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Practice Management News for Psychotherapists

September 2012

Are You Exposing Your SSN?

Social Security NumbersOne of the questions we hear often from practitioners is, "Should I really be entering my Social Security Number into the insurance forms and billing statements that clients will be able to see?"  If you want to be affiliated with an insurance panel either as a in-network or out-of-network provider, this is a potentially critical decision that you will have to consider.  A few things to factor in when making this decision are:  1) what has your attorney or accountant advised you to do?; 2) are you okay with everyone at the insurance company seeing your Social Security Number (SSN)?;3) even if you are okay with everyone at the insurance company seeing your number, are you comfortable with your number being listed on the Explanation of Benefits for your clients to see?; 4) have you taken into consideration that your cash-paying clients who request statements for insurance reimbursement will need a statement with your number listed?   

As an alternative to using your SSN...READ MORE

Argonaut Does That?

Saving Money with Credit Card Processing

While the ability to accept credit cards can help any psychotherapy practice increase annual revenue, accepting credit cards can be a costly addition to the business when doing it through a credit card merchant services account. Processing Credit Cards Monthly merchant fees and per-transaction fees can be significant, costing you up to 7% of your credit card income.  Credit card processing companies often advertise low rates on your transaction fees, but they may neglect to mention a number of additional fees, such as those associated with different pricing tiers (qualified, mid-qualified, and non-qualified rates), nuisance fees, authorization fees, statement fees, monthly minimum fees, batch fees, customer service fees, annual fees, early termination fees, chargeback fees, and the cost associated with equipment rental or purchase.  

Argonaut understands that running a psychotherapy practice requires you to manage a business, and managing a business successfully requires you to maintain low overhead costs.  With this knowledge in mind, Argonaut developed an integrated Credit Card Processing feature that makes accepting credit cards affordable... READ MORE

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