Billing and coding software is at the heart of a successful psychiatry practice. With AdvancedMD you can get all the features you need to run an efficient practice and maximize your revenue for a healthy bottom line.
Medical billing is more complex than ever, but with the right software it can be a seamless part of your clinic operations so you always know you are capturing all the revenue for the care you provide your patients.
One of the biggest challenges for small and independent psychiatry practices is not having the resources to quickly get claims out the door. The longer you wait to bill for services, and the more errors you have in those claims, the less likely you are to collect your maximum revenue amounts. With better billing services you can get claims out the door quickly that are accurate, which means your billing team won’t have to spend time reworking denied claims or chasing down outstanding balances from insurance payers and patients.
With tens of thousands of ICD-10 codes, and hundreds of changes that happen every year, it can be a full-time job for your small billing team just to keep up with all the latest codes. AdvancedMD makes it easier by providing your team with the most up-to-date codes at all times. You won’t need to worry about claims getting rejected because of outdated or incorrect codes. AdvancedMD software also makes it easy to find the codes that match the highest level of specificity applicable to each patient encounter, so you maximize revenue without committing errors that could land your coders or your clinic in legal trouble.
Another challenge for many small billing departments is simply finding the right codes in a timely manner to get billing done. With our billing software you can create quick-access lists of your most-used codes so nobody has to spend time sorting through thousands of codes, or performing the same inefficient database searches for every claim that you send. We also offer lists of commonly used psychiatry codes or you can create your own custom lists as needed for unique situations that your clinic encounters.
The biggest billing issue that most clinics run into is errors in claims that result in denial. These denials can be time-consuming and costly to your clinic. Fortunately the vast majority of denials are the result of simple errors that you can catch on the front end and fix before you ever submit the claims. That helps you improve your first-pass resolution rate and get paid faster, without all the extra work on the back end for your staff.
We check for millions of common errors in claims billing so you never have to worry about whether you are submitting the most accurate information. It might not eliminate every single error in your claims submission, but it can help you avoid the most common ones that delay payments and could easily be avoided. Our industry-leading scrubbing services result in a 95% or better first-pass resolution rate for psychiatry claims. That means only 5% of claims (or less) will come back to your team for reworking and resubmission.
Verify insurance automatically at the time the patient schedules their psychiatry appointment, then again right before they come into your clinic. This helps your staff catch changes in insurance that might otherwise result in a denied claim your team has to spend extra time on to find the right insurance information.
Data entry error is another common reason for errors in the coding and billing processes. If you are working with a disjointed and disconnected web of multiple different software systems from different vendors, your team is probably transferring a lot of data back and forth between these systems. That could mean they have to manually pull information out of the EHR or practice management system to transfer to your medical coding and billing software, or it might mean downloading information from one system and uploading it to another. APIs that connect disparate systems can also break down.
These patchwork practices make it harder to ensure that the information going into each claim is accurate. If there is even one small error—like an incorrect patient social security number, a problem with their insurance ID, or missing information from the EHR—it will lead to a denied claim. With AdvancedMD you get a fully integrated system that transfers information seamlessly at each step of the patient journey, from scheduling to the patient encounter with your psychiatry providers, then to billing and coding. The result is more accurate claims and fewer errors that would delay payment.
Supervisors can use our claims check features to quickly scan and review the work of your medical coding and billing employees. If you find an error, create a worklist to send it back to your staff before the claims go through. When the batch is ready, approve it with the click of a button and send all the claims to the payers.
Our reporting features help all your administrators, providers, and stakeholders stay on top of important practice data at all times. You can set up automatic reports to run and go straight to the inbox of anyone who needs the information. The reports come in easy-to-read formats so your team always has the most accurate information at their fingertips to make better business decisions about practice growth.
AdvancedMD is also housed on the world’s most secure web platform, AWS. Amazon Web Services gives you the highest level of data encryption and security to guard your critical financial information from hackers and other cyber criminals. The system includes two-factor authentication to protect against unwanted intrusion. You can also set up internal controls to make sure only the people who should have access to your financial information can see it.
Learn more about how AdvancedMD provides your clinic with the best software for psychiatry practices of all sizes, including independent and small or medium-size group practices. We’ll schedule a personalized demo so you can see our medical coding and billing software in action. Call today to get started.