Mental health conditions like depression, anxiety, personality disorders, PTSD, and ADHD are among the most common health conditions in the USA. Nearly every 1 in 4 U.S. adults, or 58.7 million people in the country, are living with a mental health condition or disorder.
While patients can access mental health services in person, online, or via helplines, providers find it increasingly challenging to collect rightful reimbursements for billable services, like therapies, medications, and crisis intervention.
To remedy this issue, mental health billing companies in the USA are partnering with mental health providers and streamlining the insurance billing process. Letting professionals handle the intricate mental health billing workflow allows therapists to focus on quality patient care and leads to higher, better, and faster reimbursement collections.
In this blog, we will look at the details of the best mental health billing companies in 2024 and understand the selection criteria to help you find a billing partner for your mental health practice.
Top 10 Mental Health Billing Companies in the USA
Mental health specialists have a hard time collecting insurance payments for the services rendered. According to Becker’s ASC Review, the medical claim denial rate for psychiatrists is one of the highest among all medical specialties, standing at 16%, whereas the industry average claim denial rate is 5-10%. From uncovered services to coding errors and missing documentation to late claim filings, several factors can trigger denials, leading to a loss of revenue.
Mental health billing companies provide professional medical billing, coding, and revenue cycle management (RCM) solutions tailored to the needs of therapists, psychologists, and psychiatrists. They can assure a significant reduction in claim denial rates and a consistent increase in revenue over the months.
Here are this year’s 10 best mental health billing companies that are effectively making their mark in the competitive healthcare space.
1. MediBill MD
MediBill MD, headquartered in Dallas, Texas, is an emerging leader in the medical billing sector. Since 2023, the company has offered affordable and customizable solutions to over 45 medical specialties, including mental health providers. Its team of AAPC-certified medical coders and expert medical billers thoroughly understands the nuances of mental health billing.
Each client is assigned a dedicated project manager who assesses the needs of the practice and suggests custom-made solutions from a suite of mental health billing services. You can partner with MediBill MD for physician credentialing, claim filing, payment posting, denial management, patient collections, and more. Its flat 1% promo rate, 98% clean claims rate, and 96% collection ratio make it one of the best mental health billing companies.
2. Sawgrass Behavioral Resources, LLC
Located in Fort Lauderdale, Florida, Sawgrass Behavioral Resources is a mental health billing company that serves small and medium-sized private behavioral health practices and outpatient clinics. The company was formed in 2017 to offer a range of billing and revenue cycle management solutions, helping mental health practices realize their revenue.
Its full-scale services include insurance credentialing, patient verification, claim filing, follow-ups, payer enrollments, and practice management. Sawgrass Behavioral Resources is HIPAA-compliant and can increase the net collections rate to 97%. Moreover, it reduces AR days to 14 and has a 95% first-pass pay rate. The company’s billing service fee is 6% of net monthly collections. You can schedule a free consultation or call their number for more details.
3. Psychiatric Billing Associates
Psychiatric Billing Associates (PBA) is one of the oldest mental health billing companies in the USA. Situated in Mt. Sinai, New York, it has positioned itself as a full-service billing agency for psychiatrists, psychologists, social workers, and nurse practitioners since 1994. The company offers a wide range of mental health billing solutions, like verification of benefits, claims processing, patient billing, payment posting, financial reporting, follow-up and appeals, and practice management to increase collections, reduce overhead, and improve the bottom line.
All the processes at PBA are HIPAA-compliant, and each staff member has over 15 years of experience in mental health billing. It charges an initial registration fee of up to $300, after which you pay a % of your net collections.
4. Accurio Health
With over 100 years of combined experience in RCM, Accurio is one of the most reliable mental health billing companies on our list. The company is headquartered in Washington, D.C., and serves as the medical billing partner for behavioral, dental, and women’s health providers. Its comprehensive billing, practice management, and accounting solutions are trusted by over 500 providers, and you can experience up to 98% collections rate, 30-day A/R follow-ups, and a 5% reduction in cost to collect.
Accurio can process your mental health claims within 24 hours of receipt, and the contract term is month-to-month. Plus, you get HIPAA-compliant services like credentialing & enrollment, insurance verification, medical coding, AR follow-up, reporting & analytics, and more. You can contact the Accurio Health team for pricing details.
5. Behavioral Health Billing Solutions, LLC
Behavioral Health Billing Solutions (BHBS) has made it to our list of ‘Top 10 Mental Health Billing Companies in the USA’ because of its official affiliate partnership with Qualifacts – maker of the proprietary EHR system (CareLogic) for behavioral health practices. Founded in 2017 and headed by its CEO, Teresa Heim, BHBS meets the billing needs of small and medium mental health practices through its proven solutions.
