Billing Software Review How to Find the Best Psychotherapy Billing Software for Your Practice A Free Practice Guide The Seven Deadly Mistakes in Buying Software Table of Contents Problem Solution How Do You Make Sense of All the Possible Solutions? Five Steps to Selecting Psychotherapy Billing Software Three Rules for Avoiding Buyer's Remorse Step One - Define Your Billing Workflow and Desired Improvements Step Two - Initial Selection Based on Features Key Factors to Consider in Selecting Billing Software Step 3 - Evaluate Software Demos and Vendors Patient Scenarios Step 4 - Final Selection Based on Function Seven Deadly Mistakes of Software Selection Step 5 - Implementation and Cut-Over About the Author Financial Disclosure Problem The task of billing for psychotherapy is a major source of frustration for new and seasoned practitioners alike. The process is complex and seems to grow more so as time goes on. It is easy to lose out on reimbursement if we are slow or inaccurate in our billing. We are faced with a confusing array of alternatives, each with its own set of benefits and inherent limitations. This paper will outline an effective process for evaluating the needs of your solo or small group practice and matching those with the best available software. There are three basic options for psychotherapy billing: 1) manually fill out paper or electronic forms; 2) hire a service to bill on your behalf; or 3) purchase practice management software. The first two generally do not address the additional practice management tasks of: tracking benefit limits and authorizations for treatment, or providing ongoing metrics about the financial health of your practice and ready access to patient and insurance balances. Solution Any provider seeking to identify the best solution for his or her practice is faced with an abundance of choices and an impressive array of features. There are few available reviews of practice management software and most are dated. If you only accept private pay patients you can probably be happy with almost any software solution available, or just track balances with a simple spreadsheet. Private pay patients require only a simple "balance forward" accounting system in which any payment is assigned to the oldest outstanding charge. Many inexpensive packages operate using this principle. If you elect to accept insurance however, the situation becomes more complicated. While the patient's co-payments can be assigned to the oldest balance first, each payment from their carrier is applied to a specific charge and date of service. If you also accept secondary insurance it gets even more difficult to track. Fortunately there is a solution in the form of "open-item accounting" in which all payments are allocated to a specific charge so that patient balances and insurance balances are easily tracked. |
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