I would like to announce that, except for Medicare, we are planning to slowly phase out insurance.
Wise Women has been in existence for almost 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. It will take some time to phase out the other insurances, and there are some that I may decide to keep, 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.
Thank you for your understanding.