Many therapists understand they must comply with the No Surprises Act, but don't understand all the nuts and bolts of what goes into a Good Faith Estimate. We know this topic can be a little dry, but as a requirement like it or not therapists need to be in compliance. Check out the below as we break it down for you...
Writing a Good Faith Estimate (GFE) for therapists in private practice involves creating a clear, concise document that outlines the expected costs of services provided to clients, as required under the No Surprises Act. For therapists, this form helps ensure transparency in financial expectations and protects clients from unexpected costs.
We'll break down what “good faith” means and will review the good faith estimate requirements including how it is relevant to therapists, what is covered in a good faith estimate form, what should be included, and an example of GFE for therapists.
What Is Good Faith in Simple Terms?
In simple terms, “good faith” refers to honesty and fairness in a transaction. When you provide a good faith estimate, you are offering a realistic projection of the expected costs for therapy services you plan to offer. It’s not a guarantee but rather a well-reasoned, accurate forecast of expenses, ensuring your client has a clear understanding of what they will owe based on your fees, services, and treatment length.
For therapists, this practice fosters trust and transparency, crucial elements in building a positive therapeutic relationship. Good faith estimates are particularly relevant in private practice, where clients pay out-of-pocket or choose not to use their insurance for services. This is required under the No Surprises Act, which was launched on January 1, 2022.
What Is Usually Included in a GFE?
A GFE for therapists includes several key elements that ensure compliance and transparency. Below are the main components that should be part of your good faith estimate form for therapists in private practice:
Client Details: This section contains the client's full name, date of birth, contact information, and diagnosis if applicable or known.
Therapist Details: Includes the therapist's name, practice information, and contact details. Along with their EIN and NPI, if applicable.
Service Description: A comprehensive list of the therapy services to be provided, specifying the type of therapy (e.g., individual, couples, family), and the anticipated length of each session.
Cost Estimate: Breakdown of costs for each service, including the rate per session and... click here to read more.
