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01/11/2017 Tom Silver, DPM
Help In Reducing Overhead By Passing Some Costs On To Patients
In reviewing my office overhead for 2016, two items stuck out: 1) $4,342 ($361/mo) in credit card service fees & 2) over $8,000 for MN Care Tax-the 2% tax in Minnesota on all medical services & goods provided to those not on Medicare or a State Health Plan...for a total of over $12,000 less income!
As a result, when a patient pays with a credit card for orthotics not covered by their ins. plan ($460), we are actually paying a $9.20 tax & almost $15 credit card fee-therefore getting $24- 25 less for our services (a 5.25% reduction)! So to actually get $460 for orthotics, I would have to charge about $25.50 more! This also applies to any creams, gel pads, etc that patients purchase. Also we get some patients who don't have any insurance & for things like ingrown procedures we don't add in an office visit or itemize charges as much, but are loosing a % on this too!
The dentists in my area all add on the 2% MN Care Tax to their patient's bills. I have also been to some small stores & restaurants that charge an additional fee when credit cards are used.
I don't really want to raise fees a lot higher to compensate for this or charge patient 5.5% more (we just raised prices on Jan. 1), but would like to pass on at least part of these costs on to our patients. I have asked my staff if they have any ideas on how we should do this & they just answered "we'll do whatever I decided." So I would like to see what ideas my esteemed colleagues might have regarding this. I look forward to your responses!
Tom Silver, DPM, Minneapolis, MN
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