5 Point Checklist to Start Accepting Insurance for Acupuncturists
Insurance premiums are rising, leaving more and more people looking to take advantage of the benefits they are paying for. As acupuncture becomes more prevalent there is a higher demand for acupuncturists to accept insurance. But, it is hard when you are just starting out or maintaining a busy practice to dive into a new paperwork intensive project. Here at Mindful Billing & Management, we want to make things a bit easier, so we aggregated a few important resources for acupuncturists who are looking to dip their toes into the insurance billing world.
Below are the basics of accepting insurance for acupuncturists.
Tax identification number: We prefer to use Employer Identifying Number (EIN) but in a pinch a social security number would work. At the end of the year the insurance company will report your payouts in the form of a 1099. So for bookkeeping cleanliness we recommend using an EIN. If you don’t have one, follow this link, it is a quick process and you could have your number today!
National Provider Number: The NPI is a unique 10 digit identification number for covered health care providers. Covered health care providers and all health plans and health care clearinghouses must use the NPIs in the administrative and financial transactions adopted under HIPAA. The NPI does not contain any other information besides being an identifier for the provider. This means that the numbers do not carry other information about healthcare providers, such as the state in which they live or their medical specialty, like acupuncture. You can apply online or you can fill out the application.
Fee Schedule/Superbill: Every region of the country will warrant different payouts for services from insurance companies. It is important that you create your fee schedule with this in mind. The thought behind this is if you are practicing in Miami Beach or Manhattan your fees should be higher than Toledo or Santa Fe.
Assignment of benefits: When you accept a patient into your practice on an insurance basis you need to have them sign a document ensuring that they are aware that you will be charging their insurance for their visits and collecting on their behalf. This way the check from the insurance company comes in your name and not the patients. Here is a combo form that works for some of our clients.
Clinic best practices: As I am sure you are already doing, it is important when you are accepting insurance to have your basics down. HIPPA, SOAP notes, and strong record keeping are all recommended.
These are just the basics of getting started. We hope this information helps get you going. If this seems like a lot, Mindful Billing & Management can help you with any of these points. Our goal is to clear more time for you to focus on what you love doing and making sure your cash flow keeps flowing.
