Solo Versus Group Practice
Mona Ruback/CSS
Associated Billing Center, LLC
Exclusively Serving Mental Health Providers Web: mentalhealthbillers.com
If you are considering bringing on other practitioners and pursing the idea of moving from a solo to a group practice, there are several arenas that will require your exploration. From a business perspective, if you are successfully managing your individual practice, you have many of the skills required to maintain a profitable revenue stream in a group setting. You need to consider the number of therapists in your group environment, office space, schedules,
specialties, telehealth versus in office visits and the design of your business plan to help facilitate meeting your goals. You also need to decide whether independent contractors or employees would be a better fit. In addition, you need to consider the brand you have developed to date. In essence, just as a product on a shelf has a particular image and brand, so too does your practice. Will your group practice be identified as a specialty group or multidisciplinary?
It is important to associate with providers who share your vision, empathy and work ethic.
If you decide to consider the idea of expansion (a very personal decision), congratulations. Associated Billing Center, LLC is here to support you. We have helped guide several of our clients through the process. We can facilitate credentialing changes for your practice, as well as execute information changes with insurance panels for in and selective out of network providers. While some of the necessary steps to becoming a group practice can look overwhelming, we can help to put your mind at ease and make the transition less complicated and less stressful. We Are Here to Help!
Disclaimer: Please note: The editorial content of this page is in no way intended to be professional advice. It should be considered informational and a venue for entertainment purposes. Read and utilize it at your own discretion. Content may not be published without the expressed consent of Associated Billing Center, LLC