Why you should consider accepting insurance
Understand the process of working with insurance to help you make the best decisions for your practice — and, just as importantly, for your clients.
Here’s how self-employed providers can find the financial administration support they need.
As a therapist in private practice, you likely spend a lot of time on administrative duties in addition to the therapy you provide to your clients. These tasks, as essential as they are to your practice, can also be time-consuming — and not every therapist is skilled at or interested in the business side of the job.
One of the most important components of your practice is financial administration, which includes forecasting and budgeting, doing taxes, and billing. Hiring help in these areas can be useful if you want to focus more on the therapeutic side of your practice.
Many therapists report support with billing, in particular, is a pressing need. Whether you hire a billing specialist for your practice or you invest in a software to help you stay on top of billing, getting a bit of extra help with billing can ultimately save you time, energy, and money — while ensuring you get paid in a timely manner.
Below, learn more about when it’s time to hire billing help as a therapist, and how to find the support you need.
If you find yourself getting more and more behind on billing — whether your practice is growing or you’re just busy with other tasks — it may be time to seek out some additional support to help you catch up and stay caught up. Too much on your to-do list not only increases the risk of burnout, but could ultimately impact the care you’re able to provide your clients.
On that note, billing involves many important details, such as diagnosis codes and procedure codes. Making mistakes on these details could cost your practice valuable time and money. Hiring billing help reduces the risk of these potentially expensive mistakes, ensuring you get paid in a timely manner.
It may be easier to stay on top of your billing duties if you only work with private pay clients. Billing insurance can be an arduous process. Not only do you need to get credentialed with each insurance panel, you also have to learn and abide by each insurance payer’s unique requirements. If you want to expand your practice to include more insurance companies, hiring billing support could save you time and stress.
Chances are, you entered the therapy field so you could support people with their mental health. So you may simply not enjoy (or find yourself good at) the business side of your practice, which is totally OK. Not everyone can be their own biller. If administrative tasks like billing feel so burdensome that you’re not able to focus on client care, then ethically, it’s the right move to hire help.
If you’re considering finding billing help, start by asking trusted colleagues who use a billing service for their recommendations.
Depending on the size and scope of your practice, you may want to hire an in-house employee to do your billing and manage your office. If you’re solo and not planning on growing drastically in the near future, then investing in a third-party private practice billing service like TheraThink and MindEase Billing — which focus on serving mental health clinicians — may be a good idea.
Any billing help will be an investment, but keep in mind extra administrative support will ultimately save you time and stress (and potentially, money).
Along with helping you get credentialed with more insurance companies, Headway takes care of the billing process for you. It ensures you get paid on time, every time, so you can focus more on what matters most: being there for your clients.
As a Headway provider, you can enjoy benefits like streamlined multi-state credentialing, expansive insurance coverage, and precise eligibility checks. You’ll save time on your entire workflow with a single platform that allows you to easily submit, track, and manage multiple claims from one place. With Headway, you can also ensure compliance from day one and stay ahead of audits with a collection of provider-approved resources, curated templates, and expert guidance.
Understand the process of working with insurance to help you make the best decisions for your practice — and, just as importantly, for your clients.
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Because credentialing involves verifying important details about your education and professional history, you’ll need to provide several documents.