Benefits of Using Psychiatric Billing Services
Whether you are starting your own practice or have been in practice for years, there are several benefits of outsourcing your psychiatric billing to a qualified billing service like Psychiatric Billing Associates. In recent years, there have been changes to cpt diagnostic codes, billing processes, billing forms, and the complexity required when submitting claims. In addition, further reforms and changes are expected in the future.
- Access to expertise and specialized mental health billing skills. Billing services that specialize in only mental health billing ensure claims are completed accurately and correctly the first time. They understand correct coding, and are familiar with the third party and managed care companies that handle mental health reimbursement. Billing expertise is especially important when filing claims for neuropsych, academic testing, ECT, EAP and Hospital based services.
- A reduction to your practice’s operating costs. You do not have to waste precious time recruiting, hiring, and training staff to perform billing operations, nor investing in the latest billing software applications. An experienced billing service takes care of recruiting the best employees and software, resulting in paying less in the long run for collecting your payments for services rendered.
- Fewer headaches and more control over your practice. By outsourcing your billing, you do not have to deal with the red tape, rejections, complications, and other stressful aspects of billing procedures. Rather, you are freed up to concentrate on the needs of your patients, providing them higher quality of care.
- Eliminates having to learn the complexities of medical billing. Even if you do not perform your own billing directly, you do not have to worry about whether your staff is spending sufficient time staying on top of the latest updates and changes.
- Always know what medical billing codes are relevant for your services and treatments. Medical billing codes are constantly being updated, changed, and even deleted. Your billing service will keep you informed of these changes and help you determine which codes are the most appropriate to use for your practice to reduce the number of rejected claims.
- Quicker reimbursement times. Mental health billing services submit claims on a timely basis, deal with resolving rejected claims quickly, and other such issues, so you can get paid faster and improve cash flow. They will also submit as many claims electronically to providers, who accept electronic claim submissions, thereby decreasing claims processing times.
- Affordable rates. Qualified billing services will only charge a percentage of the amount of money they actually collect, not the total amount billed. As a result, they work harder to help increase your collections rate. Not only does this mean they will earn more, but also helps increase your revenues and cash flowing into your practice. With the increase in revenues and decrease in overall operational costs, most practices can easily justify the billing service fees.
To discover how Psychiatric Billing Associates can help your mental health practice, contact us today by calling 800-650-6334, extension 24. We offer customizable solutions and provide the assistance you need with claims, processing, collections, and more.