Why Now Is a Great Time to Start a Therapy Practice
We just have to come right out and say it. The COVID-19 crisis has us living in a weird new world. Stay-at-home orders and toilet paper hoarding are our reality at the moment. All of this interior living mixed with massive social media is leading to significant anxiety in the world. So truthfully, it’s the perfect time to start a therapy practice.
What’s that you say? Perfect time to start a business? Yes! We know that the signs point to just crawling under some blankets for a while. But it’s actually a great time to start an online therapy practice. Telehealth services have quickly turned from a want into a need. You can fill that need by starting your business and offering your help to the community.
And if you are brand new to telehealth and medical billing for your practice, Doug Fir Billing can help. We serve those in the health and wellness world who are taking care of clients during this time.
Should I Really Start a Therapy Practice Now?
Many therapists who were ready to launch their solo practices before the coronavirus crisis hit are now wondering if that’s a good idea. In our opinion, this could be the perfect time to do it. There is a strong demand for online counseling and support right now. People need what you can provide.
You have worked hard to be ready to help, and now an opportunity to apply your skills is right in front of you. Go for it! There are a lot of people in need of your assistance, and being in demand right now is a good thing.
There are many benefits to starting your practice right now. It’s worth considering the following:
Demand Is High
With so much uncertainty and fear, more people than ever are looking for a counselor or therapist now. And it doesn’t appear that this situation will resolve quickly, so the need is likely here to stay. The need is real, and you can help.
You Can Earn Income
Many people have been feeling awkward about earning money while others are struggling. But there is nothing wrong with earning income by offering a necessary service. And if you can make money now, then you are in a position to support your family and any causes that are important to you. It continues to help the community when people have dollars to spend.
You Don’t Need to Rent or Own a Separate Space
Most therapists prefer to offer in-person therapy rather than telehealth options. But virtual appointments are the next best thing to being in person, and we are fortunate enough to have this technology available now.
When you start an online therapy practice, you bypass the need to have a physical location in which to see clients. Removing this hurdle makes it quicker, simpler, and less expensive to get your practice going.
For telehealth therapy services, you need a laptop, a stable internet connection, and a telehealth platform. No office. No rent. No logistics. This is super helpful as you begin your practice since it takes a lot off your plate. You can simply focus on clients.
This opportunity is a great time to build up your practice so that you can hit the ground running when you can see patients in person. You can develop a steady clientele to help support the expense of a physical location when the time comes.
You Can Do What You Love
If you have been working toward owning your own practice, don’t let this crisis derail your dream. Don’t create anxiety for yourself by stopping what you love. Now is an excellent time to move forward, start a therapy practice, and help those who need you.
What Is the Best Way to Start a Therapy Practice?
Whether you are planning to work eventually in-person or only to use telehealth options, there are a few steps to take.
1. Set Up an LLC
An LLC is a limited liability corporation, and it offers some legal protections to the owner. When you develop the LLC, you will end up with a tax ID number that will be crucial in the next step.
We are not lawyers or accountants at Doug Fir Billing, so we always recommend you seek legal and tax advice from qualified experts. Experts can help you with this process, and it usually is not very lengthy to finish.
2. Get Credentialed
If you plan to bill insurance for your client services, you must go through the credentialing process. Many providers use MTSL Group or Alchemy Credentialing to streamline this procedure, but it still can take several months.
It’s best to do this with your LLC business identification number (BIN) rather than your social security number. Sometimes providers do these first two steps in reverse, and it is a hassle to change the SSN to a BIN after the fact.
While they wait for the insurance credentialing process to finish, some therapists opt to charge clients by private pay on a sliding scale. If you are in the middle of the insurance waiting game, then private pay is an excellent temporary option. It lets you start seeing clients right away via telehealth platforms.
3. Check Out Your Business Insurance Requirements
Depending on where you work, it is likely that your state requires you to carry liability insurance. And If they don’t, it’s a good idea to purchase a policy anyway. When you are dealing with people’s health, you need to protect yourself from possible litigation.
4. Start Seeing Clients!
There are many ways you can offer telehealth therapy visits, so choose the platform that fits your needs and budget the best. Although HIPAA regulations regarding virtual visits are currently relaxed to meet the high demand for services, it is still a good idea to have a compliant platform. Eventually, rules will be back in place.
Reach Out for Help
Although this current crisis is raising significant concerns surrounding business viability, it’s still a great time to start a therapy practice. You can have a relatively low-cost entry into the market and help people who need it at the same time.
If you have questions or need help with your billing, reach out to the team at Doug Fir. We are happy to serve.