How Thrizer is Changing the Way People Access and Pay for Therapy
“Thrizer is a payment app for therapy-goers and mental healthcare professionals that makes out-of-network therapy more accessible.”
Therapy can offer a safe space to explore emotions, work through challenges, and develop coping strategies. Yet, despite the profound positive impact it can have, there's a significant hurdle that stands in the way for many individuals: the financial burden of therapy, particularly when it falls outside of the comfort zone known as "in-network."
Coping with the financial challenges of therapy, especially when it's not reimbursed by insurance, may feel like navigating insurance rules, handling paperwork, and financial constraints. This blog will explore the complexities of this issue, shedding light on the hurdles people face when seeking mental health support beyond their insurance coverage. We will delve into the motivations for choosing out-of-network therapy.
The financial burden of paying for therapy
Deciding to participate in therapy is a brave choice that reflects a dedication to mental well-being. It provides a safe and non-judgmental space for individuals to explore their emotions, gain insight into their thoughts and behaviors, and cultivate effective coping strategies. Therapy is a valuable tool for navigating life transitions, anxiety, depression, trauma, maternal mental health concerns, and various other mental health challenges. Through therapy, individuals can undergo personal growth, enhance their relationships, and experience an overall improvement in their quality of life. However, the financial aspects associated with therapy often hinder individuals from accessing the necessary support.
The Cost Factor: Why Therapy Can Be Expensive
Session Fees: One of the most prominent factors contributing to the financial burden of therapy is the cost of individual therapy sessions. These fees vary widely depending on factors such as location, therapist credentials, and specialization. Private practice therapists may charge more than those working in community mental health clinics. Session fees cover the cost for the hour for the clinician as well as the record keeping, expenses, and all other costs associated with maintaining credentials.
Insurance Limitations: While many individuals have health insurance that covers mental health services, insurance policies often come with limitations. Some plans restrict the number of sessions covered, require high co-pays or deductibles, and only cover services with in-network providers. This can make it difficult to find a therapist that you like or impact your ability to use these benefits.
Frequency of Sessions: The recommended frequency of therapy sessions can also contribute to costs. In some cases, therapists may recommend weekly or biweekly sessions, which can quickly add up.
Additional Costs (Medications, Assessments, etc.): Beyond therapy sessions, there may be additional costs associated with mental health treatment.
The Impact of Financial Stress on Mental Health
It is ironic that seeking therapy to improve mental health can ironically result in stress due to financial concerns. People may delay or forgo therapy altogether, believing they cannot afford it, even though they genuinely need help.
This vicious cycle of financial stress impacting mental health underscores the need for solutions that make therapy more accessible and affordable. In the following sections, we will explore one such solution – Thrizer, a payment method designed to ease the financial challenges of therapy and expand access to mental health care.
Why Choose Out-of-Network Therapy?
Before delving into the reasons for choosing out-of-network therapy, it's important to understand the distinction between in-network and out-of-network providers.
In-Network Therapy: In-network therapists are professionals who have contracts with specific insurance companies. When you see an in-network therapist, your insurance plan typically covers a portion of the cost and you pay a deductible. This way, you often have lower out-of-pocket expenses.
Out-of-Network Therapy: Out-of-network therapists are not contracted with your insurance provider. Choosing an out-of-network therapist means that you may have to pay the full session fee upfront, and then you can seek reimbursement from your insurance company if your plan allows for it.
Benefits of Out-of-Network Therapy
Greater Choice of Therapists: One of the primary reasons individuals opt for out-of-network therapy is the expanded pool of available therapists. When you're not limited to in-network providers, you have the freedom to choose a therapist who aligns with your specific needs, preferences, and therapeutic goals.
Specialized Expertise: Out-of-network therapists often include specialists who have unique qualifications and experience in treating specific mental health concerns.
Privacy and Confidentiality: Some individuals prioritize privacy and confidentiality in their therapy journey. By choosing an out-of-network therapist, you can reduce the likelihood of insurance companies having access to your therapy records.
