What are some of the biggest myths about taking insurance in private practice? How long does credentialing actually take? Is insurance better than private pay?
In this podcast episode, Joe Sanok speaks with Jeremy Zug about the biggest myths in taking insurance in private practice.
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In This Podcast
In this podcast episode, Joe Sanok speaks with Jeremy Zug about insurance myths from practicing in the state you live to private pay.
Myth 1: “I can only practice in the state that I live in”
Look into the licensure of your state and make sure you are licensed in the state you want to offer services in. Also, make sure you’re credentialed in that state according to their insurance company laws. Use Telehealth platform that is HIPAA compliant.
Myth 2: “Credentialing only takes 30-60 days”
Credentialing is a long process. Insurance companies process applications as they receive them. This hardly happens between 30-60 days, but rather between 90-180 days. This is due to the industry growing and also because insurance companies are not concerned with fast-tracking your application.
Myth 3: “I need to be on every insurance to have a successful practice”
When you’re on a number of insurance panels, you’re likely to end up with thousands of dollars in outstanding claims past 120 days. This will stop you from making progress on your revenue goals. Instead, take one insurance and build your practice around that insurance. Then, a year or two later, add another one. Once that’s established, add another one, and so on.
Myth 4: “You don’t get paid as much as an out-of-network provider”
An out-of-network provider is 100% private pay while also being somewhat involved in the insurance world. With out-of-network, you’re able to bill the patient for the entire cost of the session and have payment go to the patient for the insurance portion. Or, you can bill the insurance, charge the patient for their co-pay, and then collect from the insurance company. Whatever the insurance company doesn’t cover, you can get the patient to pay.
Myth 5: “Insurance is better than private pay”
There is a case for private pay. You don’t have accounts receivables to deal with. You get the cash in hand. Payroll becomes easier. Private pay allows you the freedom to do some volunteer work and also charge your full fee.
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Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
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