Category: THERAPY

  • Talk Therapy Is Booming Right Now — Here’s Your Telehealth “In”

    Talk Therapy Is Booming Right Now — Here’s Your Telehealth “In”

    In these uncertain times, we need to talk.

    While businesses are struggling, the number of people who seek help for their mental health is growing. The crisis has pushed more of us to seek therapy and counseling than ever before through the adoption of telehealth platforms such as Talkspace and BetterHelp.

    As more people realize that there’s no shame in seeking help, the value of what therapists provide will only increase. And getting through their smartphone or computer makes it all the easier to receive (and sell).

    So while the pandemic and economic crash are hurting so many other industries, they may prove to be a boon for this one.

    The importance of mental health, therapy, and wellbeing has increased.

    As the world continues to move forward, people are facing more stress, anxiety, and depression than they have in a long time. And people are more aware of their mental health than ever before.

    What’s great is because of this increased awareness and ability to confront feelings, emotions, events, and so forth, it opens an entire market up to those willing to plunge in and monetize what they can.

    The recession has had a huge impact on the mental health of many people in our society and the need for virtual and in-person care: job insecurity, redundancies, and financial worries leading to stress-related illnesses such as anxiety or depression.

    These conditions can be treated with talk therapy provided by qualified psychologists or other professionals who offer these services at an affordable rate for people who want them.

    Now, maybe you’re a licensed therapist. But I think it’s safe to say you’re more of an entrepreneurial investor/go-getter. So how can you get in on this market?

    The best use of telehealth as a business person include becoming a life coach or developing a platform like TalkSpace.

    The pandemic has given telehealth a boost.

    The adoption of teletherapy has grown in recent years. As people have tightened their belts, they’ve begun to seek out more affordable ways of getting the help they need.

    Teletherapy offers a lower-cost alternative to traditional face-to-face therapy, and one that’s particularly useful for those who live in areas with shortages of mental health professionals or can’t afford to leave work to attend an appointment at their local clinic.

    Teletherapy is especially popular among millennials and those under age 30; according to recent studies, this demographic tends to work longer hours than previous generations did at comparable ages.

    It offers many people an option for receiving treatment without taking time off from their jobs or other commitments. We all know millennials and Gen Z love convenience, and what better way than to offer virtual care (especially for those in rural areas)? Some services can even link to primary care access and book follow-up in-person visits or outpatient visits, which make them all the more convenient.

    Even if you go the life coaching route, you can target folks looking for some type of digital health service without the healthcare part.

    It’s an industry that is growing despite the coronavirus downturn.

    While you may think the coronavirus pandemic would be bad for business, it’s actually having the opposite effect.

    It turns out that people are turning to talk therapy during crises and public health emergencies because they want help dealing with their stress, anxiety and depression. In fact, the use of mental health services have doubled since the start of the pandemic thanks to telehealth visits and telemedicine.

    And telehealth can be covered by medicare, medicaid services, or private healthcare providers. So if you’re not getting paid out of pocket, you’re raking it in through reimbursements from the US healthcare system and health insurance coverage.

    With in increase in patient use, so too has it increased in clinician use. Meaning, the more people want to use teletherapy and subscribe to the service, the more therapists, coaches, and clinicians are available.

    In addition to providing counseling services for individuals and families affected by coronavirus, many therapists have also started offering teletherapy specifically designed for those coping with illness or other issues related directly to living through an outbreak like this one (like having a loved one who died).

    They often encourage clients working through grief over losing someone close due to coronavirus infection—or even just worrying about contracting it themselves—to do so via video chat sessions instead of in person so they can continue working full time during their “wellness breaks” without missing any important deadlines at work or school.”

    And now that Americans are facing even more stress due to the economic collapse, mass shootings, and lack of proper family and health plan services, it’s easier and safer to turn to the internet for help as opposed to in-office visits or physical health centers.

    People want to be understood.

