Psychiatric and Behavioral Health Therapies Should Pay Better, Especially in Private Practice
You’ve reviewed the finances of your practice and your suspicions are founded. Your practice is losing a lot of money, maybe even as much as $10,000 per month – or more.
Going into private practice made sense. You love what you do. The investment made in your experience and education should allow you to support yourself, your family’s financial goals, and your practice. But the pitfalls of private practice are all-consuming. Inconsistent billing and revenue processes have begun to lead to big money problems.
As the practice owner and manager, it’s your job to ensure your revenue cycle management is clean and that all money leaks are plugged. If you suspect – or know – your front office processes are seriously leaking money – from thousands to tens of thousands of dollars – then you need to move quickly and decisively. As a leader, you’re increasingly aware that the system you’ve cobbled together doesn’t work, and you need sound billing and reimbursement strategies.
You need a plan to turn the situation around, and the support to make it happen as quickly as possible.
Let’s take a closer look at the challenges you face:
- Insurance claims – When filing insurance claims, the most effective outcome of processing is the primary goal, and you want and expect maximum pay for the work. If claims are delayed, so is your money.
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Posting and collecting payments: The focus should be on the revenue, but office staff is often hesitant to collect the necessary patient balances. We take an active role in assuring the balances owed at appointment time are collected and accurate. This eliminates much work on the backend of patient collections.
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Benefits verification – Employee benefits are verified prior to EVERY patient appointment and updated accordingly. This assures the insurance claims and patient collections remain optimal.
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Collections – Insurance and patient aging is worked monthly for each account. This includes denial follow-up which is done daily.
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Client communications – Our staff is trained specifically in the behavioral health world and kindly work with your patients to assure they have a good understanding of their insurance and financial responsibility. We put extra effort before the first appointment so there are no misunderstandings later.
At Manna Health Professionals, we help practices like yours save money by focusing exclusively on revenues. With a dedicated, trained staff and no learning curve, we make it possible for practices like yours to turn around their situation quickly and decisively without expensive hires or huge drains on time or energy. We work for our clients daily, with no sick leave, vacations, or distractions. We’re vested in outcomes and always look for opportunities to maximize returns. Our primary goals include a clean, fully functioning revenue cycle and greater margins for each behavioral health or psychiatric practice we serve.
No holes, and no money leaks, vested interest, and undivided attention.
How does that sound to you?