I started my solo private practice in May 2015 after leaving a group practice where I had worked for 3 years. When I was deciding to take insurance at my new solo practice,
- I thought about my ideal clients from my old group practice. All of them use their insurance and most likely chose the group practice due to the clinicians there accepting their insurance. I knew I wanted to see a similar population as what I saw at my old group.
- I also thought of the type of therapists I would want to see myself. Since I’m self-employed, I have to pay for my own insurance 100%, and I would 100% want to go to someone who takes my insurance because I’m paying a lot for it. I like to have clients that are of the same mindset.
I am on over 30 insurance panels and EAPs, have NOT outsourced to a billing company and have streamlined my insurance billing/payment process!!
- By being on multiple panels, my practice was full in 3 months of opening and I had a wait list! The referrals do NOT stop and I have had no ‘slow season!’
- Billing takes me up to 5 minutes a day (I average around 6 clients a day and always bill the same date of service)!
- I keep track of all my payments and pending claims!
- I verify all of my client’s insurance benefits and tell them their fees prior to their first session!
- I handle all incoming referrals and my own scheduling myself!
- I have to talk to insurance companies at most 1 hour tops a month!
- My practice is 99% paper free!
- Due to not using a billing company I keep 100% of my profits!
- AND I still have a life and my sanity (for now!)