Psychiatry billing is a necessary component to consider when opening a psychiatry office. Without organized procedure, your office could lose major revenue. The only way to ensure proper procedure is through a plan for psychiatry billing.
How Does Psychiatry Billing Work?
Psychiatrist and clinical nurse specialist services are very similar to other medical doctors when it comes to coding and billing. The first step is patient documentation and cataloging of personal information. Your facility then serves patients and documents the appropriate details of each visit, such as session length and what topics were covered. Medical coding comes next; sometimes this is carried out by the psychiatrist or clinical nurse, and other times there is a designated coder who records the numerical numbers associated with patient visits.
If you’d rather not deal with hiring and training a coding specialist, you may elect to hire a third party billing agency such as Billing Advantage. Billing Advantage is responsible for billing insurance providers and patients, as well as everything required in the collections process. This way, you can save valuable time you’d otherwise spend on follow-ups while also providing patients with the topmost level of data security.
Psychiatry billing with Billing Advantage is a key step in maximizing profit, maintaining facility organization and analyzing charges for the services you render, all the while being HIPAA compliant.
Psychiatry Billing Software
Whether you hire direct or outside your psychiatry office, psychiatry billing software can help with operations management, from patient scheduling to the SOAP notes process, which are in-house procedures. However, when it comes to coding and billing, there should be less reliance on software and more hands-on monitoring. After all, software is prone to certain malfunctions and security risks.
Billing Advantage uses Kareo software, through which all information and reports are available 24/7 to your practice. No matter which method of data exchange you prefer, your patient and clinic data is always secure. You are also ensured support from a live specialist who oversees the important details that a software program alone can miss.
How Much Does Psychiatry Billing Service Cost?
Improper documentation, errors in coding and out-dated psychiatric billing and coding procedures can result in thousands of dollars lost or fined. On the other hand, our psychiatric billing service is inexpensive, giving you maximum net profit.
Billing Advantage has a one-time startup fee of $300 per clinician, plus a small 5-7% percentage of funds received.