There are many insurance firms out there. Some good. Some bad. Some awful.
Make sure you do your homework before taking on clients with insurance. There is enough written online about the firms to avoid. Some firms may pay much less than your standard fees and will likely have different rate if you’re seeing clients online vs in-person.
Many clients will have an excess on their policy and there will be limits on the number of sessions – make sure you’re keeping track of these.
The cadence of payments and information provided by insurance firms varies greatly. Some will only pay monthly often operating months in arrears leaving a practitioner very exposed from a cash flow perspective. Be careful and aware when working with firms like this – don’t be afraid to regularly chase payment. Worst case you can speak with the client to highlight the situation. They’ll often be able to expedite payment.
Another drawback from delayed payments is that the insurance company may turn round and say that the individual isn’t covered for the treatment after all – if you’ve provided a number of sessions and the client is then unable to pay then this will hurt you financially.
If you’d like to discuss any of the above or have any questions, please contact us via the link below.
