Transition to ICD-10 Smoothly
The deadline to start submitting all billing claims using the ICD-10 format is October 1st, 2015. After this date, mental health practices, along with the rest of healthcare are required to use ICD-10 codes to bill insurance companies or help clients submit claims for reimbursement. For mental health and therapy practices, there is the added complexity of DSM-IV to DSM-5 transition. You cannot submit claims using the DSM codes, and will need to convert them to the appropriate ICD codes when billing or providing a superbill to your clients for reimbursement.Read More
Disclaimer: This is not legal or tax advice. This information is for educational purposes only. You should consult with an attorney and a CPA to determine which type of business will best meet your needs.
When you decide to go into private practice, you need to first start by changing your mindset and begin seeing yourself as a business owner. Your business now has legal, tax, and other regulatory requirements that must be attended to.
Client Retention Strategies To Help Your Practice Grow
Increased competition in the therapy market means that it is more important than ever to satisfy clients and keep them coming back until they achieve a positive outcome. Turning new clients into loyal clients involves putting customer service at the heart of everything you do. Showing that you are committed to providing therapy in a safe, confidential and non-judgmental environment starts with the initial client encounter and continues through treatment and beyond. Here are a few strategies to help you build loyalty, garner repeat visits and reduce no shows in your private therapy practice.Read More
Psychotherapy Notes vs. Progress Notes
Good record-keeping is a crucial part of mental health practice. Records benefit your clients by documenting their medical history and care across time. They also help you to plan, record and monitor treatment, and protect you from liability in the event of an alleged breach of your legal or ethical requirements.Read More
What You Need to Know Before Starting a Private Psychotherapy Practice
What an exciting endeavor, venturing out to start your first psychotherapy practice. While this is a time of great elation, there’s also so much to think about. Good planning and anticipation of what’s ahead can make the opening of your practice a time of heightened bliss.Read More
You Need to Know your Practice’s Retention Rate
Keeping clients is just as important as acquiring clients and keeping them over the long term so they don’t churn out is even more important. That’s why it’s very important that you know your practice retention rate as well as the retention rate of other therapists in your mental health practice.Read More
The Most Important Measures for a Successful Practice
So now you’ve started a practice and you’re beginning to get clients. How do you spend the little amount of time you have on the business side of things effectively? Building a successful private practice, or any business for that matter, requires a focus on certain key metrics.
For best, easily measurable results, especially at the beginning, spend your limited time laser focused on these 3 core areas.Read More
Therapy Practice Software For Spending More Time With Patients
What do you look for in a software as a therapist? My guess is that you will look for a software that makes life and business easier. Something that makes it easy to focus on the task of actually practicing your craft, not something that will become it’s own full time job. This is 2013, you shouldn’t be worrying about backups and spending hours figuring out how a software works.Read More
Don’t Let No Shows and Cancellations Destroy Your Practice
You need to think of cancellations and no shows not just as a client not showing up but as a business killer.
For every client who walks through your organization’s doors, there is a cost of acquiring that client. After they walk through your door as a client, there is a cost of meeting their needs. The way to be sustainable is to make sure the revenue from your clients covers the cost of acquiring them, as well as meeting their needs. Keep in mind that not every potential client you spend money to acquire whether through ads, or your time and resources will become a client. The goal is to ensure that enough of them become clients to cover the overall cost.Read More