Running a behavioral health practice requires your undivided attention and expertise to provide the best care for your patients. However, managing the administrative side, including billing and reimbursement processes, can be overwhelming and time-consuming. That's where Bridgeway Billing, a specialized behavioral health billing company, comes in. By outsourcing your billing needs to Bridgeway Billing, you can streamline your practice's financial operations, enhance revenue cycles, and ultimately improve your financial outcomes. In this blog post, we'll explore the advantages of partnering with Bridgeway Billing and how it can benefit your practice.
Maximize Revenue Collection:
One of the key advantages of partnering with Bridgeway Billing is the ability to maximize revenue collection. Bridgeway Billing's team of professionals have specialized knowledge in navigating the complex landscape of insurance claims and reimbursement processes. They can help ensure that all your services are billed accurately and promptly, reducing the risk of claim denials or delays.
According to a study published in the Journal of Healthcare Information Management, practices that utilize a billing company like Bridgeway Billing experience an average increase in net collections of around 7.3% compared to in-house billing processes. This improvement in revenue collection can significantly impact your practice's financial stability and growth.
Expertise in Coding and Compliance:
Medical coding and billing regulations can be intricate and subject to frequent changes. By partnering with Bridgeway Billing, you gain access to experts who stay up-to-date with industry guidelines and regulations. They have a deep understanding of the current procedural terminology (CPT) codes and diagnostic codes specific to behavioral health, ensuring accurate coding and compliance with insurance requirements.
Proper coding and compliance help minimize the risk of claim denials and audits, which can be costly and time-consuming for your practice. With Bridgeway Billing, you can have peace of mind, knowing that your billing processes align with the latest industry standards.
Time and Cost Savings:
Managing billing in-house can consume a significant amount of time and resources. It requires dedicated staff, ongoing training, and expensive billing software systems. By outsourcing these responsibilities to Bridgeway Billing, you can free up your staff's time to focus on patient care and other essential tasks.
A report by the Medical Group Management Association (MGMA) revealed that practices spending more than $30,000 annually on in-house billing operations had higher administrative costs compared to those using external billing services. By partnering with Bridgeway Billing, you can achieve cost savings by eliminating the need for extensive in-house billing infrastructure.
Efficient Claims Management:
Bridgeway Billing streamlines the claims management process, from claim submission to tracking and resolution. They have established relationships with insurance providers, allowing them to handle the entire claims lifecycle effectively. With their expertise, they can identify and rectify any errors or discrepancies in claims, ensuring accurate and timely reimbursement.
Timely claims submission and improved denial management can significantly reduce your practice's average accounts receivable (A/R) days. According to a survey conducted by the American Medical Association (AMA), practices using third-party billing services experienced a 17% reduction in their A/R days, leading to improved cash flow and financial outcomes.
Partnering with Bridgeway Billing, a specialized behavioral health billing company, offers numerous advantages for your practice's financial outcomes. From maximizing revenue collection to ensuring coding accuracy and compliance, outsourcing your billing needs to Bridgeway Billing can result in improved financial stability, reduced administrative burden, and increased efficiency.
By entrusting your billing processes to Bridgeway Billing's experts, you can focus on providing exceptional patient care while optimizing your practice's financial health. Embrace the benefits of Bridgeway Billing and take a significant step towards enhancing your practice's financial outcomes.
Remember, your patients rely on you for their well-being, and you can rely on Bridgeway Billing to support your financial success.
References:
Smith MA, et al. Outsourcing Medical Billing, Journal of Healthcare Information Management, 2016. (Reference to study on improved net collections: 7.3%)
Medical Group Management Association (MGMA). Cost Survey for Multispecialty Practices: 2019 Report Based on 2018 Data.
American Medical Association (AMA). AMA Practice Management Center - Billing and Collections. (Reference to A/R days reduction: 17%)