The mental health industry accounts for 5.6% of all dollars that Americans spend on medical care. As you would assume with an industry that generates $113 billion every year, the billing and administrative side of the business is quickly moving from paper to electronic management. Therapist billing software makes operations easier, more accurate and efficient within a therapist’s office. Some of the biggest reasons that mental health providers are adopting software to run their practice include the following:
Therapist Billing Software Companies Provide an Efficient Solution
Electronic billing solutions do more than just ring up patients after their appointment. Some of the most popular functions of electronic solutions include:
- Sending appointment reminders
- Recording clinical notes
- Issuing explanation of benefits
- Automatically generating reports
Automating tasks that used to be completed by humans improves efficiency and reduces error in a therapist’s practice.
Therapist Billing Software Companies Provide a Less Expensive Solution
Automating processes is a less expensive solution to depending on human labor. The American Medical Association reports that submitting a claim costs $6.63 when processed manually; that same claim costs only $2.90 to process through billing software. In fact, reducing paperwork, labor costs, and the remediation human errors with the adoption of an electronic billing solution saves a medical office more than $9000 a year.
Therapist Billing Software Companies Take the Stress Out of Insurance Issues
Insurance coverage for mental health care is a murky subject. It is estimated that 15% of people in need of metal health treatment don’t get the care they need because of the cost and difficulty getting insurance to cover it. While there is a need for policy changes in mental health coverage, therapist billing software makes getting insurance to cover treatment as smooth as possible. Some of the ways that an electronic therapist billing solution solves insurance issues include:
- Submitting billing claims the same day as the appointment
- Automating follow-up on unpaid insurance claims
- Resolving denied claims on the therapist’s behalf
- Posting and managing all insurance payments
Therapist Billing Software Companies Provide Better Security
When a therapist practice stores all of their patient information locally on a computer, there is a elevated risk of a security breach. Over 46% of data breaches are a result of theft; all it takes for patient information to compromised is for the office to be broken into or a laptop to be stolen. Actually, stolen laptops account for 24% of data breaches, more than any other specific source. By using a secure online management system, patient data is stored in a encrypted, remote location instead of on a hard drive that could be compromised, offering additional layers of security protection.
Do you work in a therapist office that uses an electronic management system? What do you find the greatest benefit to be? What advice would you offer to an office planning to buy medical billing software? Please leave us a comment with your input!
