Switching to a new EHR is a significant decision with far-reaching implications. However, what often goes overlooked is the crucial need for practices to consider incorporating Managed Billing services into their operational framework to ensure financial viability and overall efficiency.

Not sure if you should bill in-house or outsource? Check out this handy infographic.

The Intersection of EHR and Managed Billing in Mental and Behavioral Health Organizations

The adoption of EHR systems in mental and behavioral health practices has b , driven by the need for improved client care, streamlined workflows, and enhanced data management. Just a decade ago, 9 out of 10 health professionals kept their client records on pen and paper. Today, more than 60% of professionals are using a digital EHR system (Psychiatry Online). While EHRs bring a plethora of benefits, such as accurate record-keeping, increased coordination of care, and better clinical decision-making, the financial aspect of these transitions often takes a back seat. You must ask yourself – How are you going to get paid? This is where Revenue Cycle Management comes into play (especially for larger organizations).

Why Revenue Cycle Management Matters

Revenue Cycle Management is the financial process healthcare organizations use to manage the administrative and clinical functions associated with claims processing, payment, and revenue generation. In the context of mental and behavioral health, Managed Billing plays a pivotal role in ensuring that services are appropriately billed, accurately coded, and promptly reimbursed, thus preventing revenue leakage and maximizing financial performance.

The Case for Implementing Managed Billing During EHR Transitions

1. Revenue Optimization: Are you getting paid efficiently with your current process? What is your current collections percentage on claims that you file? Effective Managed Billing services can help mental health organizations optimize revenue collection by reducing billing errors, improving reimbursement rates, and accelerating the revenue cycle. Efficient Managed Billing practices can lead to a significant increase in revenue capture and overall financial health.
2. Start on the Right Foot: Align your billing cycle more effectively by implementing Managed Billing services together with your new EHR. This will minimize the downtime required later on.
3. Save Money: How much time could you free up for your practice, or your billing team members, if you could trust your Managed Billing partner to eliminate your denials? Even if you have a proficient billing team and opt for Managed Billing services to enhance revenue, the new billing team will likely still need to modify and clean up your system. However, if you choose Managed Billing services right from the start, you can minimize the amount of clean-up required, saving you money on implementation and clean-up fees.
4. Compliance and Legal Protection: Compliance with billing and coding requirements is paramount in an increasingly complex regulatory landscape. Managed Billing services can help organizations navigate intricate billing regulations, reduce compliance risks, and mitigate potential legal issues, safeguarding the organization’s reputation and financial stability.
5. Operational Efficiency: Integrating Managed Billing services with a new EHR system streamlines billing processes, enhances data accuracy, and reduces administrative burden, allowing healthcare providers to focus more on client care and clinical outcomes.
6. Client Experience: Put yourself in the shoes of your clients. Do you accept insurance, and how do you currently process those claims? Smooth revenue cycle management contributes to a positive client experience by ensuring transparent billing practices, timely claims processing, and accurate invoicing, thereby fostering trust and satisfaction among clients.

By optimizing revenue, ensuring compliance, improving operational efficiency, and enhancing the client experience, Managed Billing services play a pivotal role in supporting your organization’s financial health and sustainability. It’s essential for Mental health providers to recognize the interconnectedness of EHR and Managed Billing and strategically leverage both to achieve holistic operational excellence and, ultimately, provide superior care to their clients.

We know switching EHR is a big decision. That’s why we offer a free, 21-day trial of TheraNest (no credit card required). Discover how much easier your work could be with TheraNest. Start your free trial.

Ready to implement Managed Billing services? We can help clear the billing burden from your shoulders and start earning what you deserve.