Guess who's back?! The Yakity Yak is back!

Welcome to Yakity Yak, your weekly boost for a smoother, more efficient practice.

At Practice Yak, we’re dedicated to helping therapists and mental health professionals streamline the administrative side of their work, so they can focus on what matters most: client care. Our tools and tips aim to simplify billing, scheduling, and everyday admin tasks, providing therapists with a better way to manage their practices and find balance. We’re here to support you in building a thriving, less-stressful business!

We are trying out our new format again this week, called" “Yak-onomics”. The goal is to break out parts of running a therapy practice, both individual practices and group practices and discuss.

Sooo….. if there are any topics you want to discuss —> send them our way.

Yak-onomics 101

According to the Heard 2024 Financial State of Private Practice —the rank of the each license type is the following:

1. Psychologist

2. Marriage and Family Therapist

3. Social Worker

4. Mental Health Counselor

5. Professional Counselor

Trends - Out of Network Claims

Therapists are adopting tools or outsourcing services to help clients claim out-of-network benefits. Companies like Reimbursify streamline this process.

Focusing on Out-of-Network (OON) billing can have significant implications for clinicians, affecting everything from client accessibility to financial sustainability. Here’s what it means for your practice:

1. Greater Flexibility in Setting Rates

   • Clinicians can set their own fees without being restricted by insurance company caps. This allows for more personalized pricing that reflects the value of services provided

2. Fewer Administrative Burdens

   • OON billing reduces the need to deal directly with insurance credentialing, audits, and compliance. The streamline operation allows clinicians to focus more on clients.

3. Higher Client Costs but with Reimbursement Potential

   • Clients typically pay upfront and submit claims to their insurers for reimbursement. This may only be possible for a smaller patient population but will create freedom for you as clinicians..

4. Opportunity for Specialized Services

   • OON billing can attract clients seeking niche or specialized treatments, as these services are often excluded from standard insurance

What This Means for Clinicians

OON billing provides the freedom to operate outside the constraints of insurance networks but requires a proactive approach to client communication, billing processes, and practice management. It’s a model best suited for clinicians ready to focus on premium services, client education, and streamlining reimbursement workflows.

Case Study

Coming Soon…

We currently do not have any case studies but the hope is there will be new and cutting edge practices doing new stuff that we can analyze here.

Tools and Tips

No tools this issue but we have one tip.

This time of year could be slow as a therapist because your clients have abbreviated work schedules or kids holiday parties. It could also be extremely busy because if they are stressed about the kids holiday parties and elf on the shelf and maybe even being Santa.

If the first part is true and you have some extra time, it is a great time of year to connect with your fellow therapists. Talk about what has been good over the year, talk about what has gone bad. Get some eggnog and tacky sweaters and enjoy.

Yak to Yak - Q&A

What can you do for the end of the year?

As the year winds down, it’s time to tidy up your finances and prepare for a fresh start. Here are some key tips to keep your practice’s books in tip-top shape:

1. Reconcile Accounts:
   Ensure bank accounts, credit cards, and any other financial accounts are fully reconciled. This helps you catch errors and keeps everything aligned.

2. Organize Receipts and Expenses:
   Use a system like QuickBooks, Wave, or even a simple spreadsheet to categorize your expenses. Separate business and personal costs to make tax filing easier. (Let’s be frank…it’s best if business and personal expenses don’t mix)

3. Review Outstanding Invoices:
   Follow up on any unpaid client bills or claims. Clearing these up now avoids headaches in the new year.

4. Prepare for Taxes:

   • Compile all necessary documents, such as 1099s, W-2s, and income reports.

   • Review your deductions, including home office expenses, continuing education, and office supplies.

5. Plan for Next Year:

   • Consider setting up a budget for the upcoming year.

   • Research financial tools or apps that can simplify your bookkeeping moving forward.

By tackling these tasks before January, you’ll set yourself up for a stress-free tax season and a smooth start to the new year!

P.S. If you have any topic you want to yak about, reply to this email and I will do the research and include in the next the Yakity Yak!

P.P.S. - If you want to contribute a post reply, and we can get you plugged in!

Head Yak Out

Get in Touch:

Have any questions or need immediate assistance? Don’t hesitate to reach out to me at [email protected]. We’re here to help you succeed!

Practice Yak - We’re excited to be a part of your journey to a more efficient and successful practice.

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Best regards,
Lane
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