TPFPThe Pension Fund Partnership (Ireland)
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According to the Physicians Foundation Survey of more than 20,000 physicians (Table 2), the number of physicians in TPFP was less than 1 percent in 2008, but had grown to 7.2 percent in 2014 with an additional 13.3 percent anticipating a change to a cash-pay practice model in the near future.
Most patients completely understand the TPFP concept.
Of course, the most common physician specialties to do TPFP are the primary-care specialties.
In TPFP, the patient is the one requesting services and the one who is paying.
In TPFP you can give charity care or offer discounted care to a select group of your patients.
By contrast, in TPFP all patients are charged the same price for the same service and they are told in advance.
The main reason someone might not want to have a TPFP is to make more money.
There are three ways to get to a TPFP: 1) never start a third-party practice to begin with; 2) stop all contracts "cold-turkey"; 3) wean your practice gradually from the contracts.
However, for those who have their overhead under control and sufficient savings stashed away, this is the quickest way to transition to a TPFP.
When you are transitioning to a TPFP, there comes a tipping point at which, unless you take the plunge and eliminate the last third-party contracts, you run the risk of disenfranchising your new cash-paying patients.
The best-laid plans can be torn asunder by an office staff that doesn't buy into the transition to TPFP. You should discuss your plan, time-line, and goals with your staff.