Be A Successful Business Owner

Build something special and reap the rewards of your hard work.

Ready To Start Your Own Agency?

Let Solvent Practice Solutions manage your credentialing and advise on all things necessary to start and maintain a successful agency.

Are you a clinician looking to start your own agency but don’t know where to start? Or maybe you’ve already begun to, but things are not going as you imagined them? Are you overwhelmed with everything it takes to run an agency?

Don’t worry; we can help! We offer a package of services designed to help get your agency up and rolling through credentialing, assist with your intake process and service fees, and establish realistic expectations about what to expect in the first few months of operation.

Enjoy A Stress-Free Launch

Many providers start their agencies and quit their previous job. We strongly advise against this as it can easily take up to 4-6 months to get your new practice operational. Instead, hire us to help get your new business going while keeping your current job. You will be much better off financially to start your new agency only after you’re able to start seeing clients. Our services are fully discreet, so if you want to credential with insurance companies without your employer knowing, we can do that.

Frequently Asked Questions

Once you’re committed to opening your practice, you will have you register your business with the local, state, and government agencies. After successfully registering your business with the necessary authorities, you will request an Employee Identification Number (EIN) with the IRS. After getting an EIN, you’ll need to set up a business checking account, EMR, marketing plan, consent documents, and get credentialed with insurance.

One of the biggest failures we see with providers starting their own agencies is not giving themselves enough time to get credentialed with insurance before they start. It is going to take a minimum of 90-120 days to get contracted with most insurances. After you sign up with the necessary payers, it may take another 4-6 months to build up the number of clients to sustain your business.

You will want a separate business bank account. Most banks will link your business account to your personal account. You will use your business account to enroll in electronic funds transfer (EFT) with insurance companies.

Credentialing is one of the most essential and time-consuming tasks when starting your own business. You will need to credential your new business with insurance companies, though the process varies by the insurance company and your prior credentialing process

No, you do not need commercial space to start your own business. You can work from home, providing all telehealth services, and we can make sure your home address is not listed in insurance directories.

Speak with your local peers to find out which insurances are prevalent in your community. You can also review other agencies’ websites to see which insurances they accept to get a good idea of the local insurance companies. Some of the largest insurance companies are Aetna, your local Blue Cross Blue Shield plan, UnitedHealthcare/Optum, and Medicare and Medicaid.

Referrals from peers, schools and primary care providers are the best ways to capture new clients. Having an online presence through Psychology Today, a website, and insurance directories will also help get new clients.

Looking for the right system can be daunting, but it is crucial to select the correct one to ensure you’re able to operate efficiently. You will want to use a system with which you’re comfortable. We can offer recommendations and help set up demos if you’re searching for a new system.

As a business owner, it’s vital that you set up your agency in compliance with all insurance and regulatory requirements. You can find lots of informed consent and various other consent forms online. However, not all consent forms are created equally. You’ll want a consent form that covers all necessary elements but also one that is not overbearing on you and your clients.

Your time is valuable, and you need you set your fees accordingly. When determining what prices to charge, you’ll want to ensure your rates are high enough to collect the allowable amount paid by insurance companies. However, not so high that self-pay clients cannot afford you, nor so great that you’re outside what other providers are charging in your area. We recommend that providers request fee schedules from insurance companies to determine their fees and consult their local peers to see what they charge.

Yes and no. You want to have one set of fees that you’re charging regardless of whether it’s a self-pay appointment or covered through insurance, as Medicare and most insurance companies require. However, you can offer discounted or hardship rates for self-pay clients individually, as long as you follow necessary local and federal guidelines.

Owning your own agency can be one of the most rewarding things you do. However, it’s not without its difficulties. It can take time to build up a practice, and it can be stressful dealing with payment issues. However, you get to become your own boss, work your own schedule, collect all the money you earned, and build your small practice into whatever you want it to be.

Schedule A Free
30-Minute Consultation

Our new agency consultations are free when you sign up for our credentialing and billing services. Once we start your billing, we charge a flat billing fee of $250 per month or your billing rate, whichever is more.