Tools for Insurance Success

Practice Management System

A solid practice management system is necessary to have all your billing information in order. Whether you choose to handle your billing in-house, or you are outsourcing to a billing professional, having a practice management system in place is a step in building your practice that you cannot miss.

Know your Patient’s Insurance Plan

Some insurance companies may delegate the management of some of their plans, or some services within plans (such as behavioral health) to other companies. Failure to realize this could result in a claim being submitted to the wrong company, or you not being credentialed by the company that handles mental health benefits, which will result in a claim denial or delayed payment. Verification of benefits prior to the patient’s appointment is crucial!

Don’t assume your patient is an expert on their own insurance policy. In fact, assume the opposite. Your patient is counting on you to be the expert!

Money Management

Potential money issues are one of the biggest concerns for practice owners. From lower insurance reimbursement rates to denied claims, money woes are the number one complaint. Things to consider: how much money do you need to earn to cover your home and office expenses? How many clients do I need to see to ensure that amount of money per month?

Knowledge of the fee schedules for each insurance panel you are contracted with will help build a realistic budget.