Private Practicefor New ProfessionalsBUSINESS ASPECTS OF PRIVATE PRACTICE

Catherine Pagano, LICSW, MSWReid Stell, LMHC

City University of Seatt leOctober 17, 2014

Business Aspects of Private Practice

• Setting up a business and office

• Billing and record keeping

• Finances

• Insurance panels

• Malpractice insurance

• Tax implications

• Forms

Business Aspects of Private Practice

• Setting up a business and office

• Billing and record keeping

• Finances

• Insurance panels

• Malpractice insurance

• Tax implications

• Forms

Setting Up a Business Office• Business entity options

• Corporation• LLC• PLLC• Sole proprietorship• DBA (fictitious business name)• Consult a lawyer: Free to WMHCA members• Small Business Administration: SBA.gov

• Business license• Washington State: Washington Dept. of Revenue • City: List of participating cities

Setting Up a Business Office• Web hosting service (such as GoDaddy.com)

• Domain name (URL)• Site hosting

• Website creation and maintenance• Do it yourself

• Weebly.com• Squarespace.com• Wix.com• Web.com• Moonfruit.com

• Therapysites.com ($59/mo.): 1 month free for AMHCA members!• Hire a designer• Phone a friend

Setting Up a Business Office

• Directories• Psychology Today Directory: 6 months free for AMHCA members!

• Your specialties• Your profile• Find office space

• GoodTherapy.org: Check it out• Your specialties• Your profile• CEU offerings

Setting Up a Business Office

• Directories• Open Path Psychotherapy Collective: Sliding Scale Club• SCA – Seattle Counselors Association: Join here• Counseling Seattle: To get listed• WMHCA: "Find a Clinician"

Setting Up a Business Office

• Your professional association• American Mental Health Counselors Association• Washington Mental Health Counselors Association• National Association of Social Workers• Clinical Social Work Association• Benefits to you

• Networking• Advocacy• Continuing education• Professional development• Fulfilling your ethical responsibility to the field

Setting Up a Business Office

• Office space• Join with a colleague• Join with a medical professional• Share space (Craigslist)• Find a group

• ABLE Counseling Services• Accord Associates

• $65/month: In Redmond• Public library

Business Aspects of Private Practice

• Setting up a business and office

• Billing and record keeping

• Finances

• Insurance panels

• Malpractice insurance

• Tax implications

• Forms

Billing and Record Keeping

• Paper records (2 locks)

• Encrypted word processor document

• Encrypted spreadsheet

• Calendar• Paper• Phone/online• Online appointment service: Square Appointments

Billing and Record Keeping

• Electronic records• Scheduling• Submitting claims to insurance companies

• Your NPI Number: Apply • Manually• Using a billing service

• Office Ally: Check it out• Another EHR provider: KASA Solutions• And another: TherapySites

Billing and Record Keeping

• Ethics• Professional will: Template• HIPAA/HITECH risk analysis and safeguards: Checklist• Policy and procedures manual• Roy Huggins, LPC, NCC (Portland): Person-Centered Tech• Eric Ström, JD, LMHCA (Seattle): Ström Consulting

Business Aspects of Private Practice

• Setting up a business and office

• Billing and record keeping

• Finances

• Insurance panels

• Malpractice insurance

• Tax implications

• Forms

Finances

• Budgeting

• Banking• Accounts• Cash, check, card, and EFT

• Merchant services: Stripe.com

• Borrowing money

• High vs. low overhead

Finances

• Fee structure• Services and fees• Sliding scale• Pro bono

• Meet with a Financial Advisor• Ask your colleagues for referrals• Here’s one Reid knows:

• Michael S. Avzaradel• Pacific Capital Resource Group, Inc.• Ph: 206-332-7020 Direct: 206-332-7022• MAvzaradel@PCRG.com

Business Aspects of Private Practice

• Setting up a business and office

• Billing and record keeping

• Finances

• Insurance panels

• Malpractice insurance

• Tax implications

• Forms

Insurance panels

• Network contracts• Advantages and disadvantages• Applying to join networks (i.e., getting credentialed)• CAQH number: Good luck• OneHealthPort: Check it out• Medicaid: Provider enrollment• Thriveworks: Credentialing service

• Working out of network• Preauthorization• Deductibles

Business Aspects of Private Practice

• Setting up a business and office

• Billing and record keeping

• Finances

• Insurance panels

• Malpractice insurance

• Tax implications

• Forms

Malpractice Insurance

• Update your liability insurance

• CPH & Associates (discount through WMHCA): Site

• Umbrella policy

• Legal expenses rider

• HIPAA/HITECH rider

Business Aspects of Private Practice

• Setting up a business and office

• Billing and record keeping

• Finances

• Insurance panels

• Malpractice insurance

• Tax implications

• Forms

Tax Implications

• Corporation vs. sole proprietorship

• Your accountant/bookkeeper

• Revenues

• Expenses

Business Aspects of Private Practice

• Setting up a business and office

• Billing and record keeping

• Finances

• Insurance panels

• Malpractice insurance

• Tax implications

• Forms

Forms• Confidential Client Intake Information

• Disclosure Statement

• Client Rights and Authorization for Treatment (Informed Consent)

• Financial Policy and Fees

• NPP: Notice of Privacy Practices (HIPAA/HITECH)

• ROI (Release of Information)

• Sources of forms• Therapist Private Practice site: Free samples from Anna Deeds, LPC• Reid’s forms: Take what you want

Resources

• Books• Getting Started in Private Practice: The complete Guide to Building Your

Mental Health Practice, Chris E. Stout and Laurie Cope Grand: Amazon• Getting Better at Private Practice, Chris E. Stout: Amazon

• Videos• Dr. Larry Waldman, Ph.D. talks about private practice for mental health

therapist: Youtube• The advantages of having your own private practice in mental health...:

Youtube• 2013 CPT Codes: How They Effect Counselors and Psychologists: Youtube

Private Practicefor New Professionals

Keep in touch!

Catherine Pagano, LICSW, MSW206 407-7054 kipano@gmail.com

CatherinePagano.com

Private Practicefor New Professionals

Keep in touch!

Reid Stell, LMHC206 457-3038 ReidStellCounseling@gmail.com

ReidStellCounseling.com