An insurance panel is a collection of healthcare providers to whom an insurance company will pay for services for their customers. It's also called credentialing, and each insurance provider selects its own panel. So, for each insurance company you're looking to work with, each insurance requires specific steps and applications.

Some advantages of an insurance panel include:

• Built-in referrals: After credentialing, the insurance company becomes another referrer for your practice. Most people with insurance will start their search for a provider on their insurance company's website. They want to get care from the cheapest option, and that's the best way to find places they know they're covered. More referrals can reduce your need for marketing tactics or networking and lessen the burden of outreach to collect more patients.

• Casting a wider net: When it comes to mental health, many still consider professional services a luxury. If outside of someone's insurance network, mental health care is simply unattainable for many people living on lower budgets. Even if it isn't, people will often opt for a covered provider when given the choice. Considering about 10.3% of adults with a mental illness are uninsured, taking insurance can help your services be viable and affordable for more clients.

• Boost to reputation: The process for insurance credentialing is rigorous, and many people see it as an indicator of the quality of care. While it provides these benefits to practices of all sizes, the legitimacy of insurance paneling can be especially useful for those still building up their client base.