Starting a New Therapy Business? Here’s Where to Begin...

I get a lot of calls from therapists who want to take the dive into ownership and start their own Therapy Company.

It's always inspiring to listen to their dreams and aspirations, and I always give the same piece of advice to new owners.

Get your insurance contracts in place and credentialing completed before you start anything else.

(Besides creating a business and registering with Medicaid that is)

So many therapists try to start a business with a few private pay patients and hope that they’re going to be able to get lucrative insurance contracts once they’re out on their own.

In my humble opinion, that is the wrong approach and does not lead to a sustainable business in the long term. It is critically important to get your insurance contracts in place long before you secure office space, marketing, hiring, website, etc.

Obtaining a contract with all the insurance companies in your area is no guarantee and some can take up to 6 months to finalize the contract even if they decide to contract with your business.

Be sure to ask around and find out what insurances are offered in your local area and ask your peers which ones are the easiest to deal with.

The less headache you have on the insurance front, the less personnel you’ll need to hire to support your back office.

If you don’t know where to begin with contracts, don’t hesitate to reach out to our friends at Clinic Connection, and be sure to let them know that we sent you. They won’t disappoint, and you’ll be on your way to building a successful business.