Some say physicians are IT luddites, however there are some indications that a select few are examining other payments that border on bartering. Bitcoin is bartering in the internet age, where privacy and security have bcome a thing of the past.
Bitcoin is a virtual currency which offers total privacy and anonymity in payments. Explaining how and why it works goes beyond the scope of my blog, other than to offer it's positive impact it may have in this time of health reform, and new business models such as concierge or direct payment models. It remains to be seen whether it is a 'fad' or will become an alternative form of payment, such as PAYPAL.
Lower transaction costs, increased privacy protections lead some practices to accept controversial e-currency.
The legal status of this so-called cryptocurrency is in flux worldwide, as various policymakers, monetary bodies and tax agencies get up to speed on its true ramifications.
In the meantime, curious people can still educate themselves and explore this new payment alternative without fear and in relative safety. Doctors who have taken bitcoins have found that doing so is both simple and relatively "unmagical," as San Francisco physician Paul Abramson, MD, put it.
Abramson, founder of My Doctor Medical Group, is a former software programmer and trained electrical engineer with a significant personal interest in privacy.
There are many unanswered questions about the new "currency"