Episode 245 | Are Insurance Companies Taking Over Mental Health Practices? Here's What You Need to Know
Release Date: 06/19/2024
The Group Practice Exchange
Ever wondered if a podcast could help grow your group practice? A podcast can be an amazing way to connect with your ideal clients - if you use it in the right way. In this episode, I sit down with my podcast manager, Chanlie Leavitt from Paradigm Podcasting, to dig into how group practice owners like us can leverage a podcast to connect with local clients and enhance our visibility. We talk about everything you need to know, from the nuts and bolts of planning and production to marketing tactics that will make your podcast a powerful tool for your practice. Trust me, if you've ever...
info_outlineThe Group Practice Exchange
Ever wondered why so many women pour their hearts and souls into their group practices but still find themselves struggling to hit those higher revenue marks? Unfortunately, this is an all too common occurrence. We all know that running a business as a woman comes with its own unique set of challenges, but the real question is: what can we do about it? In this episode, I sit down with Racheal Cook to pull back the curtain on the stark realities that women face in the business world—like the fact that although we own nearly half of all small businesses, we’re only generating a tiny...
info_outlineThe Group Practice Exchange
Have you ever been stressed about losing income while you’re away from your practice? If that sounds familiar, it’s probably time to think about turning your group practice income into lasting wealth. That’s why I sat down with Ryan Derousseau from Thinking Cap Financial to explore the essential topic of financial planning for group practice owners. While income keeps the day-to-day operations running, true wealth comes from investing that income wisely. Shifting your focus from just earning, to strategically investing can provide long-term financial security and even allow you to...
info_outlineThe Group Practice Exchange
In today’s market, it’s more crucial than ever for us group practice owners to think like CEOs and differentiate our services. But that’s often easier said than done - especially if you’re not sure where to start. In this episode, I chatted all about this with Dr. Ajita Robinson, a licensed clinical professional counselor who specializes in grief and trauma, and an income strategist for therapists. We explored the critical need for diversifying mental health services in the post-COVID era. Dr. Robinson provided invaluable insights on transitioning from a practitioner mindset to a...
info_outlineThe Group Practice Exchange
In recent years, retaining top talent has become more challenging than ever for group practice owners. The hard truth? Your staff are likely leaving because they no longer feel connected to you or their work. So, how can you keep your team engaged and committed to your practice? In this episode, I sit down with Shelli Warren, a seasoned team and leadership coach, to uncover the secrets of offering your staff a career, not just a job. Shelli brings a wealth of knowledge on creating meaningful career paths, even in smaller group practices, and emphasizes the importance of fostering a deep sense...
info_outlineThe Group Practice Exchange
Have you ever wondered how the acquisition of mental health practices by insurance companies might affect your practice? In this episode, I dive into the trend of insurance companies acquiring mental health practices. I share insights on the implications of this trend for small independent practices, discussing potential impacts on patient choice, care quality, and healthcare costs. This trend has profound implications for our field, and understanding it is crucial for staying ahead in the ever-evolving landscape of mental health care. Join me to learn more about: The trend of...
info_outlineThe Group Practice Exchange
Ever wondered how psychedelic-assisted therapy is reshaping mental health treatment? In this episode, I dove into the transformative realm of psychedelic-assisted therapy with the incredible Christopher Brown. As a social worker and military veteran, Christopher brought a wealth of knowledge from his transition from the VA to his own private practice, where he's pioneering in this field of mental health treatment. Our conversation was a deep dive into the intricacies of integrating psychedelic-assisted therapy into a group practice. We explored the legalities, the ethical considerations, and...
info_outlineThe Group Practice Exchange
Have you ever wondered how to empower therapists in your group practice, especially those who are just starting out or are provisionally licensed? In this episode, I had the honor of chatting with Shannon Heers, an Approved Clinical Supervisor and founder of Firelight Supervision, about boosting the confidence of therapists. In our conversation, we discussed the challenges that come with being new in the field or working under provisional licenses and how these can impact a therapist's confidence. Shannon, with her expertise from Firelight Supervision, shared invaluable strategies for...
info_outlineThe Group Practice Exchange
Are you overwhelmed by the idea of taking Medicare in your group practice? You’re definitely not alone - so many group practice owners don’t accept Medicare because they’re confused about billing, CPT codes, Medicare documentation requirements, or need help streamlining their billing to maximize profits. That’s why in this episode, Gabrielle Juliano-Villani and I talk about all the ins and outs of integrating Medicare into a group practice. We explored the potential hurdles and advantages, equipping you with the knowledge needed to make informed decisions about accepting Medicare....
info_outlineThe Group Practice Exchange
Have you ever wondered what it takes to be a visionary leader in your group practice? In today’s episode, I dove into this very topic by sharing an article from the first issue of The Visionary magazine, our new quarterly magazine that's crafted specifically for us—the innovators and forward-thinkers of the mental health group practice world. As I review the article, I explore the core attributes of visionary leadership and how we can use this perspective to revolutionize our practices. Join me to be inspired to tap into your own visionary potential, and learn about topics like: ...
info_outlineHave you ever wondered how the acquisition of mental health practices by insurance companies might affect your practice?
In this episode, I dive into the trend of insurance companies acquiring mental health practices. I share insights on the implications of this trend for small independent practices, discussing potential impacts on patient choice, care quality, and healthcare costs. This trend has profound implications for our field, and understanding it is crucial for staying ahead in the ever-evolving landscape of mental health care.
Join me to learn more about:
-
The trend of insurance companies acquiring mental health practices and it’s implications.
-
Potential impacts on patient choice, care quality, and healthcare costs.
-
Regulatory aspects surrounding these acquisitions.
-
Forecasting continued consolidation in the mental health industry.
-
Tips and recommended resources help you stay informed on this topic and conduct your own continued research.
The trend of insurance companies acquiring mental health practices is a significant development in our industry. By staying informed and proactive, we can navigate these changes effectively and continue to provide high-quality care to our patients.
Thanks for listening! Like what you heard? Give us 5 stars on whatever platform you’re listening from. Need extra support? Join The Exchange, a membership community just for group practice owners on our website www.thegrouppracticeexchange.com/exchange. Talk to you next time!
Resources mentioned in this episode:
The Group Practice Exchange Programs + Courses
The Accountability Equation™ Quiz
Connect with Maureen Werrbach & The Group Practice Exchange:
This episode is sponsored by TherapyNotes. TherapyNotes is an EHR software that helps behavioral health professionals manage their practice with confidence and efficiency. I use TherapyNotes in my own group practice and love its amazing support team, billing features, and scheduling capabilities. It serves us well as a large group practice owner.
Do you ever wish for a financial therapist who could relieve you from the last few months of bookkeeping, talk you off the edge when you're running into issues with Quickbooks, or help you work through a profit plan for growth? GreenOak Accounting does just that! GreenOak Accounting is an accounting firm that specializes in working with group practices. Their value goes WAY beyond bookkeeping; they can help you get on track for financial success. Schedule a free consultation by going to http://greenoakaccounting.com/tgpe