Are you contemplating on getting onto insurance panels now?
You’re starting to wonder if now is the time, to get onto insurance panels. You’ve had a full client caseload for multiple years, but since post pandemic things have slowed down. Maybe your referrals are slower than usual and your clients are leaving therapy, because their finances changed. I know that this can feel scary, with not knowing if you’ll get new clients anytime soon. This can trigger our scarcity mindset, which makes us anxious and fearful that we won’t be able to “make it” in private practice, without a full caseload provided by insurance..
The economy plays a large role into feeding into our scarcity mindset. When the economy is down, it’s hard not to feel the impact, with clients quitting therapy or requesting less sessions, and when we’re not taking in new clients, like we’re used to. This can lead to fear and panic. When we allow our fear to take over our decisions, we don’t always think things through clearly, because we are reacting in a survival mode. I get it! I stayed longer on insurance panels than planned, fearing that I wouldn’t be successful in private practice. I didn’t realize at that time, I fed into the belief that taking insurance was the only way to make it. I can tell you from my experience, that this is not true. Once I got off of my last insurance panel, not only did I make it, but my income improved as well!
I do understand why Clinicians are getting onto insurance panels. Sometimes we have little choice, when it comes to feeding our families and making our ends meet. And I do support you, as long as you can maintain your business boundaries, to protect your mental health.
Here’s 3 tips on choosing which health insurance panels to belong to:
Make a list of the most popular health insurances in your area. Also ask your Colleagues which insurances do their clients use.
Once you’ve narrowed down your list, do research on the top three highest paying insurances. Avoid the lowest paying insurances, it’s not worth your energy or time.
Reach out to the insurance provider relations department, to discuss their contract. Make sure that the contract supports you. For example if you’re a Telehealth practice, but the contract expects you to see clients in-person, then it’s not a good match.
Most of all, if you’re contemplating whether you should get onto an insurance panel, make a pros and cons list. Remind yourself that you’re not a failure, if you decide to take on insurance clients. Just remember that you can always scale back, or get off of insurance panels, when the economy improves again! Do what is best for you and your family, regardless of what other Clinicians may think!