    Talking with a therapist is an investment in yourself.

    When you speak to a professional, you are paying for the recognition that your feelings are valid and normal. Someone is listening to what you have to say and acknowledging that it matters. This can be enormously validating when someone else has never done so before.

    People want to feel understood and validated by others, both in their personal life and at work; and during a recession or times of crisis, consumers are even more ready to shell out for mental help.

    However, the fact of the matter remains: People want to understand themselves better than ever before; they just need reassurance from therapists that this pursuit is not selfish or indulgent but rather necessary for one’s well-being.

    The booming field has become recession-proof.

    As you might have heard, mental health is a priority for people everywhere. The pandemic has made people more aware of the importance of mental health and has proven that teletherapy is a safe business during economic crises.

    In the wake of the Great Recession, many Americans are seeking help for mental health issues. In fact, more people have been seeking therapy than ever before. The mental health industry reached $225 billion in 2019.

    Whether you’re looking to grow your existing practice or start one from scratch, there are many ways to cash in on this growing market:

    • Talk therapy services (like behavioral health and therapy)
    • Telehealth services (like remote patient monitoring and virtual visits)
    • Online telemedicine clinic software (like healthcare delivery for chronic conditions or specialties)
    • Life coaching (like increasing quality of care/life)

    Start your telehealth journey today.

    The covid-19 pandemic has caused a surge in demand for mental health services and left consumers with more flexibility to access them. This means that there’s never been a better time for you to cash in on the opportunity and give the people what they want.

    How you do it is up to you: life coaching, talk therapy platform, or something novel.

    The field continues growing rapidly despite economic downturns—it’s recession-proof—and there is an increased focus on mental health care as technology progresses, which will make this work even more accessible in future years.

    Get started today by knowing how to set up your service, where it’s legal nationally (like New York), and getting your payment backend squared away.

    Contact us ASAP to start your journey.

  • Credit Card Payments For Therapists: A Complete Guide

    Credit Card Payments For Therapists: A Complete Guide

    A recent study reports that thousands of people have turned to online counseling, which, in turn, has sparked credit card payments for therapists.

    Licensed health professionals have adapted to the new scenario in which the world finds itself. Today, psychologists and psychotherapists deliver services virtually, making conventional payment methods impractical. Thus, when it comes to credit card payments for therapists, it’s time to switch up your options.

    It’s time to weigh the available payment options. The need is the same whether you’re a private practice using video conferencing technology, or a solo therapist providing telehealth services. Not meeting in-person takes both cash and checkbook out of the equation. Swiping credit card or debit cards is also no longer an option. So, what are the possibilities?

    Fortunately, secure choices exist for professionals providing mental health or coaching services digitally. Furthermore, technological payment solutions may provide improved protection against possible HIPAA breaches. As it turns out, one of the biggest threats to HIPAA compliance is human error or even bribery. The credit card processing options below will help eliminate that threat by taking humans out of the equation.

    As experts in payments, we strongly believe that ACH or e-check and merchant accounts are the best choice. But for educational purposes, we’ll cover multiple options below.

     

    Digital platform for therapists

    Mental health professionals have explored alternative methods for delivering their service due to COVID-19. That goes for accepting credit card payments for therapists too. The starting point for many therapists is all-in-one software platforms such as SimplePractice and TheraPlatform. On the surface, they do offer the convenience of credit card processing, keeping a customer’s card on file, HIPAA-compliant video conferencing, and invoicing software on just one platform. Some solutions, such as Ivy Pay, offer clients the ability to pay using their health savings account (HSA card) or flexible spending account (FSA card).

    However, the issues start to mount when you dig a little deeper. Firstly, you will have to pay a flat-rate, monthly fee for the privilege of using these tools. The reality is you could use cheaper solutions such as Zoom or Microsoft Teams on top of your existing HIPAA-compliant infrastructure instead. Some charge nothing for payment processing but take as much as 20% of all revenue you generate on the platform.

