50% of a psychologist’s salary is covered through fee-for-service revenue because psych CPT codes do not reimburse at the same level as medical

Statistic Info

That leaves the other half of a psychologist’s revenue to be made up from managed care contracts, private practice fees, and any additional services they can offer. This can make it difficult for psychologists who are just starting out or do not have a large patient base to generate enough income. Even when psychologists do have an established practice, their fee-for-service reimbursements may still lag behind those provided for medical CPT codes.

Author: Behavioral Health Business

More Related Stats

Mental & Behavioral Health

23% of US adults experienced mental illness, among whom fewer than half are receiving treatment

In the first year of the pandemic, the number of community centers providing clinical services via telehealth more than doubled, increasing from 43% of centers providing these services in 2019 to 99% in 2020

64% of Private Practice Therapists Plan on Increasing Cash Pay Rates

50% of a psychologist’s salary is covered through fee-for-service revenue because psych CPT codes do not reimburse at the same level as medical

The prevalence of mental illness is about equal among beneficiaries enrolled in traditional Medicare (31%) and those in Medicare Advantage plans (28%)

77% of executives are concerned with the lack of funding for addressing behavioral health and addiction issues

Over 70 % of state Medicaid programs reported at least one strategy to incentivize provider participation in Medicaid, helping to alleviate the behavioral health workforce shortage

Having one or more Outpatient Behavioral Health Treatment visits was associated with lower medical & pharmacy costs during 15 & 27-month follow-up periods

Behavioral Health Inequities Have Cost the US Health Care System Over $278B

67% of U.S. employers plan to make employee mental health & emotional well-being programs & solutions one of their top three health priorities

More 2023 Stats

74% of Hospitals Use Some Revenue Cycle Automation

Nearly half of physicians are equally excited and concerned about the use of AI in their field

ChatGPT Gives Wrong or Incomplete Answers Regarding Medication About 75% of the Time

Fewer Than 1 in 3 Consumers Pay Medical Bills Immediately

Medicare Advantage Denials Jump 56%, Commercial Denials 20%, from Jan. 2022 to July 2023

Adults in the U.S. are most likely to have medical bill problems, regardless of income

More than 1 in 6 Americans now 65 or older

27% of Adults Face At Least One Healthcare Affordability Challenge

In 2023 there was a 13% revenue growth in Q2 due to rising enrollment

Only a little more than a third of the insured respondents agreed that insurance facilitates affordable access to care for all