Challenges of Out-of-Network Therapy
Higher Out-of-Pocket Costs: The most significant drawback of out-of-network therapy is the potential for higher out-of-pocket expenses. Most insurance companies require you to pay the entire session fee upfront before they provide reimbursement.
Reimbursement Difficulties: Seeking reimbursement from insurance companies for out-of-network therapy can be a complex and time-consuming process. It may involve submitting claims, providing documentation, and waiting for reimbursement, which can take weeks or even months. As a therapist, we can never guarantee that insurance will reimburse.
Despite encountering these challenges, many individuals find that the benefits of out-of-network therapy outweigh the drawbacks, particularly when looking for a therapist who truly understands their needs and goals. However, the financial aspect remains pivotal, and this is where innovative payment methods like Thrizer can offer potential solutions to ease the financial burden of therapy.
Introducing Thrizer: A New Payment Method
It's a user-friendly, online service that connects individuals seeking therapy with an array of mental health professionals, whether in-network or out-of-network. Thrizer aims to simplify the payment process, making therapy more accessible and affordable for a broader range of people.
How it Works:
“Thrizer Pay works pretty much the same way as the standard process did. Therapy-goers link their health plan, understand their coverage, and start paying for therapy with Thrizer. All payments are automatically applied to their out-of-network deductible.
Once they meet their deductible, it gets interesting. Thrizer Pay allows individuals to pay what they actually owe for therapy sessions. In other words, save upfront with their out-of-network benefits, rather than paying their provider’s full fee and waiting for reimbursement. When doing so, Thrizer covers the rest of the provider's fee and waits for reimbursement on behalf of the patient.
Let’s use the example above. Say your provider’s fee is $200, and your insurance is covering $180 (yes, this happens all the time and is a story for another day). Your net cost for the appointment is $20. But paying $200 and waiting for the $180 back can burden your bank account.
With Thrizer Pay, your card is only charged $20 at the time of the appointment (plus Thrizer’s 5% fee). The remaining $180 is automatically floated by Thrizer, so the provider still receives their full $200 immediately.
Thrizer then does what we do best on the backend – get the insurance reimbursement quickly. It is a true win-win.
By using Thrizer Pay, therapy-goers can significantly reduce upfront out-of-pocket costs for sessions, while therapists can continue to charge and earn what they are worth.”
In conclusion, Thrizer manages insurance issues and removes the requirement to wait for reimbursement from you. When using Thrizer, you are not obligated to pay the entire session fee in advance; you may only have to take care of the co-pay.
What’s in it for Thrizer, you ask? There are no monthly fees and they only charge a 5% fee for the service of paying the upfront out-of-pocket cost for you while they wait for insurance reimbursement if you chose to only pay the co-pay at the time of session. If you continue to pay the full-rate up front there are no service fees.
How to Start Using Thrizer
Create an account with Thrizer
Connect with your therapist: Accept your clinician's invite or add them to Thrizer so they can charge you for appointments. Our team at Steady Hope of Atlanta therapists -- can add you and you can instantly check your insurance benefits.
Enter your insurance information: Thrizer links to your insurance to automatically submit claims after your appointment
Add a payment method
Forget that insurance exists: Only pay what you truly owe for therapy. Thrizer floats the rest and waits for insurance reimbursement for you.
If you want to find out what other therapists or clients have said about Thrizer they have an entire page filled with love for their product.
Why We Are Excited for Thrizer
At Steady Hope, we appreciate the commitment to providing personalized and accessible therapy for everyone. This is one of the goals we strive to achieve within our practice, as well! However, we understand the barrier that the cost of therapy can pose. This is why we are so excited to share Thrizer with you. We truly love to see therapy made accessible!
Interested in getting started with Thrizer or just want to learn more, check out their website for more information and testimonials! If you would like to talk with our team to schedule a therapy session-- we would love to set up a free 15 minute phone consult.
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