Whether you’re a social worker, psychologist or counselor, you face critical decisions as a private practitioner. Perhaps, one of the most pertinent decisions that could have an impact on your overall scalability is how you will get paid.
You may find yourself considering whether to accept insurance or use a self-pay model. While ultimately you just want to be paid fairly for the services rendered, one payment option may be more favorable than the other.
In some circumstances, self-pay may be a great option, but there are a few reasons you may decide to avoid it altogether.
Drawbacks of Private Pay
While private pay helps mental professionals get paid sooner rather than later, it does have its drawbacks, especially when it comes to building your client base.
You could spend more time focusing on attracting new clients and building your referral source rather than focusing on doing what you love.
- Most clients are more likely able to afford a small co-pay rather than a $120 session out of pocket.
- Clients may not be able to afford your services if they don’t have insurance, due to part-time employment or unemployment altogether.
- Many mental health professionals are uncomfortable asking clients for payment for their services
Many mental health professionals do not want to spend the time sending patient statements and balancing books using complicated accounting software. - You could lose out on clients that plan on using insurance only.
Advantages of Accepting Insurance for Therapists
For your private practice to be viable, you need patients. Insurance allows you to widen your impact.
For many individuals, insurance ultimately offers an affordable opportunity to seek mental health services. When a person has insurance, they often look to their coverage to see who will and will not accept their insurance. If you’re listed as a covered provider, it’s more likely they’ll seek out your services. There are other advantages to insurance, too.
- Insurance carriers will automatically give you patient referrals.
- Referrals will come in quickly and in larger numbers.
- You will have a greater diversity of clients.
- Insurance verifies the credentials of your practice thereby giving you more credibility.
- Insurance lowers the cost per session for the client.
- You will likely get professional referrals from other providers in your same insurance
networks.
Partner with Anchor Point
One of the biggest advantages of accepting insurance in your therapy practice is the ability to partner with a professional mental health billing specialist.
While you’re busy helping people improve their lives, a mental health billing company works as an extension of your team to ensure you get paid. Outsourcing your billing to a specialist like Anchor Point Billing Solutions can take the burden off you and free up your time. Our extensive experience with a variety of insurance carriers ensures a seamless billing experience for you, the insurance companies, and your patients.
Interested in learning more about how we can help you excel in your private practice? Get in touch with us to learn more about our mental health billing services.