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Psychiatry
Tracking billing in private practice
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<blockquote data-quote="randomdoc1" data-source="post: 21773870" data-attributes="member: 782739"><p>Icanotes: depends on number of accounts (and of those accounts which ones have esignature--which I only reserve for providers) and if you have the text message reminder feature. My office has me and 3 psychotherapists and we have the text message feature. It's about $500/month.</p><p>Waystar aka Zirmed: they bill separately. Depends on if you add features. My husband decided to include the claim denial management system, still trying to decide if it is worth the cost. The cost also depends on how many claims you process. My cost ranges $300-$600 a month.</p><p>Billflash: depends on how many bills you send out, paper or email bills, and if you use color or B&W ink. Now when I bill...I send bills out every week, sort of a gentle reminder that our office is serious about collecting. Fortunately I only need to send out 30-50 bills a week since we precollect (PRECOLLECTING is a godsend). But my cost is about $150 a month.</p><p>NOW, it sounds expensive, but then I look at billing companies who will take 4-6% of the revenue and you will likely lose more money in poor collections. (4% of 300k, and that is an underestimate of gross revenue is already 12,000 and assuming 100% collection rate). Yea, it worked out well for me.</p><p></p><p>Your costs will likely be lower if you are a 1-2 provider practice. What would I say are the essentials?</p><p>-and EHR that integrates with a clearinghouse/revenue cycle management system (waystar has been really straightforward especially since it works with so many payors and the customer service was really good)</p><p>-EFTs</p><p>-electronic remits integrating into the EHR</p><p>-text message reminders, saves you ALOT on missed appointments</p><p>-get logins at payer sites, it's free anyways</p><p>-billflash integration</p><p></p><p>Now that I made the list, that looks like everything. But at least it's what has worked well for me. My income last year, I worked 3.5 days a week. My collection rate is about 97%. Don't waste my f***ing time. We worked too hard for this. Not surprisingly, the most troublesome cases tend to be the poorest in terms of generating revenue.</p></blockquote><p></p>
[QUOTE="randomdoc1, post: 21773870, member: 782739"] Icanotes: depends on number of accounts (and of those accounts which ones have esignature--which I only reserve for providers) and if you have the text message reminder feature. My office has me and 3 psychotherapists and we have the text message feature. It's about $500/month. Waystar aka Zirmed: they bill separately. Depends on if you add features. My husband decided to include the claim denial management system, still trying to decide if it is worth the cost. The cost also depends on how many claims you process. My cost ranges $300-$600 a month. Billflash: depends on how many bills you send out, paper or email bills, and if you use color or B&W ink. Now when I bill...I send bills out every week, sort of a gentle reminder that our office is serious about collecting. Fortunately I only need to send out 30-50 bills a week since we precollect (PRECOLLECTING is a godsend). But my cost is about $150 a month. NOW, it sounds expensive, but then I look at billing companies who will take 4-6% of the revenue and you will likely lose more money in poor collections. (4% of 300k, and that is an underestimate of gross revenue is already 12,000 and assuming 100% collection rate). Yea, it worked out well for me. Your costs will likely be lower if you are a 1-2 provider practice. What would I say are the essentials? -and EHR that integrates with a clearinghouse/revenue cycle management system (waystar has been really straightforward especially since it works with so many payors and the customer service was really good) -EFTs -electronic remits integrating into the EHR -text message reminders, saves you ALOT on missed appointments -get logins at payer sites, it's free anyways -billflash integration Now that I made the list, that looks like everything. But at least it's what has worked well for me. My income last year, I worked 3.5 days a week. My collection rate is about 97%. Don't waste my f***ing time. We worked too hard for this. Not surprisingly, the most troublesome cases tend to be the poorest in terms of generating revenue. [/QUOTE]
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