How to Handle No Shows and Cancellations
In a client-centric profession like therapy, no shows and cancellations can dramatically affect your bottom line. You probably only schedule a few appointments each day, so when one of those appointments cancels or doesn’t show up, it can be hard to recover financially. Each missed appointment can represent $100 or more in lost revenue. Multiply that by how many appointments you miss each month, and it could be in the thousands.
Let’s talk about how to minimize cancellations and no shows by implementing a policy and a set of procedures.Read More
Go Paperless in Your Therapy Practice
Dreaded paperwork. It’s one of the guaranteed hassles of private practice. Looming behind the reception desk of many private practices is a humongous wall of paperwork that could rival the Great Wall of China. Whether it’s health records, miscellaneous client files, insurance bills, payment receipts, procedurals, marketing flyers, or all of the above, you’re starting to feel boxed in and intimidated by all of your paperwork.
How can one practice produce so much paperwork?
If you’re starting to develop papyrophobia or the fear of paper, you’ve come to the right place.Read More
Earn More Revenue For Your Practice With Private Pay Clients
Are you interested in getting more private pay clients for your therapy practice?
Glad you’re here. That’s exactly what we’re discussing in this post.
One of the best ways to grow your private therapy practice and create a lifestyle that you love is through accepting private pay clients. We’ve discussed the virtues of the private pay model before and, if you need a primer, be sure to check out this post:Read More
Should You Accept Private Pay or Insurance
Before you hang your shingle as a private therapy practice, one of the first questions you’ll need to ask and answer is this one: Should I go with insurance or a self-pay model?
Even after you’ve been in practice for a while, you may find yourself revisiting this question as insurance rates or even local demographics change. For example, if a large employer in your area closes down, it can negatively affect how many people have access to insurance and therefore, your insurance-based private practice. It would make better sense to set up a self-pay strategy so that you’re able to anticipate and accommodate cash paying clients.
But on the positive side of that example, a large employer can decide to move to your area and set up shop. They’ll hire and provide insurance to a group of employees to whom you can market your private practice. In this case, it would be smart to accept insurance, specifically their insurance.
As you can see, there isn’t a one-size-fits-all payment model for private practice. In this post, we’ll tackle the top reasons to choose either self-pay or insurance for your private practice. Also remember that you’re free to do both, as well, however most practices lean more toward one or the other.Read More
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
How to Hire the Best Private Practice Employees
The right people can make or break your private therapy practice.
It’s customer service, not price, that determines whether or not you’ll get repeat business. You may offer the best prices and have a killer marketing campaign that brings in scores of new clients, but without friendly, competent, and invested people on your staff, you’ll always be at square one… maybe even worse.
The good news is the right people are right around the corner. Let’s discuss how to find qualified, dedicated people who will benefit your private therapy practice.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
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