Top 5 strategies in private practice you NEED to do to stay in business:
Therapist, psychiatrist, sober coach, interventionist, social worker, counselor, if you are in private practice and responsible for your own income, these top 5 strategies are paramount to stay in business.
1. Stop taking insurance. If you are spending more time filling out the insurance paperwork, figuring out the ever-changing codes, chasing the money, fighting the denial claims, or paying out a percentage to a UR service, it is time to go to cash pay clients. Your time is valuable and if you are spending more time on the paperwork and less with the client, something must be wrong. You did not get into this field to sit at a desk and fill out billing and coding. Get back to what you want to do,, work with clients and save lives.
2. Add services to your practice. You should have more than 2 services to offer. If a client comes to you for one thing, it is excellent in your practice to offer a full continuum of care services: Add Case Management, Sober Coaching, Transport services, Anger Management, ancillary services or add-on services are excellent in terms of marketing and creating more revenue streams.
3. Cross promote and cross refer. Add to your referral funnel by cross promoting and cross referring with others in your industry. A warm lead is a great lead. You need to not only be good at what you do, but you need to be good at marketing and business as well.
4. Expect Downtime. Your business will not always be slammed, it will have ups and downs and that is ok. Learn the rhythm of your business and be prepared to beef up and save in the good times and use the savings in the thin times.
5. Use social media. It is imperative that you blog, post on Facebook and LinkedIn. If no one knows whom you are, you are not going to get business. You need to be active and offer services that will be seen by others and possibly referred to others. Not everyone is your target market, but they might give you info to someone who is!
Call us if you need more help and assistance. The Addictions Academy, LLC. www.theaddictionsacademy.com or call 1.800.706.0318