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
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
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
Why You Should Offer Free Initial Counseling
Every practice must decide at some point whether to offer an initial free consultation. Here are three reasons we’ve heard our clients give for offering a free initial consult.Read More
Should You Accept Insurance In Your Practice
First, let me clarify that I am not advocating that you must accept insurance in your private practice. That is not the point of this blog post. My point in writing this post is to give you reasons to consider when weighing whether to go the insurance route or not in your private practice.
As a company serving the mental health profession, we work with organizations of various sizes. Users of TheraNest range from non-profits, to part-time practitioners, to large, multi-location organizations. We love what they all do – great work that improves lives.Read More