Private Practice for New Professionals BUSINESS ASPECTS OF PRIVATE PRACTICE Reid Stell, LMHC City University of Seattle February 26, 2016

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 Business entity options Name your practice DBA (register a unique name or pick a fictitious business name) Print business cards (and letterhead?) Corporation, LLC, PLLC, PLLP, Sole proprietorship, or something else Consult an attorney (he’s also a counselor): 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

Setting Up a Business Write a business plan Executive summary Company description Market analysis Organization and management Services offered Marketing and sales Financial projections Funding Help from the Small Business Administration: SBA.govSBA.gov

Setting Up an 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

Setting Up an Office Directories Psychology Today Directory: 6 months free for AMHCA members!6 months free for AMHCA members! Your specialties Your profile Your specialties GoodTherapy.org: Check it outCheck it out 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“

Psychology Today Directory Listing Data Traffic update - Jan 1, 2015 to date Searches for help in your city and zip 3908 Views to your profile 48 s sent to you 241 Clicks to your website 5 People shared your profile with a friend

Weebly Stats

Google My Business

Setting Up a Practice Your professional association Washington Mental Health Counselors Association (and AMHCA) American Counseling Association (and WCA) American Association for Marriage and Family Therapy (and WAMFT) 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 Practice Office space Rent a suite (don’t forget furniture) Join with a colleague Join with a medical professional Share space (Craigslist) Terry Basolo and Associates Accord Associates North Star Offices Find a group Public library

Setting Up Your Office Office stuff Furniture Phone A regular one? Google Voice Printer/scanner/fax Online fax OnlineFaxes.com ($4.99/mo.) eFax.com

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

Billing and Record Keeping EHR (Electronic Health Records) OfficeAlly.com PracticeFusion.com AdvancedMD.com Paper records (2 locks) Encrypted word processor document Encrypted spreadsheet

Billing and Record Keeping Calendar Paper Phone/online Online appointment services Square Appointments Schedulista InputHealth.com

Billing and Record Keeping Electronic records Chart notes Submitting claims to insurance companies Your NPI (National Provider Identifier) Number: ApplyApply Manually Using a billing service Office Ally: Check it outCheck it out Another EHR provider: KASA SolutionsKASA Solutions And another: TherapySitesTherapySites And a free one: Practice FusionPractice Fusion

Billing and Record Keeping Ethical considerations 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

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, EFT, Paypal, Bitcoin Merchant services: Stripe.comStripe.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: Direct:

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 (aka, 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

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): SiteSite 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

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 IntakeQ.com ($29.95/mo.)

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

Resources Websites RealPsychPractice.com AllThingsPrivatePractice.com

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

Private Practice for New Professionals Download this Presentation (including links) Go to: ReidStellCounseling.com/Articles.html