Leaving Your Old Practice? Here's What You Need to Transition Your Billing
The time has come for you to leave the practice you worked for and strike out on your own. While this is an exciting time in your practice's life and a leap of faith on your part, transitioning from one practice to another involves more than just changing your office location.
You will need to pay careful attention to your billing information to ensure a smooth transition for you and your patients. In this blog, we provide a guide to help you navigate the billing portion of leaving your practice. We will cover the information you need to leave a practice, provide a checklist of information you need to deliver to your patients and give your patients some helpful guidelines while they move their care to your new private practice.
Checklist for Information You Need when Leaving Your Old Practice
Leaving your practice is more complex if you want to continue to take insurance within your new practice. If your old practice did all the heavy lifting to credential you within their practice, you would need to do some due diligence before you can accept insurance with your new practice.
You need to know whether the credentialing contracts with insurance are under your old practice with a group NPI and tax ID, or if you were credentialed with your individual NPI and your SSN or Tax ID. If you were credentialed under the group you are leaving, you need to go through the credentialing process with your new practice’s information. You would also want to consider going through the credentialing process if you want to use your new practice’s group NPI and Tax ID rather than your individual information. We have seen the credentialing process take anywhere from 3 months to one year. Give yourself 90-120 days to complete that process before striking out independently, but know that it could take longer.
To begin the process of leaving a group practice, here are some things you will need to accomplish:
National Provider Identifier (NPI): Ensure you have your NPI handy, as it is crucial for billing purposes. You may use your individual NPI, or you can apply for a Group NPI for your new practice.
Tax Identification Number (TIN): Your TIN is necessary for tax purposes and should be updated with your new practice information. We recommend that you apply for and use an EIN whenever possible and avoid using your SSN as a Tax ID.
Insurance Provider Information: Gather details of the insurance providers you are contracted with, including how you are credentialed and any relevant contract termination dates.
Patient Billing Information: To ensure continuity of care, prepare a list of patient names, insurance information, and outstanding balances.
Electronic Health Records (EHR): If applicable, ensure your EHR system is updated with your new practice information and that patient records are securely transferred.
If you need to complete any credentialing, we have compiled a comprehensive guide to credentialing with a complete list of information you need and a credentialing process.
Checklist for Information to Provide to Your Patients
As you embark on your new venture, we recommend preparing your clients as best you can for the transition. Transferring care from one organization to another can be tricky for clients as they think about coming with you to your new practice. Here is a small checklist that you would want to provide them with as you move locations and create your practice:
New Practice Information: Provide your patients with your new practice's contact information and address.
Continuity of Care: Inform patients about how their care will continue at your new practice, including any changes in insurance coverage.
Records Transfer: Help patients transfer their medical records to your new practice
Follow-Up Appointments: Schedule follow-up appointments with patients at your new practice to ensure continuity of care.
Helpful Tips for Patients
As you coach your clients through this change, you can help them by giving advice or encouragement. Here are some best practices and suggestions that our clients have used to ensure they are working well with their clients.
Be Transparent: Explain to your patients your reasons for leaving and reassure them about the continuity of their care.
Provide Options: Offer your patients options for continuing their care, including referrals to other therapists if needed.
Assist with Insurance: Help your patients understand their insurance coverage and how your move will affect it.
Communicate Effectively: Communicate effectively with your patients throughout the transition process to alleviate any concerns.
Contact Practice Solutions for Seamless Billing Transition
Transitioning your billing information can be complex, but with the proper support, you can ensure a smooth transition for you and your patients. Practice Solutions specializes in third-party insurance billing for therapists in private practice. We have worked with hundreds of providers who are just starting their own practices, transitioning from a group practice. Contact us today to learn more about how we can support you during your transition and help you continue to provide quality care to your patients.
Leaving your old practice is a significant step, but with careful planning and the proper support, you can ensure a seamless transition for your billing and patients' care. By following these tips and seeking assistance from Practice Solutions, you can focus on building your new practice while ensuring continuity of care for your patients.
