Is it worth it?
The truth is; there is not really a short answer to this question.
Taking insurance in your practice is as much of a personal fiscal decision as deciding to open a new credit card.
It's very personal.
There are several pros and cons to accepting insurance in your practice.
Primarily - having access to a network of patients/clients seeking your services.
If you are just getting started - it would be ideal to collect as many private pay clients as you can.
Example; you may find that majority of your service inquiries are coming from Tricare patients due to the area you are located in. When they discover you are not in network, they decline to obtain services.
Your practice is not growing at the rate you would like.
In this scenario; the complexities of credentialing and contracting with Tricare for your practice is obviously worth it.
The same way there is no one size therapy to fit all, there is not a one size method to run your practice that will fit all.
If you're still on the fence about accepting insurance at your practice you can do two simple things.
Collect the data from your service inquiries, measure that against the pros and cons of accepting that particular or any insurance in your practice, and make a decision.
Some parts of the revenue cycle are very complex.
Deciding if you would like to accept insurance can be simple.
Are you unsure how to get started?
Do you need help collecting data for your service area?
Schedule a consultation to find out how our administrative and insurance billing professionals can help you to focus on serving your clients.