Best Mental Health Billing Companies in the USA

Mental health diseases are a global concern and common throughout the US. Over one in five adults in the United States is thought to suffer from a mental disease. Mental health services are vital for patients who are experiencing mental health disorders.

According to research, the mental health market was valued at $411.99 billion in 2023 and will surpass $566.07 billion by 2032, with a compound annual growth rate (CAGR) of 3.20% over the forecast period 2024-2032.

Since mental healthcare experts focus on the patient's psychological well-being, administrative tasks like billing can become a burden and lead to less focus on the job. Outsourcing to mental health billing companies can reduce this extra burden on mental health practitioners.

Top 5 Mental Health Billing Companies

Medical billing is a hectic and time-consuming task for mental health professionals. One of the many intricate processes in the billing process is submitting a claim to the insurance company along with any supporting documents. They then have to deal with follow-ups and denials.?

Mental healthcare providers require additional time and experience to manage billing operations. Furthermore, very few providers or individuals have the expertise to set up an internal billing department. Outsourcing administrative work to third-party or mental health billing companies can increase productivity and efficiency.?

We have discussed the top 5 mental health billing companies below:

1. MediBillMD

In just one year since its formation, MediBillMD has shown exceptional results for its clients with a 97% first-pass rate and 96% collection ratio. It is one of the top-ranking mental health billing companies on GoodFirms and Trustpilot.??

The company offers top-class mental health billing services with rigorous quality assurance and workflows. It has a record of AR recovery in less than 30 days, which means no delayed reimbursements for the services rendered to the patients.?

Moreover, it assists providers in realizing their proper financial success and profitability. Mental health medical billers at MediBillMD use advanced revenue cycle analytics to avoid unnecessary errors and prevent denials. In addition, they offer thorough financial performance reports to assist mental health providers in making informed choices about the economic aspects of their practices.?

2. Aspen Ridge Medical

Aspen Ridge Medical is a leading mental health billing company founded with the aim of offering good, life-changing services. They provide advanced, best-in-class tools and services for improving collections, lowering costs, and simplifying revenue cycle management.?

Aspen Ridge assists in handling all aspects of your facility's benefits, from insurance verification to legal action, denial handling, claim submission, and follow-up, so you may concentrate on offering high-quality mental and behavioral health care.

The company also provides customized mental health billing services, like addiction recovery billing, coupled with a focused team to complement the objectives of your practice. Furthermore, the company implements the latest software and effective techniques to boost your revenue by 10% to 20% while enhancing your capacity to provide high-quality care.

3. Psybill

Psybill has been assisting mental health and substance abuse practices across the United States in managing their revenue cycles for more than 24 years from its headquarters in Ohio.?

It pairs the most advanced billing technology with specialized patient inquiry support to provide a hands-free solution, minimizing payment delays between 10% and 50% and reducing labor costs by up to 82%. Outsourcing mental health billing services to Psybill gives your staff more time to concentrate on patient care, and you can focus on expanding your clinic, practice, or facility.

Using an online billing system with Psybill scrubber produces consistent revenue that allows you to save money, reduce overhead, and increase the chances of receipt by 12% to 25%. You can easily monitor billing effectiveness and access thorough management data to measure your practice’s productivity and accounts receivable.

4. MindEase Billing

MindEase Billing has been the top mental health billing company in Oregon since its establishment in 2008. The company provides two major services: medical billing and consultation. In 2023, MindEase Billing expanded its offerings to include consultation services for therapists and billers who handle mental health billing.

MindEase Billing offers full-stack mental health billing services to behavioral and mental health practitioners of all license types, including psychiatrists (MD), mental health nurse practitioners (MHNP), and solo private practices.

The company was formed on basic values of people, community, and environment. The staff is trained to prioritize client’s needs and display empathy and compassion. They follow a 4-step process, strategy, and diligence to improve their client’s cash flow and save them hours of paperwork.??

5. Psyquel

Psyquel was established in 1997, and for 2 decades, it has been meeting the demands of mental health practitioners all around the country. It is currently among the most reliable mental health billing companies in the United States.?

Psyquel aims to assist all mental health professionals in addressing denials and identifying the underlying source of issues with a comprehensive billing system ideal for practices of all sizes. Mental health organizations can achieve 98% collection rates and reduce their collection periods to fewer than 10 days.

The company hires committed and experienced coders and billers who offer a wide range of services, including improved billing procedures, patient-provider connections, and bac-office support. Furthermore, Psyquel offers mental health billing services with the help of automated software that matches the growing needs of mental health providers. This software complies with the Health Insurance Portability and Accountability Act (HIPAA) and is ideal for small to medium-sized clinics.

Why Should You Outsource Mental Health Billing Services?

Mental health billing contributes to the already exhausting, time-consuming, and frustrating process of mental health delivery. Many practitioners face difficulties while managing the complexities of mental health billing.

Common challenges encountered during mental health billing include incorrect patient information, coding errors, claim denials, and non-reimbursements. Dealing with patients and facing these challenges can negatively impact patient care and practice sustainability. To avoid this hassle, mental health practices can outsource medical billing to competent mental health billing companies that guarantee accurate claims processing and reduced denials.

Mental health billing companies are experts in managing financial challenges and negotiating insurance procedures. They are qualified to handle billing problems and guarantee efficient processing of invoicing and reimbursement. Mental health providers can concentrate on providing comprehensive care while ensuring patient satisfaction by delegating these tasks to experts.?

Outsourcing mental health billing services allows practitioners to concentrate more on offering high-quality patient care rather than being distracted by intricate coding and billing procedures.?