Episode 30: Building a Profitable Insurance Based- Practice with JoAnn Keller, OTD, OTR/L, CHT
Episode 30: Building a Profitable Insurance-Based Practice with JoAnn Keller
Ever wondered if you should join insurance panels in your private practice?
JoAnn Keller, OTD, OTR/L, CHT is the owner of Hands for Living in Lynnwood Washington. She is a certified hand therapist and a successful clinic owner with a profitable insurance-based practice. She also provides professional coaching for therapists to begin their careers in hand therapy and start their own businesses.
In this episode, JoAnn shares insider tips on how to scale and grow your business in an insurance-based model.
JoAnn and I discuss:
- How JoAnn started her clinic
- Why you MUST generate referrals to be profitable in an insurance-based model, and how to do it.
- Things to consider when deciding between cash-based or insurance-based practice models.
- The administrative duties behind taking insurance.
- The primary reason for insurance is the pool of potential clients is larger which may increase referrals, but the downside of insurance is capped income from the visit (which is set by the insurance company and varies by company).
- Things to consider when hiring a medical biller to help with some of the administrative tasks of insurance-based practice.
- The process of becoming a network provider with Medicare vs Medicaid varies per state.
- How to be more profitable with proper documentation.
- JoAnn’s biggest lesson from starting her clinic was thinking marketing wouldn’t work. She waited for people to call her, instead of reaching out to potential clients directly. The LESSON: don’t be afraid to talk about your business!
- Also, make sure CONTRACTS are in writing …... lesson learned!
Resources from this episode: