Tips to Finance Your Private Therapy Practice
It’s one of those questions that keep you up at night:
How do I finance my private therapy practice?
Whether you’ve been in business for years, or you’re just starting out and excited about hanging your shingle, finances will always be among your top concerns.
Let’s take a look at how you can raise funds to start a practice or to keep your practice afloat in lean times.Read More
Does Your Practice Need a Checkup
What’s the financial health of your private practice?
Are you making money or losing it?
What expenses can you cut?
Is there any wiggle room in your budget to make new purchases?
If you’re not immediately ready with the answer to the above questions, you’ve come to the right post.
Right up there with offering incredible service and building loyalty with clients is knowing how much money you’re making or losing at any given time.
It’s not enough to know what your private practice made last year. You must know what it made last month, too. Armed with updated information about your finances, you can make changes that will positively affect your operating expense ratio.
Performing a financial checkup on your private practice may not be the most exciting thing you’ll do this week, but it will be one of the most essential. Right now, you probably dread the idea of taking a magnifying glass to your finances because you’re not sure where to start. Today, let’s change that. We’ll start at the beginning, detailing what you need to do immediately to ensure solvency.
Excited? Let’s do this!Read More
How to Save Yourself from Self-Employment Taxes
They say the only two things guaranteed in life are death and taxes, but at least death has the decency to only happen once– taxes, on the other hand, show up year after year. With tax season upon us, you’re probably taking a serious look at your taxes. But if you’re new to self-employment tax, you may not know where to start.
That’s where we come in. In this post, we’ll introduce you to the self-employment tax and what to expect during your first year of filing. We’ll also share some helpful tips for saving money for your private practice along the way.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
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