What the New Medicare Act (S. 1830) Mean for Private Practice?
Do you accept Medicare Part B in your private practice? If not, it’s probably because you didn’t think you could, and you may be right. Currently, Medicare Part B is closed to thousands of mental health care professionals. However, there’s a new bill that hopes to change that soon.
Last summer, a bill was introduced to the Senate that has the power to change the way mental health care is administered to the elderly. That bill is called S.1830 Seniors Mental Health Access Improvement Act of 2015.Read More
Find the Right EHR for Your Practice
Are you still keeping paper-based health records? Don’t worry, you’re not alone. In fact, at least a third of all medical practices have not gone digital. That number fluctuates depending on your speciality and practice size. It turns out that smaller practices are less likely to use electronic health records (EHRs).
But with so many positives that come with using EHRs, should you consider it for your private practice? Is going digital right for you and your clients? And, if you do go digital, what are the best practices for keeping electronic health records?Read More
Should You Implement a Self-Pay Strategy?
Interested in implementing a private-pay strategy for your private practice? At first glance, the idea seems to teeter on blasphemy. Is it really possible to not accept insurance and deal only with self-paying clients 100% of the time?
The answer is yes. In fact, it’s a growing trend that a lot of practices are now embracing – forgoing managed care for a more direct relationship with clients.
Of course, there are pros and cons to a self-pay strategy. Below, we’ll dive into the particulars and help you decide if this strategy will work best for your private practice. Let’s discuss the pros first.Read More
What Are the Penalties Associated With Not Submitting PQRS Codes?
If you accept Medicare Part B Fee for Service (FFS) patients, there are a lot of rules you must follow precisely to avoid penalties in the future. Don’t worry– we’re here to help you each step of the way. In this post, we’ll discuss everything you need to know about PQRS and what penalties, if any, you may face for failing to comply. Let’s jump right into it.Read More
How to Price Your Services without Overcharging
This may sound radical, but you should get paid what you deserve. You work hard, you’re an expert at what you do, your clients love you. Why are you charging peanuts?
On the other hand, your clients come to you expecting great service at competitive rates. Even if you provide top quality service, you may end up losing clients if you overcharge them. An unsteady economy has everyone clutching their purse strings just a little closer– including you.Read More
Administrative Mistakes that Will Close Your Practice
When it comes to running a successful therapy practice, there are a lot of factors to consider. One major area that often slips under the radar is the administrative side of the business. After all, when you were dreaming of opening your own practice, you probably weren’t excitedly thinking about client information sheets and organizational systems.
Just because it’s not the most passion-inducing part of the business doesn’t mean it’s unimportant. Administrative errors can end up being costly if you aren’t paying careful attention. Here are some of the most common mistakes you’ll want to avoid in your practice.Read More
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