If you run a private practice, you may be curious about the benefits of getting on an insurance panel.
It is true that joining insurance panels can open you up to a whole new pool of clients who will be able to afford your services through their insurance providers. But it is not as simple as just going through the application process and joining up.
Yes, the potential for new business is exciting. However, therapists who want to join mental health panels may face some extra hurdles. Plus, you may also have to restructure the way you manage billing.
As with so many other things, when it comes to our health insurance system, knowledge is power—the more prepared you are, the smoother the path will be.
Hence, here are a few speed bumps you may encounter if you join an insurance panel.
Panel Selection
Before applying to join an insurance panel, you will need to do some research. Which insurance companies should you network with? Which providers are relevant to your community and sponsored by employers or individual policyholders in your area? Would joining multiple panels be a smart move for your practice in case some of your clients change their insurance providers?
Make sure you understand how the insurance companies’ fee schedules could impact your finances. Plus, you may find that an insurance panel you would like to join is currently closed. If that is the case, you will need to appeal this position.
Credentialing
Knowing the ins and outs of the credentialing process is key for any therapist thinking of joining an insurance panel.
Why is this an especially important consideration for therapists? Mental health professionals may not always be included in a company’s employee assistance program (EAP). This could mean additional credentialing and administrative tasks.
Increased Inquiries
You want clients to be able to find your practice. But what happens if too many come calling at once? If you do join an insurance panel, and it turns out that you are one of a select few in-network providers in your area, do not be surprised if you notice a significant increase in interest for your services.
However, it is also important to note that if you are self-pay, this could result in a smaller pool of clients. Whether or not you need to prepare for a higher influx of clients, be ready to accommodate schedule changes.
Billing
Joining an insurance panel means new considerations for billing. You will need a system for billing and collecting payments on time, and you will also need to ensure that you can verify your clients’ benefits. In your case, then, would it be profitable or advantageous to belong to an insurance panel?
Furthermore, efficiently tracking other information, such as when a client is entitled to a refund or when someone has hit his or her deductible, will be crucial. This could make your accounting procedures a bit more complicated.
Other Concerns
Are you planning on shifting from a solo practice to a group practice in the near future? Will your practice be expanding to a new location in the coming year? Do you have other goals for your practice, and find yourself wondering how these changes could affect your connections with insurance panels?
Navigating the world of insurance panels can be stressful, especially if you have recently opened your practice. If you feel that you need expert guidance, it is important to reach out to a reliable source that can provide you with the answers you are seeking and the tools to help you move forward.
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Wondering whether or not you should get on an insurance panel? We know the decision can be overwhelming, but we are here to make it easier. At Reliant Practice, we can assist you in identifying which panels to join, support you through your application process, and help you accommodate new clients at your practice. Contact us today.
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