For years, psychiatrists and other mental healthcare providers have faced one of the most difficult challenges in the business world: incorrect billing to insurance companies. Now, outsourcing billing to a third party could be your best option.
Here are some of the biggest billing challenges faced by psychiatrists and how outsourcing billing can help you overcome them.
Knowing Which Codes to Bill
Mental healthcare providers have to know which codes to bill in order to get paid for their services. Unfortunately, there are a lot of different codes and it can be difficult to keep track of them all.
Luckily, there are companies that specialize in medical billing and coding that can help make sure you get paid for all the services you provide.
There is also something called EOB (Explanation of Benefits) analysis where the company will go through your claims to see if anything was coded incorrectly so you don’t lose out on money.
They offer patient statements too. Plus, once everything has been coded correctly, most of these companies will be able to send your patients monthly bills. Some even give patients online access to view their accounts or pay online.
Filling In the Appropriate Documentation
If you’re a mental healthcare provider, you know that documentation is a huge part of the job. It’s also one of the most challenging and time-consuming aspects, often taking away from time that could be spent with patients.
Outsourcing your billing can help alleviate some of the burdens, allowing you to focus on what’s most important: providing quality care.
There are over 200 different kinds of insurance plans out there. All require different levels of documentation, which can be frustrating and time-consuming for mental healthcare providers who might not have experience filling out these forms.
Outsourcing your billing can provide you with professionals who will fill out all necessary paperwork for every type of insurance plan so that you don’t have to worry about it.
Managing the Documentation Flow Through Your Practice
Keeping track of all the required documentation can be a full-time job in itself. Then there’s the challenge of dealing with insurance companies.
Insurance reimbursement rates are often low, and denials are common. This can make it difficult to keep up with the cash flow needs of your practice.
Add to that the administrative burden of coding and billing, and it’s no wonder so many mental healthcare providers are looking for ways to outsource their billing.
When you outsource your billing, you free up time to focus on patient care, while leaving the heavy lifting to someone else.
Understanding Utilization Management Rules
Mental healthcare providers understand that there are a lot of rules and regulations governing patient care. But what about the billing process?
Provider knowledge around coding, documentation, and payer policies is critical to achieving proper reimbursement.
Utilization management is the term used to describe the set of rules and processes that health plans use to determine if a service is medically necessary and whether it will be covered under a patient’s plan. If you’re not well-versed in utilization management rules, it can be tough to get claims paid.
Keeping Up with Changes in Medical Coding and Classification Systems
Medical coding isn’t just an obstacle for doctors and nurses; it’s also difficult for mental health professionals as well because they must keep up with updates to medical codes, which change annually or even more frequently than once per year.
Every year, there are new updates and changes to health care regulations and guidelines that providers need to comply with. Filing these new requirements is a challenge on its own, but doing so while juggling other tasks adds an extra layer of complexity.
Mental healthcare providers have to keep up with a lot of changing regulations. That can be a challenge, especially when you’re trying to run a business. But there are ways to make it easier.
One way is to outsource your billing. An experienced billing company will know what the latest rules and regulations are, plus they’ll have the resources to keep up with any changes that happen along the way.
Outsourcing also means having someone on your team who’s focused exclusively on this task. You’ll spend less time worrying about getting paid and more time doing what you do best: providing quality care for patients!
The Psych Biller: Professional Remote Mental Health Billing Services
Mental healthcare providers often struggle with billing and getting paid for their services. Insurance companies are frequently changing their reimbursement policies, making it hard for providers to keep up.
Outsourcing your billing to The Psych Biller can help alleviate some of these challenges and improve your bottom line.
You can rely on The Psych Biller for all of your remote medical billing requirements. Take advantage of our years of expertise in remote office assistance to help your business save money now.
Contact us today to learn more about our services!