How to Increase Your Psychiatry Practice Collections

The medical billing process can be complicated, but it is necessary in order to increase the number of patients seen by psychiatrists. Billing companies work with doctors on improving efficiency and accuracy so they will have more claims that help boost practice revenue. This blog post will discuss how an outsourced medical billing company helps psychiatrists boost their revenue by increasing the number of patients that are seen each day.

Increase Patient Visits

In order to increase psychiatry practice collections you should increase the number of patient visits. Alleviating the time spend on medical billing can be allocated to taking on new patients. When a psychiatry practice works with an outsourced medical billing company, the staff at the billing company will free up your time. This will lead to seeing more patients in a day and pulling in more revenue for your practice.

Streamline the Collections Process In-House

Streamlining the patient collections process will boost practice collections. You can streamline the process by ensuring the bills are timely. You can also set up automated collections for past due balances, estimates, co-pay requests, and other payments. Setting up a swipe and hold feature will allow for the automatic payment of future bills which will result in easier collections and higher profits.

Hire an Outsourced Medical Billing Company

Working with an outsourced medical billing company can be a great way to increase psychiatry practice collections. Medical billing staff, when outsourced, will have specialized training in psychiatry medical billing. This will ensure accuracy and efficiency in billing practice. This can help to increase patient visits, which can lead to increased psychiatry practice collections by 15% and can decrease time in A/R by 19 days on average.

If you are looking for a way to increase psychiatry practice collections, consider working with an outsourced medical billing company.

For informational purposes only.