Private Pay vs. Insurance: Which Should You Accept?
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Starting a private practice isn't what it used to be. Today's clinicians are starting private practices much quicker, easier, and cheaper than before. And they aren't guessing their way through it or getting stuck in analysis paralysis, they're following a tried-and-trude roadmap in order to save time, money, and frustration. There is no reason to reinvent the wheel or struggle to figure out how to start a private practice on your own. We've helped thousands of SLPs and OTs through this process and now we want to help you too. For a limited time, I'm offering a free copy of our private practice roadmap, specifically for SLPs and OTs who are curious about private practice and want to see what the journey looks like.
To download your free copy, please visit startyourprivatepractice dot com backslash roadmap to sign up. Now on to the episode. Should you take private pay or insurance for your private practice? Well, there are pros and cons to each. In this episode of the Private Practice Success Stories podcast, I'm going to discuss the options and help you decide which route to go. So stay tuned. I'm Jenna Castro-Kasbon, speech language pathologist, business coach, and creator of the Start Your Private Practice System. And I'm on a mission to turn stock SLPs into successful private practitioners. If you're tired of dealing with high productivity requirements, high caseload sizes, and low pay, it's time to take control of your professional, personal, and financial life and finally get the freedom, flexibility, and financial abundance that you deserve by working with private clients in your own practice.
Join me here each week as I share tips, best practices, and inspirational interviews on the Private Practice Success Stories podcast. If you're a private practitioner or one in the making, you're in the right place, so let's get started. My name is Jenna Castro-Kazbon, and I've helped over 10,000 SLPs start, grow, and scale successful private practices using both private pay and insurance as payer sources. The top ways to get paid in private practice are private pay, insurance, Medicare, and Medicaid. Now you probably have some questions about billing and how to decide which payer sources to accept, so let's talk about it. If you choose private pay to start, which is what I recommend, you get to decide what your rate is.
So you have an opportunity to get paid very fairly and what you're worth. This allows you to see less clients, but still get paid well. With insurance, Medicare, and Medicaid, the reimbursements are usually less, but the pool of available clients is greater because there are more people who want to use their insurance for visitors. their visits. I recommend that people start with private pay because of the higher pay rate, which helps you be more profitable from the very beginning. Starting with private pay first also allows you to start your private practice more quickly. You get to pick your rate, you also get to pick your own documentation system, and you have the ability to get paid on the date of service.
No waiting for payers to review the claims and then send you the money, which can take weeks or even months. For private pay-only practices, you are going to want to set yourself apart and decide what makes you more special than other providers, especially those who accept insurance. There are plenty of people out there who are willing to pay for private services, but you'll have to give them a reason to do so. So I recommend that private pay practices are more specialized and positioned in a way to communicate the value that they provide over generalist private practices. Lots of people who run private pay only practices feel very strongly that they don't want anyone to dictate who they serve or how they treat their clients and they don't want to have to ask anyone for approval.
If you want to do private pay, I highly recommend that you listen to the episode of the Private Practice Success Stories podcast with Tara Sumter. She is a very successful private pay only private practitioner in Ohio.
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