Episode 72: Insurance or Private Pay? (or Both?!): Choosing How to Get Paid in Your Therapy Practice in the US
Go cash-pay or accept insurance? It’s one of the toughest questions any therapy business owner has to ask themselves, and the answer isn’t always simple.
In this episode, I’m chatting with Brandon Seigel about the complexities of accepting payment in your therapy business. We’re digging into your options for accepting or not accepting insurance, explaining how to best advocate for your patients, and discussing how to balance acting as a therapist and a business owner.
Brandon Seigel is the owner of Wellness Works Management Partners, and provides coaching, consulting, & management solutions for therapy entrepreneurs in the areas of operations, digital marketing, revenue cycle management, and workforce analytics and empowerment. WWMP is a results-oriented team that brings a unique subset of expertise to Human Resources, Technology Innovation, Medical Billing, Data Analytics, Digital Marketing, & So Much More! Their website is wellnessworksmp.com.
[Disclaimer: The information in this episode is primarily applicable to therapy practices within the United States. It may not be applicable in your country of practice.]
We discuss:
- Why Brandon developed his own medical billing company
- How to get paid faster for your services while still advocating for your patients
- Why should you learn to work with insurance, not against it
- How to serve both in-network and out-of-network patients well
- Why some patients are more willing to pay in cash than others
- How licensure is changing to allow for more telehealth opportunities
- The benefits of charging more for your services, even when working with insurance
- How to create documentation to benefit your patients, their families, and the payers
- Understanding the mindset of both your patients and insurance companies
- How to balance working as a therapist and a business owner
Resources from this episode:
Listen to my first episode with Brandon
Explore Brandon's company: Wellness Work Management Partners
Check out Brandon’s book, The Private Practice Survival Guide
My favorite Electronic Medical Record: Therabyte
P. S. Are you a pediatric therapist interested in taking your work with children out into nature? The ConTiGO Approach Online Course will open for registration soon: visit www.contigoapproach.com to join the waitlist.
