How to Increase Revenue of Behavioral Health Practice?

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(No Transcript)
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How to Increase Revenue of Behavioral Health
Practice?

• There are several strategies that can be
  implemented to increase revenue in behavioral
  health
• Increase Revenue of Behavioral Health Practice
• 1. Accepting More Insurances
• Apart from increased behavioral health practice
  revenue, accepting more insurances can be
  beneficial for various reasons. As healthcare
  providers, behavioral health professionals have a
  responsibility to provide care to as many people
  as possible. By accepting more insurances,
  providers can fulfill this ethical obligation and
  ensure that patients who need care are able to
  receive it. Accepting more insurances also
  provide you competitive advantage as patients may
  be more likely to choose a provider who accepts
  their insurance plan, particularly if they have a
  high deductible or limited out-of-network
  benefits. By expanding the number of insurance
  plans they accept, providers can ensure a steady
  stream of revenue and reduce the financial risk
  of depending on a small number of payers.
• Following are some of the steps behavioral health
  practitioner can take to accept more insurance
  plans

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How to Increase Revenue of Behavioral Health
Practice?

• Research insurance networks Start by researching
  different insurance networks that
  cover behavioral health services. You can check
  online or contact insurance providers directly to
  learn about their coverage for behavioral health
  services. Once you identify potential networks,
  research their requirements for joining their
  panel of providers.
• Verify your license and credentials Most
  insurance networks require that providers have a
  valid license to practice and meet certain
  credentialing criteria. Make sure your license is
  up-to-date and that you have the necessary
  qualifications and certifications to meet the
  networks requirements.
• Negotiate reimbursement rates When you apply to
  join a new insurance network, youll likely be
  asked to agree to certain reimbursement rates.
  Its important to negotiate rates that are fair
  and reasonable for your services. You can
  research typical reimbursement rates in your area
  and negotiate from there.
• Communicate with your patients Once youve
  joined new insurance networks, let your patients
  know. Make sure theyre aware of the insurance
  plans you now accept and any changes to their
  coverage. This can help build loyalty and improve
  patient satisfaction.
• By taking these steps, you can increase your
  chances of being accepted onto more insurance
  panels and expand the number of patients youre
  able to serve.

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How to Increase Revenue of Behavioral Health
Practice?
2. Expanding Behavioral Health Services Im
age Source Behavioral health providers can
expand their services to increase revenue in
several ways. Expanding behavioral health
services means that more people can access the
care they need. This is particularly important in
areas where there is a shortage of mental health
professionals or where people have difficulty
accessing care due to financial, geographic, or
other barriers. Some of the strategies to expand
behavioral health services includes,
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How to Increase Revenue of Behavioral Health
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• Offer teletherapy/telehealth services Offering
  teletherapy services can expand the reach of
  behavioral health providers and increase revenue
  by allowing them to provide services to clients
  who may not be able to access in-person therapy.
  Teletherapy can also help reduce overhead costs
  associated with maintaining a physical office.
• Offer group therapy Group therapy can be a
  cost-effective way to provide services to
  multiple clients at once, which can increase
  revenue for behavioral health providers. Group
  therapy can also provide a sense of community and
  support for clients.
• Offer specialized services Behavioral health
  providers can consider offering specialized
  services such as trauma-focused therapy,
  addiction treatment, or couples therapy. These
  specialized services can attract clients who may
  be seeking specific treatment options and can
  help increase revenue.
• Expand hours of operation Expanding hours of
  operation can provide clients with more flexible
  scheduling options, which can increase revenue
  for behavioral health providers. Offering evening
  or weekend appointments can be particularly
  beneficial for clients who work during
  traditional business hours.
• Develop referral networks Behavioral health
  providers can develop referral networks with
  other healthcare providers, such as primary care
  physicians or psychiatrists, to increase
  referrals and revenue.

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How to Increase Revenue of Behavioral Health
Practice?
Overall, behavioral health providers can expand
their services and increase revenue by offering a
range of treatment options, expanding their hours
of operation, and developing referral
networks. 3. Offer Employee Assistance Programs
(EAPs) Consider offering EAPs to companies and
organizations as a way to attract more clients
and increase revenue. Employee Assistance
Programs (EAPs) are workplace programs that offer
support and resources to employees experiencing
personal or work-related challenges that may
impact their mental health and wellbeing. EAPs
typically provide confidential counseling,
referral services, and other resources to
employees and their family members. In
behavioral health practice, EAPs can play an
important role in promoting mental health and
addressing mental health concerns in the
workplace. By providing access to mental health
services and resources, EAPs can help employees
manage stress, improve work performance, and
reduce absenteeism and presenteeism (when
employees are physically present but not fully
engaged).
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How to Increase Revenue of Behavioral Health
Practice?
Employee Assistance Programs (EAPs) can directly
and indirectly will help to increase the revenue
of behavioral health practice. EAPs can provide
referrals to mental health professionals or other
resources in the community. EAPs can offer
education and training programs to help employees
and supervisors better understand mental health
issues and promote mental health. EAPs can
provide short-term counseling to employees and
their family members. This can include
individual, group, or family therapy. 4. Offer
Sliding Scale Therapy Consider offering a
sliding scale fee to clients who may not be able
to afford the full cost of therapy, but still
want to seek help. Sliding scale therapy refers
to treatment priced by each persons income and
dependents. This fee structure exists to help
make therapy more affordable for people living at
a lower income level. A sliding fee scale may be
ideal for clients who pay in cash, often because
they dont have health insurance. When starting
out in private practice, youll face several
important financial decisions, including what
fees youll set for therapy services. Deciding
how much to charge per session may take some time
and consideration. If you work with both
individuals and couples or families, you may have
one rate for individual therapy and another rate
when you work with more than one person at a
time. Whatever rate you set, its
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How to Increase Revenue of Behavioral Health
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important to make sure its affordable but not so
low it undercuts other providers. You also need
to charge enough per session to allow you to
cover your operational costs and still earn a
living. Medical Billers and Coders (MBC) is a
leading medical billing company providing
complete revenue cycle services. We can assist
you in increasing your behavioral health practice
revenue by timely submitting claims, avoiding
claim rejections, accurate coding, claim
follow-up, addressing claim denials, recovering
old accounts receivable, and assisting in
provider credentialing. To know more about how
MBC can be a value-adding billing partner to your
practice, email us at info_at_medicalbillersandcoder
s.com or call us at 888-357-3226.