Undoubtedly, billing for behavioral healthcare is a complex field filled with mistakes and mismanagement. As the costs of managing medical billing processes in-house rise, so does the pressures of keeping up with the industry’s ever changing rules and regulations. In fact, your treatment facility’s compensation depends on accurate and efficient coding and the submission of medical claims. That’s why it is critical to hire the right medical billing company to understand your organization’s specialized needs and provide proven solutions.

Some of the benefits of hiring a medical billing company:

Reduced Billing Errors

Hiring a medical billing company will assist you in reducing the possibility of errors in form submissions and insurance claims. Almost four of every five medical bills contain errors of some kind, jeopardizing your ability to receive timely reimbursement from insurance providers for services rendered.

According to NerdWallet’s research, approximately 49% of all Medicare claims result in errors. Other errors include mishandled underpayments, incorrect procedure codes, missing information, and upcoding.

Outsourcing medical billing services to a professional medical billing company will assist you in preparing and distributing error-free documentation and processing insurance claims quickly. Using their billing experts means better office management and compliance, fewer coding and billing errors, and higher savings per patient.

Greater Revenue for Providers

Due to denied insurance claims, healthcare providers frequently experience significant revenue losses on an annual basis. According to the AARP, one out of every seven claims is denied, resulting in over 200 million daily denials. This happens for numerous reasons, such as missed deadlines, claim form errors caused by inaccurate information, incorrect medical coding, insurance coverage issues, and many more. According to reports, approximately 30% of all insurance pay outs are either neglected or denied.

Medical billing companies enhance the net revenue collection and rectifie any shortcomings within the pre-existing revenue cycle. In-house administration costs, along with the errors in form submission that can lead to lengthy delays with insurance claims, are significantly reduced.

Greater Accountability

Almost every medical biller relies on smart software to streamline and automate the entire revenue management cycle. This ensures the highest level of accuracy and prevents the human error from interfering with your practice’s financial performance.

Hiring experienced medical billers eliminates most of the capital costs associated with purchasing and operating new software. Furthermore, medical billing companies are entirely HIPAA compliant and adhere to all regulatory standards. A reputable medical billing company will also help your practice stay current on state laws and regulations, market trends, and codes.

Higher Financial Transparency and Analysis

Transparency in medical billing is difficult to achieve. Hospital staff and healthcare professionals can significantly improve the patient experience by streamlining the critical billing and payment processes.

A healthcare practice can quickly reduce costs and delays by hiring a professional medical billing company. An experienced billing company can boost cash flows and enhance operating margins by automating and restructuring your billing operations. The resulting operational transparency and financial efficiency will assist you in improving the patient experience, thereby enabling business success.

Are you a behavioral healthcare provider in need of medical billing services?

At Panacea Healthcare Services, our mission is to provide a “one-Stop Shop” solution for your healthcare business needs. As you focus on patient care and the growth of your business, let us manage your operational needs. Panacea provides a full suite of services that includes premier claims management in addition to an array of services that are vital to your healthcare organization’s stability and growth.

Some of our services include:

► Billing & collecting

► Utilization Review

►Appeal Management

and much more

Contact us today for more information:

866-731-6777/ info@panaceahcs.com