What 60/40 Means for Your Business
To be successful in private practice as an RDN, it is recommended to see 60% of your clients cash, 20% Medicare, 15% commercial inurance and 5% Medicaid. If you want to learn how to strategize and develop a market plan to this goal, contact us for a free 30 minute discovery call www.mntreimbursement.com.
Grow your business with solid financial planning. Think about the fees you charge. How often do you compare your income and expenses? At least yearly, a reevaluation of your income and expenses is wise. Adjusting fees will help your bottom line. Increase your fees to adjust for inflation and increased expense costs. Creating group classes, offering packages with discounts are ways to increase income and secure steady clients.
To get your free “Determine Your Fees” form, reply to our email with “yes, I want the form” or contact page https://www.mntreimbursement.com/contact
A question we get asked frequently: When do I need to give a financial responsibility form to a client?
When you are contracted with an insurance company provider of an insurance plan
Your client does not have a benefit to see an RDN for a specific disease.
A follow-up question , pops up. Then how do I get paid?
Answer:
1. The client needs to pay you at the time of service
2. Always check your contracts to determine if a form is needed.
3. For Medicare, the form is not required IF it is not a covered benefit.
However, we use the ABN (Advanced Beneficiary Notice form), to tell the client the cost and why the service is not covered by Medicare. Medicare offers
the ABN for notifying the beneficiary. The ABN form is free, available in English and Spanish AND downloadable from https://www.cms.gov/medicare/forms-notices/beneficiary-notices-initiative/ffs-abn CMS instructions for use of the ABN are located at https://www.cms.gov/medicare/medicare-general-information/bni/downloads/abn-form-instructions.pdf
4. For other insurances, many have an Acknowledgment of Financial Responsibility Form that they require. It spells out the cost and why it is not covered. Commercial plans include the financial responsibility form on their websites.
Recommendations for all insurance clients:
When you are a provider of an insurance plan—be it commercial of government plan, we always recommend verifying coverage for nutrition visits, quantity, co-pays, deductibles and covered diagnoses. There are times when the number of visits exceeds the contracted amount or when certain diagnoses are not covered. In these instances, providing a financial responsibility form that is specific to the insurance plan indicating why the visit(s) may not be covered and the client signs he/she would be willing to pay out of pocket. Transparency is the key to good client relationships and contractual obligations.