Is PsyPact really worth it?

[texanpsychdoc]

I just submitted my application for PsyPact. I probably should have asked this question prior to spending $440, but is PsyPact worth it? I am doing it as I will be sub-contract my PLLC with another LLC to do remote police evaluations.

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[Sanman]

That really depends on if you use it and how much. I personally think it is one of the most important developments in our field in a long time.

 

[psych.meout]

With the caveat that I'm still a grad student, I would venture that it's probably worth it. Since COVID began, there have been many times at practicum in which I was unable to do a telehealth session with a patient because they went out of state unexpectedly. They showed up for the session in a noticeably different location, so I asked where they were and had to end the session. That was just lost time for me, but if I were licensed that would also be lost money. Being able to complete just a couple of sessions that would have otherwise been missed would have made up for that PsyPact fee.

 

[AbnormalPsych]

A thing I wonder about with this is how quickly psychologists in LCOL areas will practice in HCOL areas, virtually, at their LCOL rates, undercutting the practices of psychologists in those HCOL areas. And the downstream impacts on those areas and mental health providers who chose to live there or not, and overall for the reimbursements across the board in our field. Many people and organizations have a tendency to go for the cheaper option. Large orgs and group practices could definitely take advantage of this in a more harmful way than individuals in solo practices I would guess.

 

[AcronymAllergy]

I'd echo what's said above--it depends on what you'll be doing, but in general, I'd say it would probably be worth it. You can write-off the cost and it adds flexibility to your practice. Plus, it sounds like you already have a plan to use it, meaning it's ultimately going to make you money.

I also wonder about what AbnormalPsych has said, although I'm not sure how variable rates actually are with psychologists between LCOL and HCOL areas. Maybe the HCOL practitioners will start offering higher-cost, boutique-type services to well-off individuals in LCOL areas who normally wouldn't have ready access to that type of thing.

 

[Sanman]

A thing I wonder about with this is how quickly psychologists in LCOL areas will practice in HCOL areas, virtually, at their LCOL rates, undercutting the practices of psychologists in those HCOL areas. And the downstream impacts on those areas and mental health providers who chose to live there or not, and overall for the reimbursements across the board in our field. Many people and organizations have a tendency to go for the cheaper option. Large orgs and group practices could definitely take advantage of this in a more harmful way than individuals in solo practices I would guess.

There is certainly a chance of this. That said, individual practitioners with a home office have the lowest overhead. Given that PsyPact is limited to psychologists currently means there is a market with limited supply. It will be interesting to see what happens with demand.

 

[WisNeuro]

If I was not doing forensic work, it would not be worth it to me in my own clinical practice. But, I get a lot of demand for travel cases, and my travel fees are nice.

 

[Hope4Grad]

I just submitted my application for PsyPact. I probably should have asked this question prior to spending $440, but is PsyPact worth it? I am doing it as I will be sub-contract my PLLC with another LLC to do remote police evaluations.

Hi, just wondering if your application was approved yet and if yes how long it took after you hit “submit” for them to approve it?

 

[texanpsychdoc]

Hi, just wondering if your application was approved yet and if yes how long it took after you hit “submit” for them to approve it?

Yes. It took about 6 weeks from the point of submitting it to go through the multi-layered process they go through to approve you.

 

[Doctor Eliza]

Hi, just wondering if your application was approved yet and if yes how long it took after you hit “submit” for them to approve it?

It took about 7 weeks based on my saved emails. 😀

 

[Hope4Grad]

It took about 7 weeks based on my saved emails. 😀

And are you getting referrals from peers or other sources for patients in other states? Have you heard of anyone successfully using PsyPact to generate out-of-state referrals?

 

[Hope4Grad]

It took about 7 weeks based on my saved emails. 😀

Same question for you, if I may….are you getting referrals from peers or other sources for patients in other states? Have you heard of anyone successfully using PsyPact to generate out-of-state referrals?

 

[Doctor Eliza]

And are you getting referrals from peers or other sources for patients in other states? Have you heard of anyone successfully using PsyPact to generate out-of-state referrals?

I’m not really looking for out of state referrals because I’m way overloaded with my local referrals. In my case, I got it to accommodate several preexisting clients who were out of state for extended periods.