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Hello we are looking to open Speech therapy officeand I cant

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Hello we are looking to...
Hello we are looking to open Speech therapy office
and I can't find anyone to give me an advice what to specifically look for
and make calculation on what to bill.

Anyone out there can help?
will pay.

thank you.
Submitted: 5 years ago.Category: General
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Answered in 2 hours by:
6/10/2012
Expert: Cher, Educator-40+ yrs replied 5 years ago
Cher
Cher, Educator-40+ yrs
Category: General
Satisfied Customers: 21,523
Experience: M.A., B.A., Author, Information & Research Specialist
Verified
Hello, and welcome back to Just Answer!

My name is XXXXX XXXXX it will be my pleasure to help you with your question today.

Your fees will depend on whether you are giving indidividual or group speech therapy and the qualifications and experience of your therapists. Also, you will need to decide which insurance you will accept and apply to be a participating provider for certain health insurance companies. You will also want to consider whether you will accept patients covered by Medicare and/or Medicaid. Your location will also impact what is an acceptable fee to charge for your services in your particular area. This article will provide many good suggestions on how to successfully open your own office and begin your Speech Therapy practice:
http://www.ehow.com/how_4926364_started-private-practice-speech-pathology.html

You will also need to think about billing and what methods you would like to use; this article provides an example of a patient invoice and other information from an experienced clinician:
http://independentclinician.com/freshbooks-great-resource-for-billing-slp-ot-pt-visits/

You can read several excerpts about particular areas of owning/administrating a private practice, from the book above, without actually purchasing the book, unless you feel it will be helpful to do so.

The information here, will also be helpful:
http://blog.asha.org/2010/12/07/starting-my-private-practice/

A lot would also depend on whether you are planning to treat children and/or adults in your office.

You can get an idea of salary, below, but nowadays, it's a little higher; more like $35-$100 an hour, depending on all the circumstances listed above:
http://www.ehow.com/info_8356681_much-speech-pathologist-make.html

I wish you the best of luck in opening your own practice!

Please let me know if you need any additional information or clarification by clicking 'Reply' and directing your response to me, 'Cher'.

A Positive Rating and Feedback are always welcomed and greatly appreciated.

Best regards,
Cher
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Expert: Cher, Educator-40+ yrs replied 5 years ago
Hi again,

I also wanted to mention that while you're preparing to get your private practice started, you might consider doing some work at schools, hospitals, nursing homes, and/or seeing clients in their own homes, if you're not currently doing that now.

Best regards,
Cher
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Customer reply replied 5 years ago

Thanks for your reply and for detailed info.

My main concern is the math.

Im trying to understand if its worth it and what will be the total Gross annual income of running a private practice.

Lets say I get about 10 new clients a month, and each client I think usually treats one or 2 times a week for about 6 month to 1 year, correct?

Speech therapist gets paid about $60 per hour, and you bill a client $50 per 30 minutes.

Am I seeing this the right way?

Expert: Cher, Educator-40+ yrs replied 5 years ago
Hello again, and you're most welcome!

It's my pleasure to be of help to you.

Yes, you're seeing this the right way and I understand your concern of the income vs. the expenses. As I mentioned, how successful the practice is and how much your expenses are, are very dependent on the location, advertising (people have to know you're there), monthly costs like utilities, rent, etc., and initial start up costs. You will need to take all these factors into account before making your final decision.

If you're scouting around for a possible office location or you already have one in mind, find out all the particulars re: the expenses, first, and then decide if your anticipated income will be worth starting the venture.

Best regards,
Cher
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Customer reply replied 5 years ago

Just wanted to make sure that in general clients have therapy 2 times a week for as long as 6 month to a year, correct?

Expert: Cher, Educator-40+ yrs replied 5 years ago
Hi again,

Yes, this is the general frequency and timeframe, but remember there are many factors that will determine how many times a week and for what period of time a client will be seen. This will also depend on whether you are seeing children, adults, those recovering from strokes, etc., and what their insurance coverage allows. You need to keep all these factors in mind.

Best regards,
Cher
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Customer reply replied 5 years ago
I really don't want to deal with insurance companies, I hear there are many problems with reimbursements. Just checks, cash, credit cards.