Its services include OhioMHAS licensing and certification, insurance credentialing and contracting, EHR implementation, staff training, billing evaluation and follow-up, regulatory checks, clearinghouse enrollments, quality assurance audits, and advocacy. BHBS’s experienced team includes billing specialists, accountants, EHR system administrators, and RCM experts. You can contact the company for details and service fee inquiries.
6. NCDS Medical Billing and Practice Management
Based in Strongsville, Ohio, NCDS is the oldest medical billing solutions firm on our ‘Best Mental Health Billing Companies’ list. It was founded in 1985, and since then, the company has offered expert and automated services for medical billing and revenue cycle needs. Besides serving psychologists, psychiatrists, and therapists, it also offers billing assistance to rehabilitation centers.
From credentialing to certified coding and verification of eligibility and benefits to full-scale revenue cycle management, NCDS offers custom-designed solutions for behavioral health practices’ improved cash flow. The company ensures regulatory compliance and prepares the clients for MIPS reporting. Its trusted partners include HBMA, Change Healthcare, and Mingle Health. Partnering with NCDS means 97.4% clean and electronic claim submissions and insurance receipts within 30 days.
7. TheraThink
TheraThink is the only mental health billing company on our list offering free credentialing until the end of this month. Some other standalone services like patient eligibility and benefits verification and EHR/EMR software setup and integration are also free of charge if you choose TheraThink for mental health billing.
TheraThink is based in California and was founded in 2014 to help psychiatrists and therapists bill psychotherapies and collect insurance reimbursements. It offers a range of solutions to mental health specialists, like coding, claims processing, payment accounting, appointment scheduling, denial management, and EFT & ERA processing. TheraThink charges a percentage on the paid claims for its HIPAA-compliant services. If interested, contact TheraThink representatives for more details and start your 30-day free trial.
8. MindEase Billing
Very few mental health billing companies in the USA have designed their services to benefit all three – the people, community, and environment. MindEase Billing is one of them. Founded by Marsha Hansen and Lisa Riehl in 2008, MindEase works with psychiatrists and mental health nurse practitioners on full-service mental health billing.
Most of its current clients are solo private mental health practices in Oregon. The company has developed a unique 4-Step Service Cycle for efficient account handling, timely claims processing, maximized revenue collections, and steady financial growth. You can contact the MindEase team for coding, claims filing, payment reconciliation, bookkeeping, or just consultation if you prefer billing payers yourself. The service charges are flexible and available on request.
9. Cascade Therapy Billing
Out of all the mental health billing companies on our list, Cascade Therapy Billing takes regulatory compliance most seriously. Besides its HIPAA-compliant electronic data management and sharing, the company ensures OIG compliance to detect and eliminate misconduct from routine operations. Education and training, real-time reporting, auditing, and discipline enforcement are all ways Cascade prevents non-compliance.
Cascade Therapy Billing is headquartered in Bainbridge Island, Washington. Its mental health billing solutions include electronic claims processing, daily submissions, follow-ups, denial or underpayment management, payment posting, patient billing, and reporting. The company’s service fee for solo practices starts at $500/month, while the rates for group practices vary based on their needs. You can visit the website to request a free quote or schedule a billing consultation.
10. Resilience Billing and Financial
The last name on our ‘10 Best Mental Health Billing Companies of 2024’ list is Resilience Billing and Financial. Located in northern Illinois, Resilience Billing offers specialized billing solutions to psychotherapists and psychiatric practices. The company was established in 2019 to provide full-scale revenue cycle management services to outpatient mental health group practices. Since then, it has extended its offerings to solo practices, neuropsychologists, licensed counselors/ social workers, and psychiatric nurse practitioners.
Experienced team of Resilience Billing can handle all aspects of mental health billing, from claims processing to ERA & EOB posting and custom metrics reporting to practice consultation. The company is HIPAA-compliant and charges based on collected revenue instead of billed revenue. You can visit the website for more details.
How to Choose the Best Mental Health Billing Company?
Now that you have a list of the 10 best mental health billing companies before you, it is time to lock down and outsource medical billing to the one that perfectly fits your preferences. The best way is to first confirm which mental health billing company out of these shortlisted ones provides service in your state. Like all medical specialties, mental health billing is governed by state laws and regulations. Therefore, you must select a company that is well-versed in billing laws and requirements of your state and can ensure compliance.
Next, you must refer to the online ratings and reviews and verified client testimonials to gauge the quality of service. The third step is to look at their offerings and see if they can cater to your practice’s needs. Your fourth and last consideration should be the price. There is no point in partnering with a billing company if it puts a dent in your wallet and walks away with most of your profits.
