Psychiatry Billing Best Practices: Tips and Strategies for Success
The procedure of submitting and following up on claims with insurers in order to receive
payment for services rendered by a health professional is known as medical billing. Psychiatry
billing is a subset of medical billing that focuses on mental health services.
Whenever it relates to documenting psychiatric services and following up with insurance
providers about outstanding claims, specific requirements must be met in psychiatry medical
billing. Or benefits that have yet to be paid out.
To work in psychiatry medical billing, you must have a robust understanding of mental health and medical billing. Knowing how to document services, submit claims, follow up on claims,
and negotiate payments with insurance companies is part of this. You should also know the
following best practices, i.e., tips and strategies for the success of your psychiatry practice:
● Make and store copies of insurance cards
The data on your patient’s insurance card is used in the psychiatry billing process. This
information will inform you how to seek and receive payment for your services, so getting it
wrong will result in revenue delays. Keeping copies of your patients’ cards on file reduces the
likelihood of such errors. You should also save copies of any forms you file, such as invoices
and superbills.
● Always conduct a VOB
The significance of the VOB process cannot be overstated: A few minutes early to verify your
patient’s benefits can save you hours of work later. When your patients understand what their
insurance will and will not cover, they are better prepared to make timely payments to you.
● Take notes during and after insurance communication
When payers speak with you, they assign a reference ID to each conversation and identify the
representative with whom you spoke. You should do the same; request the reference ID and
the name of your contact. If you need to contact the payer again (which you almost certainly
will), you’ll have a record of all the billing steps you’ve taken so far. This procedure increases
accuracy and simplifies future psychiatry billing.
● Collect abundant information
There is no such thing as gathering too much information in the psychiatry billing process. As
many details as possible, including the patients’ full legal names and current addresses, should
be requested. This increases your chances of avoiding billing delays.
● Train for Success
Every insurance company with which your healthcare organization does business will have its
own set of rules. On the one hand, an insurance company may require you to submit chart
notes with new patient claims to establish a primary care relationship. In contrast, some
insurers request chart notes only to assist with follow-up care and non-standard treatment
protocols.
Update and explore your employee training programs to include components allowing billing
departments to find and access patient files and relevant filing requirements quickly. This
ensures that each carrier has the information needed to process claims as soon as they are
submitted.
● Automate Basic Billing Functions
Forcing employees to perform tasks that can be performed more efficiently by automated
systems is a drain on your business. It lowers morale and disappoint employees who could
otherwise focus on providing more patient-centered, personalized service. Identify routine and
mind-numbingly repetitive billing tasks. There is a need to file individual claims; payment reminders
must be generated and issued, and assistance in selecting the appropriate psychiatry billing
codes is provided.
● Clarify the Collections Process Upfront
Communication with patients must be open and transparent if medical claims billing efforts are
to be more efficient. Make sure to inform new patients about their financial responsibility for
services rendered. You can include the information in the paperwork patients fill out before
their first visit.
A sign in the reception area explaining the payment system will also be beneficial, as patients
cannot claim ignorance of your policy. To ensure timely collections, collect psychiatry billing
information from patients on the same day, including a copy of their insurance card and a
photo ID for your records.
Why Outsource Medical Billing for Your Psychiatry Practice?
Nowadays, physical and mental health is equally important. Psychiatrists see patients with a
wide range of needs daily, which is why psychiatry billing is unique and necessitates many
service-specific evaluation and management codes. It is complex to understand the available
codes and the requirements for using those codes.
Outsourcing psychiatry billing and coding to 24/7 Medical Billing Services ensures that your
business’s most important financial aspects are handled, allowing you to concentrate on
patient care. A knowledgeable billing partner will stay current on coding guidelines and
requirements, enabling you to streamline your processes.
Read more: The Psychological Approach To Mental Health Billing
