Medibid connects physicians and facilities with self-pay patients
Medibid connects physicians and medical facilities with access to a world of patients, all of whom are capable of prompt pay. Medibid achieves this using a secure medical bidding platform and the power of the market. With both, practitioners can build meaningful relationships with their patients, control their patient census, reduce their overhead and improve their profits.
How Medibid works for medical professionals
Medibid facilitates a connection between patient and provider, and its bidding platform is the engine. Most of the patients on Medibid fall into one of the following categories:
- Direct pay patients
- Members of an employer-sponsored health plan
- Members of a defined reimbursement health plan
- Members of a healthcare sharing group or ministry
- International patients
As a bidder, you can connect with all of the above using Medibid’s intuitive platform. Here’s how it works:
- Decide whether to register as a physician or facility – Both individual physicians and facilities may register with Medibid. In general, if a practitioner will handle the bidding and treatment on their own, an individual profile may be all that’s required. Facility profiles are premium listings and include profiles for any physicians registered with the facility, as well as three images for patient perusal.Individual physicians may specify whether their services include the facility’s fees, which is helpful to practitioners that utilize hospitals to perform procedures.
- Complete registration – Physicians and facilities can register online by providing the necessary information. This includes training, education and specialties. Bidder profiles also include quality outcomes and reviews left by former patients. If registering as an individual and linking with a facility, you must provide the facility’s “key” code.Once registration is complete, Medibid will review the provided information and verify that it is in compliance with all terms and conditions. Once verified, you will be able to bid on patient requests immediately.Your profile serves as a first impression for the patient, so make sure it is comprehensive and accurate.
- Bid on healthcare requests – You may manually bid on patient requests or set up pricing information using the auto-bid. Once a physician or facility has submitted a bid, the patient has an opportunity to review all submissions and select one. The patient will have access to your pricing information and your profile while making their decision.
- The patient selects the winning bid – Once the patient has reviewed all available bids and selected one, the winning bidder will receive a notification and bid win report. At this point, the patient and provider can communicate at any time.
- Connect with the patient – If your bid is chosen, both you and the patient will be provided with relevant contact information in order to facilitate immediate communication. In most cases, the patient will contact the practice or facility to set up an appointment. Because most of the important details have already been worked out, this should be a brief process.
Why Medibid is right for your practice or facility
More and more physicians are turning to direct contracting with their patients in order to improve how their practice operates. Medibid is ideal for these physicians and facilities, for several reasons, including:
- Control of your practice and pricing – The provider-payer relationship is one that often complicates the physician’s ability to effectively treat patients. With always-changing and seemingly arbitrary reimbursement rates, physicians are frequently underpaid for the services they offer. Medibid cuts the middleman out of the process, allowing physicians to provide a transparent price to patients, at any rate they prefer.If you believe your time is worth more than what the payer will reimburse, charge more for it. If you wish to prioritize patient acquisition, compete on price or quality. With Medibid, it’s entirely up to the provider.
- Less overhead – Direct contracting with patients simplifies the billing process. Cash only practices don’t need to bloat their staff with people doing coding and billing, which keeps their overhead down and profits up. By connecting with patients directly on Medibid, you’ll keep your practice operating efficiently.
- More time with patients – According to several studies cited by The Atlantic, practitioners who work out of hospitals only spend about 15 percent of their day seeing patients. Because physicians are often forced to work at an under market rate, they make up for it by seeing more patients, each for less time. This isn’t what most physicians prefer, and Medibid helps correct the problem.Providers can set their own rates on Medibid, so they can see as many patients as they wish, while maintaining the practice’s financial health. This allows practitioners the time they need to build meaningful relationships with their patients, and that usually leads to more effective treatment.
- Better access to patients – Medibid’s own data shows that 85 percent of patients are willing to travel for medical care. The rise of domestic and international medical tourism also demonstrates this. Physicians have a global market that they can tap into, and Medibid provides a conduit to those patients.Further, self-pay patients are valued by physicians because they provide prompt payment. Medibid also provides a point of connection between practitioners and these patients, making Medibid a valuable marketing opportunity for providers.
- Less busywork – Insurance companies demand physicians maintain comprehensive electronic health records to meet “meaningful use requirements.” Failing to do so typically results in significant financial penalties, but for many practitioners, this is another imposition on their practice. Many physicians must focus on inputting information instead of talking with the patient during an appointment, a situation that both parties often find frustrating.You dictate how your practice works when using Medibid, as there’s no need to prioritize busywork just to satisfy insurance companies. You determine how to manage your patients.
Market-based alternatives are what many physicians and medical facilities are looking for, and Medibid provides them. With extensive access to patients and no middleman, practitioners can practice the way they choose.