Have you considered the impact of contingency fee thinking on your business?
No, not contingency fees in the sense of a personal injury or a med mal lawyer. And no, not contingency fees in the sense of the type of contingent and blended fee deals that I do on transactions with clients from time to time. But about you working on a contingency fee basis . . . at least in terms of how you think.
How would you run your business if every patient or referral source or facility relationship paid off for you on a contingency basis only?
No fees per unit. No fees per visit. No monthly stipend support. No, well, anything, except for payment at the end, conditioned upon a successful outcome, whatever “success” means in the particular context.
If that were indeed the case, how would you organize things differently? How would you structure your practice, your facility, your group, your governance, your contracts?
This puts you in an incredibly different mindset, a very powerful mindset.
It seems simple. It seems like it is a game, but think about it, because the reality is that you are on that contingency basis. Referral sources could leave you and facilities can terminate your contract. Patients could walk for someone across the hall or across town.
So think about it: How would you reorder your business, your practice, and your relationships, if the only way that you got paid was based on a successful outcome?
Comment or contact me if you’d like to discuss this post.
Mark F. Weiss