Behavioral health providers are increasingly seeking ways to improve processes and implement technologies to help them better manage their finances and improve both clients’ and their outcomes. Here are 5 revenue cycle management trends to pay attention to in 2017.
- Technology investments
While many behavioral health agencies have implemented an EHR system, they may find their current one doesn’t provide everything they need. A fully integrated behavioral health EHR solution has revenue cycle management solutions that are of particular focus because they accelerate the overall revenue cycle by streamlining process.
Existing and new regulations increase the demand for an integrated solution and in doing so limit the choice of technology vendors that have the capability to integrate a variety of functions needed. Behavioral health agencies need solutions that mesh processes like payments, claims submissions, patient documentation, and overall client care.
- Waste reduction
A fully integrated behavioral health EHR system will reduce the denial rate of claims, billing staff time spent on reconciliations, and your overall revenue cycle management function from hours—and sometimes days—to minutes. Through automation and operational efficiencies, your revenue cycle management process becomes more efficient, letting you focus on optimizing and strengthening your workflows to provide better cash flow and improved revenues.
Also, more accurate and efficient processes lead to less time wasted on time-consuming administrative work and more time focused on client care, leading to improved client engagement and better outcomes.
- Achieve efficiencies
Achieving operational efficiencies, coupled with reducing waste, can significantly impact your bottom line. From reducing wasted effort and time, to increasing time and effort spent on optimizing cash flow and revenue, streamlined processes result in a substantial boost.
Automation with a behavioral health EHR platform provides access to instant billing and increased revenue collections, including checks in place for accuracy and compliance. An EHR can automatically identify incorrect coding and signature requirements, cutting down on staff time needed to track and correct claims.
- Client satisfaction
Increasing client engagement leads to better client satisfaction. Automated reminders via text, email, and/or phone can help clients easily keep track of their appointments. Offering clients the option to choose their preferred method of communication keeps reminders less intrusive and more relevant.
Many behavioral health agencies are turning to a fully integrated behavioral health EHR system that provides information in one place to track and manage clients’ progress. This helps you gain a full view of client interaction, making for more satisfied clients.
- Business intelligence
Data from a fully integrated EHR platform provides insight into every area of your organization. You can track treatment plans and outcomes, staff productivity, and revenue cycle management metrics. Each of these key performance indicators can be used to comply with state requirements, ensuring clients meet their goals and the agency is maximizing cash flow.
Since you can only change what you measure, you can leverage data insights you gain from current revenue cycles into actionable revenue cycle management improvements. This will have a direct effect on your cash flow and revenue.
These five trends are top of list for most behavioral health agencies in 2017 because they can have a significant impact not only on operations, but also on your revenue cycle metrics.
Most importantly, however, is finding the right behavioral health EHR platform that fully integrates the complete life cycle of a client in one single system. All information contained in one place makes for impressive efficiencies, reduced waste, and better client service, satisfaction, and outcomes.
The Remarkable Health difference
Remarkable Health’s CT|One is a fully integrated behavioral health EHR system 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.