5 Advantages of Accepting Insurance in Your Private Therapy Practice
When considering the future of your private therapy practice, one thing is for certain. You need patients for your practice to survive. The types of patients that will come through your doors will vary, as will their method of payment. While accepting credit cards in your practice will benefit some of them, when you choose to accept insurance, your ability to provide services to others will increase. Here we will discuss the advantages to accepting insurance.
Steady Source of Referrals
The first, and possibly most important, advantage of accepting insurance is the fact that it will provide you a steady source of patients. When a patient has insurance, they often have to look to their coverage to see who will and will not accept their insurance. If you are listed as a covered provider in their network, the patient will likely choose to check you out as a provider. In cases where these clients are paying by cash or credit card, they may chose only to refer to the phone book. This can sometimes cause you to be overlooked as a provider if you happen to be listed later in the phone book than another provider with a fancier advertisement.
Boost to Your Credibility
Your reputation as a therapist is surprisingly the second advantage to accepting insurance in your private therapy practice. There are patients that will consider you a more reputable option for their doctor if you have an affiliation with an insurance company. This can be the case even if they have never heard of you or your practice.
The third benefit to accepting insurance is that there are many more patients that you will be able to start accepting. Elderly and low income patients rely solely on their insurance to cover their medical expenses. These patients wouldn’t even be able to consider you as a medical provider if the only option you gave was for them to pay by cash. By accepting Medicare or Medicaid you are opening yourself to a massive patient base that would normally not be available to you.
The revenue that you can bring in is the fourth advantage to accepting insurance in your private therapy practice. Unlike relying on a patient to pay an outstanding bill when their only option for payment is by cash or credit, accepting insurance will ensure you get a quick reimbursement on your claim. there is a downside to this, however. depending on the insurance company, you may have to accept their payment rate for services and not be able to bill the patient for the difference.
The fifth and most long term advantage of accepting insurance is that your patients will be more likely to stick with you throughout their lives. There are some patients that will jump from therapist to therapist when they run up a bill they can’t pay. If these patients have an insurance company that will pay for these visits instead, they result in a long term relationship with your private therapy practice.