What is Behavioral Health Revenue Management Software?

By May 16, 2017
behavioral health revenue management software

Behavioral health revenue management software goes beyond mere billing software to encompass reporting and analytical features that help you manage the revenue cycle better. It integrates all workflows in the full client lifecycle, from intake to scheduling and clinician appointments, treatment options and e-prescribing to billing, collections, and analytics for reporting and tracking purposes.

Benefits of behavioral health revenue management software

There are many benefits like the reduced waste of time spent on repetitive administrative tasks and the increase in efficiencies in every area of a behavioral health agency. Many of the benefits result in improved cash flow, and having cash on hand gives executives the peace of mind knowing the agency can stay operational.

Here are a few of the more pertinent benefits that makes an investment in behavioral health revenue management software a good choice.

  • Reduce bad debt through optimized revenue cycle management When you automate your revenue cycle management, you can identify issues earlier and make changes to reduce your bad debt and increase your cash flow.
  • Reduce outstanding accounts receivable days to under 90 days, which helps to eliminate spikes in your cash flow.
  • Improve billing efficiencies, resulting in less administrative time spent, sometimes from hours a day to minutes a day.
  • Increase claims reimbursement on first-time billings for improved revenue and cash flow, again eliminating the spikes that cause so many problems for behavioral health agencies.

Why revenue management should be part of a fully integrated EHR solution

A fully integrated behavioral health EHR system is a single reservoir of centrally located data that everyone in your agency can access. It covers all data created and managed during a client’s lifecycle. The integrated solution eliminates hand-offs and missing information and allows for a full view of a client’s care and treatment.

If you have disparate systems currently that don’t talk, you’re leaving silos of information needed by others in your agency. Silos not only waste time as information needs to pass manually between staff and clinicians, but also cause you to leave money on the table in unrealized revenue.

A fully integrated EHR system offers automated claims submissions and posting, helping to level your cash flow spikes. It also reduces duplicative administrative tasks, increasing efficiency and making for more satisfied staff.

Finally, holistic reporting benefits all areas of your business, including financials, client outcomes, staff productivity, and other measures. When you have access to all data created and managed by your agency when performing client care, you can measure and improve your processes in all areas.

Conclusion

Not only is behavioral health revenue management software imperative for agencies today to help track, monitor, and process their revenue cycle management functions, but it offers many benefits that are both qualitative and quantitative.

The key to success with revenue management software is to invest in a fully integrated behavioral health EHR solution that incorporates every step of the client lifecycle into its workflows. It is the only way you’ll have a holistic view of the client lifecycle and client outcomes.

The Remarkable Health difference

Remarkable Health’s CT|One is a fully integrated behavioral health EHR platform designed to improve client care, create efficiencies that increase cashflow and improve revenue cycle management, and automate functions so your clinicians spend more time on client care and less time on the computer.

Request a demo today to discover the power of an EHR solution designed specifically for behavioral health providers.