Insurance VS Cash Pay Private Practice

Cons of insurance:
1. Below market rates
2. Hard to get off panels
3. Confidentiality
4. Delay in claims (accounts receivable)

Pros of insurance:
1. Built-in clients
2. Payment is mostly guaranteed
3. Serve a broader population

Cons of cash pay:
1. Have to overcome objection hurdles
2. Skews your practice toward serving only the privileged
3. Other therapists might judge you

Pros of cash pay:
1. Clients can often get partially reimbursed
2. Full control of your fees = massive income potential
3. Ability to protect client information

Which one is best for you?

Depends on your goals, your vision, mission, and values, and who you want to serve. Regardless of what you choose, choose wisely and in a way that protects the interests of a long, profitable, sustaining practice.
It's always easier to start cash pay and then add insurance later vs the other way around.

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