Ditching Some (or All) Insurance as a Private Practice Owner
Should You Accept Insurance as a Therapist?
In 2021, insurance companies made around 30 BILLION DOLLARS in profits! And do therapists on insurance panels see similar figures? Not even close. So, should you accept insurance as a therapist?
Accepting insurance brings a third party into the therapeutic relationship. Insurance companies can determine medical necessity or if they’ll cover diagnosis. As a therapist on panels, you agree to rates for services and abide by contracts. But sometimes things aren’t clear in the fine lines. Insurance companies can request your notes, issue clawbacks, and take hours to contact.
Pros of Accepting Insurance as a Therapist
Here are the pros of accepting insurance as a therapist:
-Makes mental health care more accessible
-Can help you gain access to a more diverse client portfolio
-Builds credibility as some clients trust therapists that take insurance more
Cons of Accepting Insurance as a Therapist
Here are the cons of accepting insurance as a therapist:
-Fluctuating reimbursement rates
-Time-consuming
-Not all services are covered
-Delayed payments
Insurance Contracts and Therapists: When to Say Yes and No
Making therapy accessible doesn't have to mean subsidizing insurance companies who are already making billions in profit. Find the balance between when to say "YES" and when to say "NO" to insurance contracts. This free training below on insurance and therapists is all about supporting therapists who want to shift their relationship with insurance panels!
Therapists and Insurance: Topics Discussed
How to create an unbiased process to determine the insurance contracts that do (and don't) make sense for your business.
The power of insurance companies in your practice and your responsibilities as the therapist.
How your fee can determine which panels are right for you.
Understanding clawbacks and how they can affect your income.
How dropping problematic contracts can INCREASE access to quality care.
The basic process to ensure you can leave behind insurance contracts with confidence AND maintain or grow a successful practice.
