasis for Precision's help, or you can choose to let Precision take care of absolutely all of your business and office functions, leaving you completely free to focus on patient care. The choice is up to you, and Precision will help guide you to the best solutions for your particular needs. Note that Precision Vein & Vascular's parent company also provides support services for other medical specialties - in many cases, a cardiology, general surgery or other specialty is jointly supported in a very effective manner by the combined Precision companies.
Q: What does Precision charge?
A: Precision is paid based on a percentage of collections and a monthly fixed rate based upon the services for which the practice contracts. An initial up-front fee may also apply, which again may vary dependent upon the level at which you choose to partner with Precision. Please contact one of our representatives by phone for an initial interview, and we can give you a quote based upon your specific needs.
Q: What is the focus of Precision Vein & Vascular?
A: Precision has the most experienced management team in the industry, devoting itself 100% to the business of building successful vein practices. Precision's services are contracted by a practice to meet the specific needs of that practice. We offer a“complete package” or select business services that you specify. We are in partnership with you for the success of your vein practice, but unlike many other industry organizations, we do not own any part of any vein practice. Instead, we are a service organization contracted to effectively support you as you determine.
Q: What will happen to my malpractice rates if I decide to open a vein practice?
A: Typically, physicians performing in-office vein treatment will see a substantial reduction in malpractice insurance rates.
Q: Why can’t I build a vein practice on my own?
A: The simple answer is that you can. But the bottom line is that Precision can help you do it better, and you will have the ability to realize higher returns than you could produce on your own…even when you factor in the costs of partnering with Precision. We will substantially reduce your learning curve (saving you real money in terms of wasted time and expenditures), and the expertise and functional size of the Precision team will get you top quality services at affordable rates, giving you direct access to talent that a typical practice simply couldn’t afford to have in-house. All we do is help build successful vein practices and in doing so, we have seen the painful experiences of other physicians who have attempted to venture out completely on their own. Most physicians don’t have the time or expertise to successfully implement and operate all the major management components driving optimum success. It's just a fact that no individual can be excellent at every aspect of setting up and running a successful medical practice.
Q: Can I choose only the services that I need and not be charged for the rest?
A: We recognize that some practices do not need all of Precision's services. One practice may only need our marketing and advertising assistance, so that practice can contract for only those services. Other services that can be separated are revenue cycle management, technical training, website creation & hosting, practice management and EMR/EHR software hosting & support, etc. Please contact us for a quote on the services you need.
Q: Do you expect that reimbursement from insurance and Medicare will be reduced over time?
A: Yes. However, a vein practice need not be completely reliant on insurance reimbursements to achieve success. Experience shows that a majority of patients who have a positive initial evaluation will choose to elect a given procedure whether insurance pays for it or not, if their evaluation is managed well. Precision can assist you with all the tools you’ll need to make sure that the patient evaluation experience is positive and that it is as easy as possible for patients to be able to afford your services, whether that be through quick approval financing, credit card payment, “twelve months same as cash” programs and submission of all claims to third party payers. Precision continually educates your staff not to make insurance coverage the center of the patient's experience with you.