Trying to decide the best insurance panels to be on as a therapist can feel daunting. You want to make sure that you are on a panel that will get you the most back in reimbursement. In addition, you want to also ensure that you are choosing insurance panels that don’t make you jump through a ton of hoops just to even begin getting paid.
There are so many panels out there that you might not even be sure where to start. Below, here is a guide on helping you choose the best insurance panels for therapists.
How To Choose The Best Insurance Panels
There are many considerations you have to take when choosing an insurance panel. First, you must know that you need to be credentialed on each panel. While it would be nice if you could apply for all of them at once, that sadly isn’t the case.
What Insurers Are Most Popular In Your Area?
This is a great place to begin. It does take some research, though. Begin by looking at the most popular insurance companies in your area or state. Typically, it will be best to try and choose the big panels, as these are the ones that will cover more clients in your area.
What Are Their Reimbursement Rates?
Providing mental health services to clients is your passion. You want to be able to reach as many people as you can. But neither of those things should come at the sacrifice of your own well-being.
If there are limited panel options in your area, this might be more challenging to skate around. But, you should also make sure that who you are paneled with will reimburse you fairly for your services.
What Are The Requirements For Reimbursement?
What does each insurance panel require before reimbursement is honored? Does it seem as if there are a lot of requirements you have to meet before you can even begin to get paid? Knowing these requirements beforehand will help you feel less frustrated over the billing process as well as anxiety over not receiving your payments on time.
Ask Other Therapists In Your Area
Just because an insurance panel seems to be great, doesn’t necessarily mean that it is. If you are unsure of where to begin, ask around to other therapists in your area. They will likely have some experience or expertise on the most popular insurers in your area or state. This can help you weed out the panels that are infamously challenging to work with.
Research Their Credentialing Requirements
This step can save you a lot of time and frustration down the road. Once you have narrowed it down to the ones you would like to work with, look at their credentialing requirements. Do you meet all of them? If not, would it be costly or time-consuming to meet them?
Why Accept Insurance As A Therapist?
There are a variety of reasons why a therapist may want to accept insurance. If they are just starting on their journey as a therapist, it can be desirable to get their footing with clients they can easily reach.
In can help improve access to mental health care and be a good marketing opportunity, especially for therapists who are just starting out.
Every therapist will have their own unique reasoning for wanting to be on an insurance panel. And there are no wrong or right answers if you choose to accept insurance or not.
If you would like to learn more about insurance panels or anything else therapy-related, I invite you to join my Facebook group,