03 Apr Benefits of Outsourcing Your Behavioral Health Billing
Should your behavioral health treatment center outsource your insurance billing and management? This a question that is posed often in the behavioral health billing industry. For the purpose of this article we are going to primarily focus on the advantages of utilizing an outsourced billing solution for behavioral health treatment centers.
– Reduced employee costs
When you are outsourcing your behavioral health billing, you are not responsible for employee acquisition costs, healthcare, PTO, and other employee load costs. The amount of resources required to effectively manage the behavioral health insurance process is high. You must have an adequate amount of staff that can compete with insurance company resources. The other aspect of utilizing an outsourced billing solution is the cost share model, which allows the cost for your billing to be based on your revenue. This is a benefit if you have a low revenue month you will not have a fixed cost associated with your billing organization.
– Employee turn over
Utilizing an in house billing organization comes with the function of managing personnel. In a niche industry of healthcare, finding qualified staff that understands behavioral health insurance billing and management is difficult. This also places your operation in a place of being vulnerable if a key member of your billing organization decides to move on. Outsourcing your behavioral health insurance billing allows you to not worry about staff turn over knowing you have access to more resources through your outsourced solution.
– Knowledge base
Outsourced billing solutions for behavioral health have a wealth of knowledge. This is what they do day in and day out. They understand the many intricacies of billing insurance and have the data to analyze trends and identify industry changes quickly. Elevated Billing Solutions provides behavioral health billing services to over 110 behavioral health treatment centers across the US and has over 10 years experience specifically in behavioral health billing. Longevity in this niche field is not common, however extremely important. The data that comes from longevity is invaluable. Being able to know each insurance carriers historical trends, understand the “fine print” of policies, paid amounts, etc can have a large impact on your behavioral health organizations ability to collect insurance.
-Focus on your patients
Behavioral health insurance management requires many different individuals to be apart of the process. Typically when we encounter in house billing organizations, doctors, therapists, executives and other staff members are all having to be involved in the insurance process which deters them from focusing their primary functions. As you know, you end up with diminishing returns when your staff cannot focus on their primary roles and responsibilities, hence placing the burden on an outsourced solution increases performance and productivity.
When you have an entire company dedicated to ensuring all aspects of the insurance billing processes are being managed efficiently and diligently, you will find an increase in performance. Faster and more thorough verification of benefits response times leading to higher conversion of potential patients into admits. Longer lengths of stays for your patients resulting in better patient outcomes. More overturned claim and authorization denials, faster claim payment and an overall increase of your business KPI’s.
If you would like to learn more about the benefits of outsourcing to a 3rd party billing solution please contact Elevated Billing Solutions 385-212-4004!