sm child watering blog oct0417

As you plan to make money, I suggest we think about streams of profit running into your bucket or account. It is a goal to have different sources of the funds coming in. The best goal is to have diverse streams so that if one funding source of your practice starts to dry up, you still have other funds coming in. If you have this mind set at the beginning of your practice and carry the concept through growth, it will serve you well. It goes with a “not having all your eggs in one basket” concept.

First, let’s get the concepts of “billable” and “non- billable” straight for our conversation. Billable services will be what you are doing as a speech-language pathologist. If you are billing it either to an insurance company or billing it directly to the patient, it is “billable”. The patient could use your Super Bill with the correct diagnosis codes and treatment codes to get reimbursed themselves if they choose. So if it is a service you can legitimately and ethically attach a code to, it is billable, no matter who you are billing. Your goal is to get billable streams of income into your business. To sum it up, if your treatment goes with a code, it is billable.

Non-billable services are services you could perform, that are still within our scope of practice or within your expertise that you would not bill with codes. You would benefit by adding some non-billable streams coming in as well. Examples of those would be:

  • Groups: Any type of group you could organize would bring interest and income into your practice but are not going to be “billable” to insurance. That’s okay. Parents will be paying for these very valuable services. Here are some ideas: social skills, early speech and language development, pre literacy skills, feeding groups, or “Mommy and Me” language enrichment. Any of these groups could contain members who could be treated individually and billed with codes, but not in groups. Colleagues who do feeding therapy also offer lunch time groups that are billed only privately and not with codes. Offering these groups and marketing them as groups apart from disorders can introduce future patients to your services. It is always possible that some of these same members would then be interested in individual therapy services.

This is especially important as you are building from the beginning and you are working on getting referrals to add to your caseload.

Consider a few of these groups as marketing tools to bring patients to you for a short period of time. Groups could be organized for a 1 time meeting as an introduction to the concept. Enrollment for the series, perhaps 4 – 6 weeks could then begin at the closing of the introductory meeting. Group meetings need only be 1 ½ hours in length depending on the targeted age.

More ideas next month!

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