Private Practice

By Deborah Drumm posted 07-30-2010 07:36 AM

  
Greetings:
A caution before joining insurance panels and becoming "in-network" providers~I highly recommend you speak with an account manager of each company and obtain a copy of the reimbursement rates BEFORE joining.  I have found that I am reimbursed at a higher rate by being an "out-of-network" provider. I work smarter, not harder!    It can be very complicated and stressful.  Be selective with your insureres.
I also recommend that you become an LLC~Limited Liability Company BEFORE starting your practice.  In addition, obtain an "EIN" employee identification number (tax ID). Do not use your social security number as you will have to ultimately change over to a tax ID.
I did everything "bass ackwards" as they say.  My individual NPI is linked to my SS#, I had to get a group NPI that is linked to my "EIN."
Medicare returned my application 6 times when I changed from an individual provider to a "group" provider~
So, I learned the hard way (still learning). I am very happy to be in a private practice that I incorporate my herbal  and aromatherapy expertise as well as my psycho-pharmacological knowledge.
Good Luck,  Deborah Drumm APN,BC - New Jersey
www.changeyourlifecounseling.com
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08-04-2010 08:50 AM

This is an interesting topic that I have been struggling with for about six months. I am a relatively new NP in New York State. The first time I considered t having my own practice was when my collaborator encouraged me consider the idea. In addition to his strong mentorship, I surveyed several Psychoanalytic Institutes in NYC in order to glean information on how to proceed I learned that by joining an institute, (note there are a plethora of philosophical paradigms including CBT), in time, an institute can become a referral source. Also, several of the institutes offered workshops on how to start your own practice which I found helpful. Some one, in previous blog, asked an interesting question: "Do Graduate Programs incorporate how to start your own practice." I think this is something that needs to be looked at. It would also be helpful if in the future, there are presentations at the APNA Convention with the focus: - How to start your own business. I also think that the knowledge shared in this blog is and continues to be extremely helpful. Just a thought....

07-31-2010 06:37 PM

Thanks for the advice. I am in the process of doing the things you talked about. I have a few people mentoring me. Your advice includes some of the things I have been told. Any advice on processing claims and forms you use for documentation. Why do recommend becoming a LLC