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Private Practice for New Professionals BUSINESS ASPECTS OF PRIVATE PRACTICE Catherine Pagano, LICSW, MSW Reid Stell, LMHC City University of Seattle October.

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Presentation on theme: "Private Practice for New Professionals BUSINESS ASPECTS OF PRIVATE PRACTICE Catherine Pagano, LICSW, MSW Reid Stell, LMHC City University of Seattle October."— Presentation transcript:

1 Private Practice for New Professionals BUSINESS ASPECTS OF PRIVATE PRACTICE Catherine Pagano, LICSW, MSW Reid Stell, LMHC City University of Seattle October 17, 2014

2 Business Aspects of Private Practice Setting up a business and office Billing and record keeping Finances Insurance panels Malpractice insurance Tax implications Forms

3 Business Aspects of Private Practice Setting up a business and office Billing and record keeping Finances Insurance panels Malpractice insurance Tax implications Forms

4 Setting Up a Business Office Business entity options Corporation LLC PLLC Sole proprietorship DBA (fictitious business name) Consult a lawyer: Free to WMHCA membersFree to WMHCA members Small Business Administration: SBA.govSBA.gov Business license Washington State: Washington Dept. of RevenueWashington Dept. of Revenue City: List of participating citiesList of participating cities

5 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!1 month free for AMHCA members! Hire a designer Phone a friend

6 Setting Up a Business Office Directories Psychology Today Directory: 6 months free for AMHCA members!6 months free for AMHCA members! Your specialties Your profile Find office space GoodTherapy.org: Check it outCheck it out Your specialties Your profile CEU offerings

7 Setting Up a Business Office Directories Open Path Psychotherapy Collective: Sliding Scale ClubSliding Scale Club SCA – Seattle Counselors Association: Join hereJoin here Counseling Seattle: To get listedTo get listed WMHCA: "Find a Clinician""Find a Clinician"

8 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

9 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 RedmondIn Redmond Public library

10 Business Aspects of Private Practice Setting up a business and office Billing and record keeping Finances Insurance panels Malpractice insurance Tax implications Forms

11 Billing and Record Keeping Paper records (2 locks) Encrypted word processor document Encrypted spreadsheet Calendar Paper Phone/online Online appointment service: Square AppointmentsSquare Appointments

12 Billing and Record Keeping Electronic records Scheduling Submitting claims to insurance companies Your NPI Number: ApplyApply Manually Using a billing service Office Ally: Check it outCheck it out Another EHR provider: KASA SolutionsKASA Solutions And another: TherapySitesTherapySites

13 Billing and Record Keeping Ethics Professional will: TemplateTemplate HIPAA/HITECH risk analysis and safeguards: ChecklistChecklist Policy and procedures manual Roy Huggins, LPC, NCC (Portland): Person-Centered TechPerson-Centered Tech Eric Ström, JD, LMHCA (Seattle): Ström ConsultingStröm Consulting

14 Business Aspects of Private Practice Setting up a business and office Billing and record keeping Finances Insurance panels Malpractice insurance Tax implications Forms

15 Finances Budgeting Banking Accounts Cash, check, card, and EFT Merchant services: Stripe.comStripe.com Borrowing money High vs. low overhead

16 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: Direct:

17 Business Aspects of Private Practice Setting up a business and office Billing and record keeping Finances Insurance panels Malpractice insurance Tax implications Forms

18 Insurance panels Network contracts Advantages and disadvantages Applying to join networks (i.e., getting credentialed) CAQH number: Good luckGood luck OneHealthPort: Check it outCheck it out Medicaid: Provider enrollmentProvider enrollment Thriveworks: Credentialing serviceCredentialing service Working out of network Preauthorization Deductibles

19 Business Aspects of Private Practice Setting up a business and office Billing and record keeping Finances Insurance panels Malpractice insurance Tax implications Forms

20 Malpractice Insurance Update your liability insurance CPH & Associates (discount through WMHCA): SiteSite Umbrella policy Legal expenses rider HIPAA/HITECH rider

21 Business Aspects of Private Practice Setting up a business and office Billing and record keeping Finances Insurance panels Malpractice insurance Tax implications Forms

22 Tax Implications Corporation vs. sole proprietorship Your accountant/bookkeeper Revenues Expenses

23 Business Aspects of Private Practice Setting up a business and office Billing and record keeping Finances Insurance panels Malpractice insurance Tax implications Forms

24 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, LPCFree samples from Anna Deeds, LPC Reid’s forms: Take what you wantTake what you want

25 Resources Books Getting Started in Private Practice: The complete Guide to Building Your Mental Health Practice, Chris E. Stout and Laurie Cope Grand: AmazonAmazon Getting Better at Private Practice, Chris E. Stout: AmazonAmazon Videos Dr. Larry Waldman, Ph.D. talks about private practice for mental health therapist: YoutubeYoutube The advantages of having your own private practice in mental health...: Youtube Youtube 2013 CPT Codes: How They Effect Counselors and Psychologists: YoutubeYoutube

26 Private Practice for New Professionals Keep in touch! Catherine Pagano, LICSW, MSW CatherinePagano.com

27 Private Practice for New Professionals Keep in touch! Reid Stell, LMHC ReidStellCounseling.com


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