Low Paying Insurance
May 14, 2019Hi, this is Dave Kats with Therapist Consultants, and I have a tip for you.
Maybe it's time to kick some of the low-paying insurance companies to the curb. You know, if you still accept insurance, one of the things that happen is some insurance companies pay very little, and we have kind of a rule of thumb for our clients who accept insurance, and that is if the insurance company is going to pay you a total of less than $68 for the session, you might as well kick that insurance company to the curb, get rid of them, and have those patients pay cash for their services when they come in, for their therapy. And you have to think about which ones that pay enough to stay with, and which ones that don't. Get rid of the ones that don't pay well and put those people on cash. You will see that your practice will increase and that your revenue will increase as a result. What I'd like you to do is take a mental note or go through your files and see which insurance companies pay less than $60 to $68. Think about discontinuing being on the panel with them because it would improve your practice, it will improve your revenue, and I think you'll be a lot happier to get rid of those low payers.
This is Dave Kats, thanks for listening.
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