Which Insurance Panels Are Best for Me?

So, you realize how important credentialing is for the success of your practice, correct? If you need a little reminder, consider the following: A new client walks into your office and is hoping to schedule a therapy session ASAP. Unfortunately, however, they find out in their consultation that you don’t accept their insurance. More likely than not, they will have no choice but to seek counseling elsewhere—more specifically, at a practice that takes their insurance because they can’t afford to pay out of pocket for the service. You’ve now lost a client and the profit they would bring you with every counseling session attended.

Now that you understand the importance of getting on insurance panels, it’s time to get started with the credentialing process. However, there are quite a few insurance companies out there—how do you know which ones suit you best? Our credentialing team can give you more personalized recommendations, but here are some general guidelines for you:

1. Larger panels are a great place to start.

Several insurance companies are ones that clients have access to across the country. Blue Cross Blue Shield, Aetna, Cigna, Humana, Value Options, TRICARE, Medicare, and several other companies are ones that are prevalent in many communities in the United States.

Call us at 1-855-664-5154 and we can give you information on additional major panels that may interest you.  We can also narrow your choices by your region.  For example, if you live in an area where there aren’t very many active military personnel or veterans, TRICARE may be a panel that doesn’t suit your needs.  Our team can give you the personalized information you need so you can make informed credentialing decisions.

2. A combination of smaller panels is also an excellent choice.

Larger panels that represent a good number of your area’s population are always good choices for your credentialing process.  However, a combination of smaller panels can also work for you.

For example, you may decide you want to be credentialed with Blue Cross Blue Shield because 100 people in your area have policies with them.  However, Aetna, Cigna, Humana, and TRICARE also cover clients in your area, around 30 people per company. So, Blue Cross Blue Shield may cover 100 clients in your area, but if you are credentialed with Aetna, Cigna, Humana, and TRICARE, who cover 30 clients per company, you may have access to over 120 clients.

In other words: being credentialed with major players is important.  However, understanding your region and having a combination of panels at your disposal can be just as important, if not more so.  Our Credentialing Team can help you put the information you have in perspective so you can make solid decisions in regard to your credentialing.

How do I decide which panels and how many panels are best suited for my needs?

If you’re undergoing credentialing on your own, one of the main factors in your decision-making process will be time.  In conjunction with the patients you see every day and the running of your practice, how much time do you have to submit applications to panels, follow up with them and make appeals if necessary?  Will you be able to fit in credentialing with the day-to-day responsibilities you already have?

Delegating your credentialing can be a huge stress relief for you, as well as save you countless hours in front of your computer and being on the phone.  Let us do your medical credentialing for you so you can focus on building your practice and attending to the needs of your clients.  Call us at 1-855-664-5154, and let’s have a no-pressure conversation about how we can help you today.

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