Are You Tracking Your Insurance Rates?
Did you know that you can request reimbursement increases after you sign with insurance panels? Learn more about this process below:
What can I expect as a reimbursement rate for mental health professionals?
Each insurance will provide you a reimbursement rates list. Basically this list will show all billing codes and their reimbursement rate depending on your professional background. These rates may differ based on your experience, specialities, and training, the location of service, therapy demand in the area, etc.
After you review the reimbursement rates, you will get to decide if you want to sign with the insurance panel to be an in-network provider. By signing your contract, you will be agreeing to be paid that allowed amount listed on the reimbursement rate.
But what if the rate is really low? Should I not sign?
Not necessarily. You may have a lower rate when you are starting out, but it can still be beneficial to sign with the insurance panel. One reason being you can request a reimbursement rate increase later on. Typically, insurance companies will ask for a 6-month or 1 year waiting period before submitting your first reimbursement request.
Another reason some therapists will sign with an insurance company despite a lower rate is due to incident-to billing. This is where your associate therapists or interns provide the therapy session or service, but the insurance claim is billed under your credential. If you are providing supervision, this may be a determining factor on whether you sign with an insurance panel.
How do I request an increase?
You will start with writing a letter to the insurance company to explain why you are deserving of the increase. This is the time where you get to write about all the amazing qualifications you possess and how you support clients. Include details such as your expertise, the clients you support, and how much of an increase you are wanting.
After drafting this letter, you will submit it to your provider relations/support. It can take 1-2 months for a response, so be sure to follow up after submitting your letter.
How can Purple Pandas help with your insurance rates?
Once you are credentialed with insurance panels, your Purple Pandas assistant will:
Track reimbursement rates for each insurance
Indicate whether incident-to billing is accepted for that insurance in that state
Submit your insurance claims, post payments, and update your patients’ EOBs
Troubleshoot denials and re-submit
Track when increase requests can be submitted
Write and submit insurance rates on your behalf
Follow up on your request response
You don’t need to do insurance billing alone. Gain a team of Panda professionals to support your practice with Purple Pandas. We offer a free consultation call to mental health professionals through our contact form. Sign up for yours today!