    Another issue is breach of client information. All-in-one platforms offer HIPAA-secure storage. But, if there’s a breach in their system, you could land in hot water concerning patient-doctor confidentiality. By storing information online in this manner, you are still on the hook if you use the platform in a non-HIPAA-compliant manner. As a private practice, you will spend more on additional liability insurance. That’s on top of your existing malpractice insurance arrangements. When using a platform, additional teletherapy or cyber liability is needed to prevent your online counseling outfit from being sued, for example.

    online therapy session

    Third-party payment platforms for therapists

    Many of you may prefer low-cost video conferencing options to deliver your mental health support services. Zoom would be an example of this. In this scenario, it may make sense to accept credit card payments using a third-party service provider like Square. This might be a good option for solo therapists who are just getting their feet wet. It’s good if you deliver online sessions to a small clientele and have smaller fees to charge (e.g. under $120 a session).

    For others, some choose to run payments through the third-party card processors like Stripe or PayPal. These payments are simple and low risk, but it’s a little complicated. While they do have low fees for processing Visa and Mastercard transactions, they can demand high reserves on small businesses (e.g. 20% of revenue). Sometimes third parties will only pay you after 14 days. When you consider that the average therapist charges $100-$200 per therapy session, you could be holding back your growth. Also, you want daily payments, not biweekly.

    Have you explored the potential of ACH processing? Did you know that most corporations prefer making a payment using this network? Find out how ACH processing and e-checks can dramatically increase your revenues with our complete guide.

    Square allows you to take payments online and in-person through card readers attached to iPhones, iPads, and Android devices. This payment service provider also offers PCI and HIPAA compliance via a Business Associates Agreement. Lastly, you can use Square card readers to swipe HSA and FSA cards.

    However, Square suffers from many of the same drawbacks of fellow payment facilitators such as Stripe and PayPal. Firstly, as a merchant using third-party payment aggregator services, you share a merchant account with several other businesses. This presents a danger. If you experience high refunds and chargebacks or a sudden spike in transactions, these platforms may flag and freeze your account. Your cash flow and ability to process payments could be cut off without an explanation, provoking unneeded hassle.

    Again, Square offers HIPAA compliance, but doesn’t give you total protection. It’s the same as an all-in-one platform. You take responsibility for safely storing a client’s credit card information. And note that some functionality offered by all-in-one software solutions won’t be there, such as automatically charging a flat-rate fee for late cancellations.

     

    Explore payment options like ACH or e-check processing

    It’s worthwhile to accept credit card payments, but there’s another payment option for your business that we think all providers of online counseling should explore. E-check payments facilitated through the ACH network are an excellent option for US therapists of all niches.

    Firstly, it’s worth explaining that e-checks are the digital version of a traditional check. Paying by check is popular among traditional therapists. Thus, it makes sense to move this payment method online. Not all clients will have a credit card.

    Therefore, if you implement ACH processing to accept e-checks, it can boost revenues by as much as 5-7% by accommodating clients who don’t use credit cards.

    Using the ACH network to accept e-checks also helps on the backend of your payment infrastructure. Credit card payments are accompanied by the threat of chargebacks. However, ACH chargebacks are harder to initiate (has to be done within seven days). They are nowhere near as damaging to your business. You won’t get MATCH listed (Member Alert to Control High-Risk). And if your ACH processing is ever closed, finding another provider is not as hard.

    ACH processing is also useful if you are subjected to low processing limits by third-party processors. For example, your account may only allow you to accept up to $10,000 in credit card payments. After a few months, statements from your e-check account can serve as processing history. This is useful when applying to get a second ACH channel or a dedicated merchant account.

     

    ACH is a highly affordable online payment method

    Perhaps most importantly, ACH processing costs less than credit card processing fees. This network allows recurring direct debits to accommodate weekly or monthly slots for online therapy sessions. Therefore, ACH is an affordable option for recurring direct debit payments straight from the bank accounts.

