Question
I am starting a new private practice. Do you recommend that I should contract with insurance companies?
Answer
I like contracts because they give me security;I think most practices should seek contracts during these economic times. We are moving away from a free market economy to a third party provider economy. So, my advice for those in private practice is to contract with insurance carriers;although I personally do not like dealing with insurance carriers, I do see it as necessary in order to do business today.
Audiologists who contract with insurance companies might want to avoid taking assignment for hearing aids. Many insurance companies try to force audiologists into taking payment directly. The insurance company sets the prices, not the audiologist. In most cases, when an audiologist accepts assignment, he or she cannot balance bill the patient. I list myself as an audiologist only for insurance reimbursement and not as a hearing aid dispenser. I stipulate that I accept only payment for audiological services and do not accept assignment for hearing aids. This allows me to contract directly with the patient who obtains reimbursement from the insurer.
Granville Y. Brady, Jr., Au.D., F.A.A.A. earned his Au.D. from Arizona School of Health Sciences. He is a licensed audiologist and speech-language pathologist with offices in Clifton and East Brunswick, NJ. Dr. Brady teaches business development and accounting at A.T. Still University. In addition to his clinical experience, Dr. Brady has served as councilman and finance chairman for the Borough of Somerville, NJ and was responsible for the budget, insurance and retirement operations of the municipality. He serves as treasurer of the Audiology Foundation of America.
This Ask the Expert was taken from the recorded course, Managing Revenue Fluctuations - Guidelines for Avoiding Peaks and Valleys, course 15583. To register for the course, click here.
