Relying on Marketplace Platforms for Insurance Credentialing
Ahh insurances. Let’s talk about insurances and marketplace platforms (think Alma, Headway, Rula, Grow Therapy, etc.) for a quick sec. A marketplace platform is a one-stop shop for therapists. It can take care of your credentialing, booking, EHR, HIPAA compliant communications, submitting insurance claims, tracking payments, and even provide a landing page to help market to potential clients.
It’s a dream come true. Until it’s not.
I’m not saying these programs are not helpful. They are! They can be especially great for newly independently licensed therapists wanting to get started with their own private practice. But with everything in life, there are pros and cons. Let’s talk about accepting insurances through these platforms and how it impacts your finances.
One of the pros is that marketplace platforms will help you get credentialed with multiple insurance panels. Since they have large contracts, you generally can get credentialed fairly quickly. Headway shares how they help get you credentialed as quickly as possible.
While you do get credentialed quickly, some cons with letting marketplace platforms handle your insurances is that if you leave the marketplace, you lose your credentialing. Another con is that since you are credentialed under the marketplace, the marketplace controls any changes to your contract which then impacts your rates.
Let me say that again: If your marketplace and the insurance company agrees to lower your rates, they sign a contract and your rate is lowered. No discussion with you. The contract is between the marketplace and insurance, not you and the insurance company.
So, if you are wanting to take insurance at your practice, I recommend getting independently credentialed. Does it take more work and time? Yes. But when it comes to your finances, you want to be the one negotiating your rate. You know your worth and should be paid accordingly.
How can Purple Pandas help?
We build the practice the way you want. We want you to turn a profit and actually feel financial freedom and business success. We want your practice to thrive and for you to help clients without burning out.
Let us help you build your practice your way.
If you want to take insurance, awesome. Did you know you can negotiate for higher rates? We can help submit rate increases on your behalf.
If you need help gathering your finances, we can help with your bookkeeping and create monthly profit and loss statements. This can help you make the best business decisions for your practice.
If you need help transitioning to a new platform, we can help set up your practice and client communications.
If you are wanting to transition away from marketplace platforms and start a private-pay or cash-pay practice, we can help with client communications. Don’t assume your clients won’t want to keep you as their therapist because you aren’t accepting insurance. Give them enough communication in advance and help them with the transition.
Your practice should be exactly that, yours. Purple Pandas is a company that loves to support therapists and their businesses. We would be honored to help you build your practice. Fill out our contact form if you are interested in gaining support building your practice.