Private Practice Archives

September 2021 Newsletter

HOW TO ACCEPT INSURANCE: PART 1

As a private practitioner, one of the most reliable ways of acquiring a stable caseload and income is to accept insurance and other contracts. Working with insurance is a double-edged sword. Private practitioners will acquire consistent referrals and income but will have to deal with all that comes along with accepting insurance.

If you are waiting to secure and pay for a space for your private practice, but need an address, look into virtual offices. There are many executive office options out there that will give you a mailbox and add your business. This helps with accepting insurance, as insurance companies require an address for your office. One part of submitting claims is detailing where the service was provided. Regus offers a global network of office spaces, receptionists, and a variety of locations. 

The Colorado Counseling Association has partnered with Recenter. This unique partnership addresses one of the biggest challenges with private practice: office space.

Recenter provides two free sessions to all members of the CCA. Much like CCA, Recenter believes mental health care gets better for everyone when providers have the support they need. Recenter offers a new model for mental health care providers, one that affords the independence that comes with a private practice without the overheads or long-term lease commitment. There is no one-size-fits-all approach to mental health care, and Recenter removes the strain of searching for an ideal site that will suit all patients by meeting three main criteria; location, access, and design.

Step One: National Provider Identification (NPI) Number

An NPI number will be used by all insurance companies and verifies your credentials in the number. Follow the link to learn more:

https://nppes.cms.hhs.gov/#/

Step Two: LLC/PLLC

A Limited Liability Company (LLC) is a business structure in the United States whereby the owners are not personally liable for the company’s debts or liabilities. LLCs are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship.

The IRS defines an LLC as the following:

A limited liability company (LLC) is a structure allowed by state statute. An LLC is formed by filing articles of organization with the individual state's secretary of state. Owners of an LLC are called members. Members may include individuals, corporations, other LLCs, and foreign entities. An LLC can be formed by one or more members, and there is no maximum number of members. An LLC can also be organized as a professional limited liability company (PLLC) or a limited company (LC). For federal tax purposes, an LLC may be treated as a partnership or a corporation, or be disregarded as an entity separate from its owner.

A Limited Liability Company (LLC) is an entity organized under the laws of a state. You must file or intend to file articles of organization with your state before you can be recognized as an LLC. There can only be one LLC with the same name in any one state.

The PLLC, as it pertains to private practitioners, is no longer a requirement in the state of Colorado.

Step Three: Federal Tax ID Number (EIN)

A tax ID number is comparable to a Social Security number for a business. An EIN is needed to pay federal taxes, hire employees, open a bank account, and apply for business licenses and permits. Follow the link to learn more:

https://www.irs-ein-tax-id.com/

Step Four: PROFESSIONAL LIABILITY INSURANCE
is required to operate a private practice and for credentialing purposes. The cost of professional liability insurance policies varies. Check your industry/trade associations for discounts on your professional insurance.

Step Five: Council for Affordable Quality Healthcare (CAQH)
CAQH ProView eliminates duplicative paperwork with organizations that require your professional and practice information for claims administration, credentialing, directory services, and more. Help reduce inquiries for your administrative information and save even more time by keeping your CAQH ProView profile complete and up-to-date. Ensure that the healthcare organizations you authorize have instant access to accurate, timely information.

Follow the link for more information:

https://proview.caqh.org/PR/Registration

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