Customer reply replied 5 years ago
is there anything else that could be billed extra?
or its general 30 minute session?

if you get 10 people a month, thats say 30 patients in 3 month,
30 patients x 2 visits a week (8 visits a month each patient)
thats about 240 total visits in one month...
and it increases... in 6 month, thats 60 patients x (8 visits a month) = 480 visits a month.
Expert: Cher, Educator-40+ yrs replied 5 years ago
Hi again,

I understand how you feel, and waiting for reimbursement can be a hassle, but nowadays most people have medical insurance and they may not want to see a Speech Therapist that does not accept any insurance, meaning they would be paying full price out of pocket. You would need to hire someone who knows how to properly bill the insurance companies, if you decide to go that way.

For those clients' who have insurance, co-pays could be by check, cash or credit cards. Credit card companies typically charge a fee for their use in a business, too.

If you choose to accept no insurance, I think you would be cheating yourself out of many clients who currently have insurance coverage.

Best regards,
Cher
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Customer reply replied 5 years ago
which insurance companies you would recommend for me to accept?
Expert: Cher, Educator-40+ yrs replied 5 years ago
Hi again,

I had already typed my answer to your next to last question when you sent your last one.

I don't see anything else that can be billed extra, unless you're providing an 'instrument' or 'tool' to have the client bring home to practice when they are not in the office for a session.

The general timeframe for a session could be 30 minutes or 60 minutes. It depends on the actual type of therapy and the client (children have shorter attention spans). Clients could come an average of twice a week, but some may come every day and some, once a week. Although it's necessary to keep up the therapy twice a week, if you don't want to accept insurance, this might be too costly for some clients.

Best regards,
Cher
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Expert: Cher, Educator-40+ yrs replied 5 years ago
Hi again,

Re: insurance companies, I'd start with Medicare and concentrate on all the big ones like Cigna, United Health Care, Aetna, etc. Medicaid typically does not pay their providers well or frequently; however, if you want to cater to lower income families with children and adults in your area who need Speech Therapy and only have Medicaid, it would be your call.

Best regards,
Cher
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Customer reply replied 5 years ago
last question.

Do you approximately know the gross of an average speech therapy private office?

Expert: Cher, Educator-40+ yrs replied 5 years ago
Hi again,

Please allow me to research this for you and get back to you shortly.

Please stand-by.

Thanks!
Cher
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Expert: Cher, Educator-40+ yrs replied 5 years ago
Hi again,

The average gross annual income would be between about $75, 000 and a little over $100,000 a year, but this is very dependent on location. However, people in this field are expected to have an increase in salary and demand for services as years go on, as many other Speech Therapists will be retiring (baby boomers?).

Best regards,
Cher
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Customer reply replied 5 years ago
for 75,000 to 100,000 i think its just better to work for someone.
I guess working for someone and having your own practice is the same thing in terms of annual income.

i thought there was a potential to make 200k to 300k annually.
Expert: Cher, Educator-40+ yrs replied 5 years ago
Hi again,

Well, as I said, it very much depends on your location and your clientele. Why don't you start out working for someone, see how the office is run, etc., and gather your information to decide if you want to open your own practice.

I would also think that seeing clients in their homes, in a school, or a hospital setting, might be advantageous for you.

I'll need to say goodnight now, as it's time for me to sign offline. It would be appreciated if you rated my answers in a positive manner and clicked 'submit' or 'accept' so I can be given credit for working with you today. Thanks!

Best regards XXXXX XXXXX of luck in your career!
Cher Laughing
Cher
Cher, Educator-40+ yrs
Category: General
Satisfied Customers: 21,523
Experience: M.A., B.A., Author, Information & Research Specialist
Verified
Cher and 87 other General Specialists are ready to help you
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Expert: Cher, Educator-40+ yrs replied 5 years ago
Hi again,

I'm just following up with you to see how everything is going. I hope the information in my answer was helpful.

Please let me know if you need additional information. Thanks!
Cher
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Cher
Cher
Cher, Educator-40+ yrs
Category: General
Satisfied Customers: 21,523
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