A Look Ahead At Behavioral Health Billing In 2024: Future-Ready Finances

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A Look Ahead At Behavioral Health Billing In
2024 Future-Ready Finances

• As we step into 2024, it becomes paramount for
  behavioral health providers to stay abreast of
  the impending billing updates that will
  significantly influence their financial
  operations.
• Not only this but statistics from the National
  Institute of Mental Health (NIMH) reveal that
  approximately 20 of adults in the United States
  experience a mental illness each year,
  highlighting the increased demand for effective
  and accessible behavioral health services.
• With such high demand, providers should also
  align their billing practices with the latest
  regulations to ensure optimal reimbursement,
  maintain financial viability, and, most
  importantly, continue providing essential mental
  health services to those in need. Lets have a
  look at the behavioral health billing updates in
  2024
• Read Detailed Blog _at_ https//www.247medicalbilling
  services.com/blog/behavioral-health-billing-in-202
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A Look Ahead At Behavioral Health Billing In
2024 Future-Ready Finances

• Behavioral Health Billing Updates for Medicare in
  2024
• Direct Billing by MFTs and MHCs
• A significant change set to take effect on
  January 1, 2024, is the ability of marriage and
  family therapists (MFTs) and mental health
  counselors (MHCs) to bill Medicare for their
  services directly. This shift aims to enhance
  accessibility for Medicare beneficiaries,
  addressing potential financial barriers to
  behavioral health services. Given the anticipated
  increase in demand, providers should prepare to
  capitalize on this opportunity while ensuring
  compliance with billing guidelines.
• Telehealth Payment
• The extension of telehealth-related flexibilities
  through the Consolidated Appropriations Act 2023
  will continue to impact behavioral health billing
  in 2024. Services delivered via telehealth to
  individuals in their homes will be reimbursed at
  the non-facility Physician Fee Schedule
  (PFS) rate. This alteration is especially
  significant for expanding access to behavioral
  health services, a critical consideration in
  rural and underserved areas.

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A Look Ahead At Behavioral Health Billing In
2024 Future-Ready Finances

• Extension of Telehealth Flexibilities
• The extension of telehealth service payment for
  Rural Health Clinics (RHCs) and Federally
  Qualified Health Centers (FQHCs) is extended
  until December 31, 2024. This extension is
  crucial for maintaining access to behavioral
  health services in rural and underserved areas,
  offering continued flexibility in service
  delivery models.
• Delay of In-Person Requirements
• In 2024, there will be a delay in the in-person
  requirements for mental health visits furnished
  by RHCs and FQHCs. This delay offers providers
  additional flexibility, ensuring continued access
  to necessary services without compromising
  compliance.

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A Look Ahead At Behavioral Health Billing In
2024 Future-Ready Finances

• Behavioral Health Billing Updates for Commercial
  Payers
• Adoption of New CPT Codes
• A noteworthy change anticipated in 2024 involves
  the adoption of new Current Procedural
  Terminology (CPT) codes by private payers. These
  codes are expected to provide greater specificity
  and accuracy in billing for behavioral health
  services. Therefore, this will ultimately enhance
  claims processing and reimbursement. Providers
  should familiarize themselves with these codes
  and update their billing systems accordingly.
• Increased Focus on Value-Based Care
• Another notable trend among commercial payers is
  the continued shift towards value-based care
  models for behavioral health services. This
  approach rewards providers not merely for the
  volume of services but for achieving positive
  patient outcomes. As this trend gains momentum in
  2024, providers must prepare to align their
  practices with these value-based care models to
  ensure sustained financial success.

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A Look Ahead At Behavioral Health Billing In
2024 Future-Ready Finances

• Proactive Measures for Providers
• Review the New CPT Codes
• Familiarize yourself with the new CPT codes for
  behavioral health services and ensure your
  billing system is updated to accommodate them.
• Update Billing and Coding Policies
• Ensure that your billing and coding policies are
  current and reflect Medicare and private payer
  rules changes to avoid compliance issues.
• Enroll for Training
• Attend training sessions or webinars on the new
  billing updates to equip yourself and your staff
  with the knowledge needed for a smooth transition.

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A Look Ahead At Behavioral Health Billing In
2024 Future-Ready Finances

• Consult with Billing and Coding Specialists
• Seek professional guidance from billing and
  coding specialists to navigate the complexities
  of the new rules and maximize reimbursement.
• According to a Medical Group Management
  Association (MGMA) report, hospitals face an
  average claim denial rate of around 48.
• Consulting with specialists helps mitigate such
  denials by ensuring that behavioral billing codes
  are accurate, compliant with the latest
  regulations, and reflect the specified
  complexities of different payers.
• Behavioral health billing and coding
  specialists like 24/7 Medical Billing Services
  possess the expertise to interpret and implement
  the challenges of behavioral health billing
  updates, such as changes in Medicare policies or
  the adoption of new CPT codes by commercial
  payers. Their knowledge helps providers avoid
  common pitfalls leading to claim denials, delays,
  or reduced reimbursement. Additionally,
  specialists are well-versed in optimizing
  documentation practices, aligning them with
  billing requirements to enhance the likelihood of
  successful claims.

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• 24/7 Medical Billing Services is the nations
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Call us Today
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Services, 28405 Osborn Road, Cleveland, OH,
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