I would like to announce that we are planning to slowly phase out some insurances.
Wise Women has been in existence for more than two years. We started as private pay, meaning we did not accept insurance. Although we had a slowly expanding practice, I carefully considered whether to add insurance and decided to go ahead in an attempt to accommodate my patients, starting with Medicare and Blue Cross Blue Shield. Since that time, we have added numerous insurances. Unfortunately, my worst fears have been realized - we have gotten to the point where it was busy enough to need to hire additional staff and increased our need for supplies, but reimbursements from insurance companies are less than half what we were collecting before, resulting in an inability to support the practice. Our overhead is very little, and as posh as the practice sounds, it is not expensive to run. I have reduced my overhead as much as possible. Personally, I have not collected a salary in two years. This cannot go on because I simply cannot afford it.
As much as I would like to continue to accept insurance, as a small practice I am unable to continue because small practices have no real bargaining power. For example, a large local clinic (who shall remain nameless) gets paid more than three times what I get for the exact same service (CPT code). Interestingly, Medicare is one of my best payers in terms of reimbursements, and I plan to continue to accept Medicare.
As of June 8, 2018, we are no longer in network with Blue Cross Blue Shield. We have never been contracted with CIGNA, thus their reimbursements for care have been minimal and we have discontinued accepting CIGNA as well. It will take some time to phase out other insurances, and there are many others, including those in the PHCS and Multiplan networks that we are keeping, so I am encouraging women to call to see what we are accepting.
I believe strongly in Wise Women and it will continue, even if it means I must moonlight to support it. Wise Women is my own small solo practice and it will remain so. My patients will be able to reach me if they need to, and I've been recently sharing my cell phone number and continuing with Qliqsoft for those patients who stay in my practice. As we have always done, we will continue to try to help our patients who have out of network benefits get reimbursed by their insurance and tests that we order will still be covered by most insurances.
Thank you for your understanding.