Three Reasons to Consider Taking Insurance: For SLPs and OTs

“Should I take insurance?” If you’re starting an independent practice, you’ve likely asked yourself this question at least once. Insurance gets a bad rap (and rightfully so). The outdated systems and frustrating bureaucracy make it seem pretty unappealing for an independent therapist. Most therapists think, “Why bother?” 

While insurance might sound like unnecessary and avoidable work, accepting insurance might just be the best thing you can do to grow and sustain your private practice. Taking insurance connects you with families where the demand is highest, creates a less demanding, more reliable client base, and offers you an opportunity to fulfill your purpose as an SLP.  

Reason #1

Insurance is In-Demand 

For any business to be successful, there needs to be demand. It may sound like an obvious statement, but it's something to consider when you are starting out on your own. Simply put, most families are looking for in-network care. They pay expensive premiums and deductibles to health insurance companies and they expect health expenses (like speech therapy) to be covered. 

Most private practices or outpatient hospitals that offer speech therapy services have waitlists several months long. That’s how badly people want in-network care - they’re willing to wait for weeks or months at a time to work with a provider who is “in-network.” Sure, there are families that are willing to pay private pay, but the pool is small. Many families simply can’t afford to pay $100+ for a speech therapy session. 

When you accept insurance, you open your doors to these families who are looking for in-network care. They will be referred to you or find you through their insurance directories and, likely, you’ll have more families looking for services than you can see! 

Reason #2

Preferred Clientele 

Cash pay families can be tricky to work with. For one, many of them are often waiting for in-network care. They might be interested in cash-pay therapy for a few weeks to fill a gap, but as soon as they get off the waitlists mentioned above, they’ll likely jump to an in-network option. Similarly, if expenses start to add up, families can drop unexpectedly, due to a change in their budget or willingness to pay. Families paying through insurance, on the other hand, tend to be more reliable, more resilient, and less likely to suddenly stop services.   

Cash pay families can also be challenging to work with. We’ve heard from providers that working with cash pay families can bring a sense of entitlement. When parents are paying out of pocket for the service, they can be more demanding and are more likely to question or scrutinize a therapist's approach. On the contrary, insurance families tend to view in-network care as they would other health services covered by their insurance. They trust you as a professional and see the engagement on a more balanced playing field, creating a healthier environment for you and for the family.   

Reason #3

Fulfilling Your Purpose 

Lastly, accepting insurance allows you to fulfill a sense of purpose in your independent practice. Many speech therapists got into this field to serve those with the biggest need, not those with the deepest pockets. Being a cash pay provider limits your impact to a small, wealthy percentage of the population, but accepting insurance allows you to say yes to more clients, regardless of their financial situation. Many families struggle to find services because the system lacks affordable, in-network options. You can take pride in the impact of your practice, knowing that you are doing your own part to make a difference in the system. 

We don’t pretend to be naïve. While there are benefits to taking insurance, we know that it can be very difficult as an independent therapist to take on the administrative burden of dealing with insurance. Not to mention the low reimbursement rates, which often make it financially impossible to run a sustainable practice with only insurance families. 

For all these reasons, we started Beaming Health. We want to empower more therapists to accept insurance and allow them to experience the benefits first hand. We handle the insurance headache and we negotiate higher reimbursement rates on your behalf, letting you focus on care. If you’re interested in learning more, we’d love to talk with you.