Is growing my practice by helping patients-in-need the primary reason physicians start a Patient Compassion Fund with MyDrCares?click
Yes. 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.
How much can my practice grow by starting a Fund?click
How 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 MyDrCares and the positive word-of-mouth generated by your Patient Compassion Fund.
What is required for my practice to start a Fund?click
Five commitments are required to start a Fund: 1) Sign a MyDrCares Patient Compassion Fund Agreement, 2) Assign a primary and secondary MyDrCares contact for approvals, 3) Allow MyDrCares 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.
How much can my physician practice raise from outside donors and sponsors to cover patient-in-need costs?click
Your 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.
Are Patient Compassion Funds 501(c)3 non-profit organizations, and are donations tax-deductible?click
No. Patient Compassion Funds organized by MyDrCares are not non-profit organizations, and donations are not tax-deductible.
How much work does a Fund add to my practice and its staff?click
After 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 MyDrCares and our TPA and payment partners.
What type of recognition does my practice receive when I start a Patient Compassion Fund with MyDrCares?click
Your practice receives two types of recognition for its Patient Compassion Fund. First, MyDrCares 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.
Who sets up my practice’s Patient Compassion Fund campaign page, and runs my campaigns?click
Your MyDrCares Captain sets up your Patient Compassion Fund crowdfunding campaign. Your MyDrCares Campaign Manager runs your campaigns and provides ongoing service.
How often does MyDrCares email my practice’s patient population with an offer to participate in the Patient Compassion Fund?click
Typically MyDrCares emails your patient population once a week during the one-to-two-month initial campaign.
Once donors make a donation to the Fund, are they removed from the offer list for the remainder of the year?click
Can donors and sponsors donate cash?click
Only online donor and sponsor payments via your Patient Compassion Fund’s app are accepted by MyDrCares. 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 MyDrCares.
How does Mydrcares pay for the co-payments, office visits, transport, tests and other approved costs for the patients-in-need from my Patient Compassion Fund?click
Funds 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.
Who processes payments to my approved patients-in-need?click
MyDrCares and its third party administrator or TPA partner processes payments via Visa debit cards serviced by Regions Bank.
What currencies are in use?click
US Dollars are the only currency currently honored by MyDrCares.
Will you be using my friends’ emails to spam them?click
No. We will only use the contacts you give us to email them about the campaign. Once the campaign ends, we will not use them again unless their contact information belongs to another player, or is entered in another campaign.
Is my Child’s information secure?click
MyDrCares 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 email@example.com with any questions or concerns
Can I use Facebook or Twitter to let my friends know?click
This 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.