←Insights

Are Cash-Only Clinics the New Healthcare?

May 26, 2022

There has been a recent increase in the prevalence of cash-only doctors and clinics, which help to alleviate the headaches for families trying to find affordable health care and insurance.  With a cash only facility, doctors are able to lower their administrative costs by eliminating costly and labor intensive follow up on insurance claims. This lower overhead means lower cost visits for patients. Doctors who have opened cash-only clinics have also found that they are able to build better relationships with their patients and give greater attention to details. 

As cash-only doctors become more popular, managing cash at these facilities can become a challenge. When a whole day’s worth of cash payments show up on a bank statement as a single cash deposit, reconciling patient payments back to bank transactions proves very difficult. Fawkes Health’s “Front Desk” product can help. 

Designed specifically with small clinics and Point of Sale reconciliation in mind, Front Desk builds upon Fawkes Health’s existing core product (CAMS) architecture to maintain payment level granularity, as well as creating and maintaining a link between each cash payment taken on the bank side, and each transaction posted on the patient accounts side. This allows companies to easily set up an automated process to take the stress out of cash reconciliation. Front Desk also provides built in peace of mind by tracking cash drawers’ opening and closing totals to reduce the chances of theft.

As cash-only clinics are growing in numbers, Fawkes Health aims to take the stress out of cash flow management and allow clinics time to focus more on client care. Whether your organization is looking to improve its cash reconciliation processes system wide, or just at its acute or outpatient clinic sites, our CAMS product suite is scalable and can be customized to fit your needs. Contact us at info@fawkeshealth.com if you are interested in a demo of Front Desk or any of our CAMS solutions.

Information was sourced from: https://time.com/4649914/why-the-doctor-takes-only-cash/
https://www.hmsreview.org/issue/2014/3/cash-only-and-concierge-based-medicine-roles-in-the-health-care-payment-landscape