CNN Money announced the first Bitcoin Baby, meaning the fertility services paid to Dr. C. Terence Lee was made with Bitcoin. Below are our notes from listening to Dr. C. Terence Lee’s youtube video from his Bitcoin Conference 2013 presentation. He shares that medicine for the most part is not a free market now, because more 75% of medical third-party middle-man called medical insurance. So, the medical industry may not be widely accepting Bitcoin any time some. However, he shares
3 areas in medicine that has free market field:
- Vision Correction – Lasik
- Infertility – Re-productivity OB/GYN
3 main ways I can help:
- Find something wrong and advise
- Low-tech intervention: insemination -$2,000
- High-tech: IVF (Intravenous Fertility) – $15,000
CoinWorker – tedious assignments, for Bitcoin <$2 USD which is equal to working in a 3rd world sweatshop…same thing we’re thinking, so we’re not even looking at those “free ways to earn Bitcoin” websites anymore.
Due to HIPAA rules, in order for Dr. Lee to share his stories, he either has explicit written permission, or he’s masking PHI (protected Health Information) in his stories.
Problem: Bitcoin enthusiasts versus my Infertility patients. Posting on Reddit took few months to get “sperm test guy”. To target overlap of my patient, help them become Bitcoin adopters.
- Be proactive in engaging in conversation possibly increase learn about Bitcoin + hopefully have a transaction (appropriate time to bring up Bitcoin) – Active on the Internet? Have you ever heard of Bitcoin? [Hostile "no", some "no...? what's that?]
- Provide good incentive to patients who may want to use Bitcoin. Check and credit card. Make it worth their while, incentive of big discount.
- Provide and educate good incentive to your staff. Make it worthwhile, 6 girls in my office, after first transaction – went to Bitcoin, and transactions back and forth.
New patients are already in a cautious mode, given the topic of infertility, so he learned introducing the idea of Bitcoin to new patients wasn’t the best way to go.
So, he narrowed his focus to patient who I already long-term relationship. Trusted me, 100% receptive of me. Very motivated to trust me. Generous gesture for them, financial lose, but priceless experience.
My office manager on-board to learning Bitcoin. There’s funny stories shared throughout this informative video.
Practical way to get paid: traditional means. It takes time. Commissions, explanations and work.
$1000 – $3000 on merchant fees for credit card. So, it’d be advantageous to accept Bitcoin.
Most cases did not complete full Bitcoin payment, only partially paid in Bitcoin.
My goal: to generate a positive interaction and experience with Bitcoin and tell friends.
International Patient: Southern CA, egg donors and surrogates, fewer regulations then other countries. phenomenon booming, voluntarily become single parent, financial stable ~40s, divorces or personal life decision. Not biology, good family support, come back the parent and kid is happy. This man was extremely successful, smart business mind with a personal assistant. The goal was to Pay with Bitcoin, which would prevent international wiring funds. However, he ended up paying with a credit card. However, later one, his personal assistant shared that introducing him to Bitcoin was a good thing because he’s entering in a lot of Bitcoin ventures now.
It’s Not a failure to educate others about Bitcoin even though you don’t get the trasaction. It’s about “Planting the seeds for future”.
Milestone: ultrasound paid via Bitcoin, now pregnant with twins…so, hopefully first Bitcoin twins.
“I’m a OB/GYN and support cause of liberty and free-options.”
Transaction – like mom & pop (small number of trasaction) so I make ledger accounted as if its paid as cash. I give my office manager a percentage. It’s about Customer service, “ready-set-send” .001, hear the hesitation of distrust to excitement. I delegated everything to my office manager. Right now, it’s more about the cause, not for $.
For Simplicity he still recommends CoinBase (who we use).
People say there’s “never a stupid question” but we think there are “inappropriate” ones. Anyways, it was great how Dr. Lee answers with there’s a difference between “personal investment” strategies versus “earning Bitcoin”, and we totally feel the same way. Dr. Lee continues to share that
Life is about Happiness,and Happiness is 4 Things:
- Doing something with meaning
- Having financial security
- Quality relationships with family and friends
- Health and Happiness
Anything else beyond that is not important.
Dr. Lee has all 4 things regardless if he personally owns Bitcoin or not…and same with us. So, his case study, like ours is about supporting and getting into the Bitcoin market by accepting/earning Bitcoin.
Dr. Lee is obviously watching this video thread because he shared a week ago another “fun” milestone. One of this patients asked after seeing his Bitcoin sign, “Hey, I see you have a sign up. Does it mean what I think it means, that you accept BTC?” Cool, huh?