    This method is also an excellent solution for organizations or corporate accounts that prefer a direct debit payment over credit cards. For instance, suppose you charge a company a retainer for your ongoing counseling support services for their employees. In that case, by using ACH direct debit payments to collect monthly retainers, firms can save money on wire fees. At the same time, you leverage automatic, recurring payments to guarantee the payment arrives on time, every time.

    Please note that ACH/e-check is a service offered in the US and requires funds to stay within domestic borders. There are similar services in other countries so you will need to do your homework on what the equivalent is outside the US.

    man in online therapy session

    Merchant accounts support credit card payments for therapists very well

    If you want to streamline your credit card processing, you might want to consider a dedicated merchant account. Securing this payment option helps you gain control over essential metrics such as consumer behavior, fraud, and chargebacks. By gaining access to detailed information, you can take immediate corrective action to protect your access to superior credit card and ACH processing. You’ll also benefit from competitive credit card processing fees.

    The best part about a merchant account? They can be paired in every payment scenario. Use them with POS terminals to facilitate in-person payments. Or, use a virtual terminal for card-not-present transactions. Don’t forget merchant accounts help you to accept online payments without having to suffer steep commissions from all-in-one telehealth platforms.

    Another beneficial feature of securing a merchant account is the ability to accept higher transaction amounts. Once again, if you offer your services to several individuals at once (e.g., for a corporation), you can process payments way over your standard hourly rates without any hassle. International payments are a cinch too. Perfect if you’re working with non-profits based abroad, for example.

    However, remember that being in charge of your payments makes you responsible for the associated compliance. Make sure your website adheres to PCI-DSS compliance guidelines if you choose to use an online payment gateway to accept client copays, for example. Failure to do so could result in substantial regulatory fines and reputational damage.

    Provide proof of sales and be on guard for disgruntled clients

    It is good idea to build up a solid processing history before submitting a merchant account application. You also need to make sure you have other things in place before opting for this type of payment.  Ensure chargeback ratios are below 1% and that your documentation is up to scratch.

    For instance, do you have a crystal-clear cancellation policy? Do you offer refunds? If so, how can customers claim one in the event of their dissatisfaction with your therapy services? Doctor-patient privilege compliance will also need to be well-documented and presented.

    While the requirements are slightly more stringent for a dedicated merchant account, the benefits are enormous. Competitive credit card processing fees, permission of higher transaction amounts, international payments (through offshore merchant accounts), and greater control over chargebacks are just a few of the advantages provided to your private practice.

     

    Diversification is key to success post-COVID

    Therapists, mental health coaches, and online counselors have all adapted to the demands of the pandemic. In-person therapy sessions have gone. Video conferencing technology has stepped in. But licensed health professionals have many considerations when it comes to delivering their services virtually. There are HIPAA compliance, credit card processing, and business factors that all need to be considered.

    All-in-one platforms appear to offer a streamlined solution to credit card payments for therapists. However, they have hidden additional costs and a lack of control. Using a third-party payment processor may seem more attractive. But some options don’t offer long-term solutions for therapists looking to scale. Lack of control over your payments data, small transaction amounts, and sizeable credit card processing fees are just a few of the issues here.

    The answer to success in the post-COVID world lies in diversification. With a merchant account, you can secure cheaper credit card processing. You can also gain more control over your data, and more flexibility when accepting payments. But don’t forget ACH processing and e-checks. This payment network offers an excellent solution for large corporations. On the other hand, e-checks are great for your clients who don’t have a credit card. They offer the option of recurring direct debits too.

     

    Move your payment offerings forward

    Here at DirectPayNet, we can help your mental health services business secure a broad range of payment options, including the ones mentioned above. Securing ACH processors and merchant account is our specialty. In fact, we’ve been assisting clients for over a decade now.

    So talk to us today to find out how we can help you scale your online therapy and counseling services!