Partnering with Mental Health Platforms as a Nurse Practitioner

Partnering with Mental Health Platforms

Understand what it means when partnering with a mental health platform - as an NP or PA

Pros, Cons, and What to Watch Out For

As telehealth and mental health platforms grow, many nurse practitioners (NPs) are drawn to these platforms for the promise of flexible work, access to patients, and the ability to provide mental health care on their own terms. However, while there are benefits to joining these platforms, NPs often find that patient referrals can be low, making it hard to cover the costs of collaboration and other expenses.

Here’s a rundown of the pros and cons to help you decide if partnering with a mental health platform is right for you, along with some tips to set yourself up for success.

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Pros of Joining a Mental Health Platform

• Access to a Built-In Patient Base (In Theory)
  Many mental health platforms promote that they have large patient networks, which can make it easier to find clients compared to building a practice from scratch. This can be a huge advantage for new NPs who don’t yet have their own client base.
• Lower Initial Costs
  Platforms typically cover marketing, technology, and sometimes administrative costs, which means fewer upfront expenses. This can be helpful for NPs starting out with limited funds.
• Flexible Work Schedule
  Many platforms allow NPs to set their own hours, which provides flexibility and a better work-life balance. If you have a busy schedule or want part-time work, this flexibility can be appealing.
• Administrative Support
  Some platforms handle billing, insurance claims, and patient communications, saving NPs time on admin work. This can free up more time to focus on patient care.
• Opportunities to Expand into New States
  If the platform operates in multiple states, it can be a chance to expand your practice into new areas, provided you have the appropriate licenses. Single Aim offers resources showing how easy it is to license yourself as a NP or PA.

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Cons of Joining a Mental Health Platform

• Low Patient Volume and Referrals
  Many NPs find that while platforms promise a steady patient flow, the reality can be quite different. Low patient volume is a common issue, with referrals trickling in slowly. For NPs relying on this work as a primary income source, this can lead to significant frustration and financial strain. Before committing, ask the platform for specific data on average patient volume for new providers, expected wait times for referrals, and the percentage of providers who are fully booked. Some platforms may offer this transparency if requested.
• Costs of Collaboration Can Outweigh Earnings
  For NPs who need a collaborating physician to work independently on the platform, collaboration fees can be costly. With low patient volume, many NPs find they’re barely breaking even after covering collaboration costs. If a collaborator charges $500 monthly but you only see a few patients, your income may not cover these expenses. Factor in these costs carefully when evaluating potential earnings.
• Compensation Rates May Be Lower
  Mental health platforms often set compensation rates, and they can be lower than rates you might set independently. While some platforms pay by the session, others pay per minute of active engagement, which may not fully reflect the time you spend on administrative tasks or follow-ups.
  Tip: Compare platform rates with what you’d charge independently to see if the potential income matches your financial goals. Remember, some platforms take a percentage of each session, which can lower your overall earnings.
• High Competition Among Providers
  Platforms often have many providers, and getting patient referrals can depend on a range of factors beyond your control, like patient demand, platform algorithms, or even patient preference. This can leave NPs waiting longer than expected for new patients, especially on platforms with many NPs.
• Limited Autonomy in Patient Care
  Some platforms have strict protocols and guidelines, which can limit how you treat patients or restrict certain practices. For NPs used to a high level of clinical independence, these limitations can feel restrictive.
• Inconsistent Work and Income
  With the possibility of low patient volume, income from a platform can be inconsistent, making it harder to rely on as a primary income source. This lack of stability can be challenging for NPs who rely on a steady flow of work to cover their expenses.

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Key Questions Before Joining

Questions to Ask Before Partnering with a Mental Health Platform

If you’re considering a mental health platform, here are a few questions to help you get a clearer picture:

• What’s the average referral volume for new providers?
  Ask for specific numbers, especially if you’re depending on the platform as your main income source.
• How are patients assigned or referred to providers?
  Understanding how the platform’s algorithm works can help you gauge whether it’s realistic to expect a steady stream of clients.
• Are there any restrictions on the services I can offer?
  Some platforms have limitations on certain types of treatments, which may impact how you work with patients.
• What is the compensation structure, and are there additional fees?
  Make sure you’re clear on how you’ll be paid, any service fees the platform charges, and whether there’s a percentage taken out of each session.
• Does the platform provide collaboration support?
  Some platforms offer or connect you with collaborating physicians, which could be helpful if you need one to practice independently.

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Tips for Success

‍Tips for Success If You Decide to Join a Platform

• Diversify Your Income Streams
  Avoid putting all your eggs in one basket by exploring other revenue sources. Consider part-time work at a clinic, opening a private practice, or working with multiple platforms to spread out your workload.

• Negotiate Collaboration Fees
  Some collaborators may be willing to negotiate their fees if they understand your patient volume. Building a good relationship with a collaborating physician who understands your goals can lead to cost-sharing options or reduced fees.
• Consider a Hybrid Practice Model
  To increase your patient base, consider offering telehealth services outside of the platform. Building your own client base gives you more control over patient volume, income, and referrals.
• Build a Referral Network Outside the Platform
  Reach out to local mental health providers, primary care physicians, and wellness centers to create a referral network that brings patients to you independently of the platform. This way, you’re not solely relying on platform referrals.

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Top Mental Health Platforms

Top Mental Health Platforms to Consider

For Psychiatric Mental Health Nurse Practitioners (PMHNPs) looking to grow their practice, connecting with new clients and managing the business side can be challenging. Fortunately, mental health platforms like Headway, Alma, Grow Therapy, Amwell, BetterHelp, Talkspace, Zocdoc, and SimplePractice offer solutions for connecting with patients, handling billing, managing insurance, and even expanding into telehealth. From streamlined billing support to robust client matching systems, these platforms help PMHNPs focus on care while reducing admin work.

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States with High PMHNP Demand

Explore the Top States with High Demand for PMHNPs

‍PMHNPs can benefit from understanding state-by-state demand for mental health services. States like California, New York, Texas, Florida, and Massachusetts have some of the highest needs, making them ideal locations to attract new clients quickly on these platforms. Credentialing takes 1-2 months on average, with referrals typically starting within 3-5 months depending on the region.

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Conclusion

While partnering with a mental health platform can offer flexibility and an existing infrastructure, NPs should approach these partnerships with realistic expectations. Low patient volume, high competition, and fixed compensation rates can make it challenging to cover collaboration costs, let alone earn a steady income. Before committing, it’s worth asking detailed questions, carefully evaluating the costs, and considering a hybrid model or alternative income streams to help you achieve financial stability and grow your practice.

If you’re looking for resources on collaborating physician options or intake and consent templates to support your own practice, reach out to Single Aim for tools to help you build a sustainable mental health practice outside of high-demand platforms.

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