Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickYes. Most practices report that they spend about 20% of their resources on non-revenue-generating services for patients-in-need who are either underinsured or uninsured--resources otherwise unavailable to help the practice grow. Therefore, funding these non-revenue services is most practices’ best source of growth.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickHow much your physician practice can grow by starting a Patient Compassion Fund to help patients-in-need will depend largely two factors: i) the size of your Fund and ii) the insurance status of the patients-in-need helped by the Fund. Here’s an illustration: Your practice donates $10,000 to its Fund, and raises another $40,000 to help 150 patients-in-need, for a total of $50,000. Of the $50,000, 50% is psent on transport, insurance and pharma co-pays and tests, and 50% on office visits. That means your practice would grows by $15,000 over the amount of your $10,000 donation. In addition, if the Fund payments for office visits and co-pays unlock an another $25,000 in insurance coverage from Medicare or other private coverage, your practice grows by $15,000 + $25,000 = $40,000 over the cost of your donation. And that’s in addition to growth in your patient population as a result of the positive media recognition provided by MyPracticeCares and the positive word-of-mouth generated by your Patient Compassion Fund.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickFive commitments are required to start a Fund: 1) Sign a MyPracticeCares Patient Compassion Fund Agreement, 2) Assign a primary and secondary MyPracticeCares contact for approvals, 3) Allow MyPracticeCares to promote the Fund to your existing patient base, 4) $2900 on-time setup fee, and 5) Donation to start your Patient Compassion Fund—suggested amount $10,000, although there is no fixed minimum or maximum.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickYour practice can expect to raise funds from two groups—individual donors who are in your patient population, and sponsor organizations who want to support your practice’s campaign. From individual donors, a good rule of thumb is that your practice can expect that 10% to 30% of your patient population will donate an average of $62 to $100. Therefore, if your patient population is 2,000, the range of potential donation is $12,400 to $60,000. From sponsors, a good rule of thumb is that 10% to 30% of organizations you identify as potential sponsors will donate an average of $1,000 each. Therefore, if you have a population of 20 potential sponsors, range of potential sponsorship is $2,000 to $6,000.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickNo. Patient Compassion Funds organized by MyPracticeCares are not non-profit organizations, and donations are not tax-deductible.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickAfter deciding to start a Fund, the set-up process will require from 2 to 4 person-hours to complete. each calendar year, your practice will invest from 4 to 15 person-hours, primarily to approve patient-in-need payments. All of the other work to raise funds and process payments will be handled by MyPracticeCares and our TPA and payment partners.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickYour practice receives two types of recognition for its Patient Compassion Fund. First, MyPracticeCares provides annual local and national media and social media recognition for member physician practices. Second, positive word-of-mouth within and surrounding your patient population for making Patient Compassion Funds available to patients-in-need in your community.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickYour MyPracticeCares Captain sets up your Patient Compassion Fund crowdfunding campaign. Your MyPracticeCares Campaign Manager runs your campaigns and provides ongoing service.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickTypically MyPracticeCares emails your patient population once a week during the one-to-two-month initial campaign.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickYes.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickOnly online donor and sponsor payments via your Patient Compassion Fund’s app are accepted by MyPracticeCares. Types of online payments accepted include credit and debit card, ACH and electronic check. Physical cash must be converted into an electronic form to be processed by MyPracticeCares.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickFunds are paid using prepaid Visa debit cards—both physical and virtual cards. The prepaid cards are issued for approved payment amounts, and to reduce fraud or misuse, usage is earmarked for specific types of purchases—e.g., a card authorized for a doctor visit is invalid for any other type of purchase.
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickMyDrCares is a fundraising app, not a toy. It is not intended for children to use. Like you, we take all users safety, very seriously. We especially follow COPPA guidelines to safeguard children’s privacy. We use the contact information you provided to your coach. You are in control of the online profile and decide whether to give your child access to it, manage it for them (or opt-out of the campaign altogether). Your last name is never accessible on our public site and the emails in our campaigns are not shared with third parties. In addition, everyone on our team is background checked. Contact info@mydrcares.com with any questions or concerns
Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyPracticeCares?
clickThis is a great idea! Full social media integration is coming soon but you can copy the link off the campaign page and add it to a post in your Facebook or Twitter account for now. We will still use emails for your direct contacts.
Here are a few of the hashtags you can use :#success #betterlives #fundmyteam #team #youthsports.