Sunwave Health for Finance Departments
When it comes to operating the finances within behavioral health facilities or substance abuse treatment centers, there are several improvements you can make today that can directly impact your collections and help button up your medical records and client information documentation.
There are several financial improvements you can make within your organization today that can ensure stability and continued growth. If you’re currently looking for a next-generation solution that can be implemented into your organization’s financial departments and treatment facilities, learn more about how Sunwave Health’s Revenue Cycle Management can help.
Stop leaving money on the table
When your facility isn’t collecting at its fullest potential, you’re leaving money on the table.
When you are a CFO or a member of the utilization review team, you can implement a few slight changes into your finance department that catch the low-hanging fruit and bring in potentially hundreds of thousands of dollars over time. The benefit to your organization can be immense.
Sunwave Health’s financial management tools give your organization the ability to effectively report on and manage accounting activities across your organization, and harness the power of automation to make once tedious tasks immensely simple.
The financial management tool presented by Sunwave Health give your company the ability to collect valuable real-time data that can provide insights for better decision-making across the board. As an extra perk, if you need to share financial health information with investors or lenders in order to bring in some outside investment, the Financials Module within Sunwave Health can make a dramatic positive impact.
Protect & verify client information, medical records, and documentation
If you’re repeatedly concerned about client information, medical records, and various documentation not being signed or accurately documented within your organization, there’s a solution.
When information as critical as patient information and medical records is stored in non-compliant ways, your organization may potentially suffer a loss of income due to denials from insurance companies, audits, or violations from CARF or JCAHO.
What if we told you there was a way to automate the storage of this information in a compliant and secure way, ensuring you pass all future audits and don’t suffer any potential headaches due to improper documentation or document security?
Fortunately, this is made possible by Sunwave Health.
Automating your organization’s critical patient information and medical records documentation can be a breeze when you’ve implemented the right systems and have taken advantage of the latest in Electronic Medical Record (EMR) technology.
Improving collections performance
Improving collections performance within your organization doesn’t have to be difficult – in fact, it can be made incredibly simple through Sunwave Health’s Financials Module.
Sunwave is one single platform built on simplicity. Using the tools available within, you’ll be able to report on any functional area or data element from your organization in real-time, all without having to move data from one system to another.
Here are just a few ways Sunwave Health health can enhance collections performance within your company:
Report on various key performance indicators (KPIs) in real-time. You would be able to see a “data table of information” reporting the number of phone calls received next to the number of opportunities, admissions, the average length of stay by the level of care, and the amount of money collected by insurance or by the patient.
See revenue generated by admissions representatives.
See revenue from all referral sources in detail.
Contrast AMAs and revenue by month in a key performance indicator (KPI) report.
Having all of this information available at your fingertips is an incredibly powerful tool that allows your organization to make quick adjustments, quick decisions, and massive improvements in record time.
Full traceability of changes
Sunwave has full traceability of all changes made within the platform, letting you see exactly what was modified and at what time. In a typical change report, you’ll be able to see who changed what, when they changed it, and exactly what the before and after changes look like.
Change traceability is critical for compliance and logging purposes, and having this functionality available to you directly from the Sunwave platform lets you rest easy, knowing that everything is managed and controlled.
Automatic claim generation
The Sunwave Health platform generates claims automatically for your organization, saving significant amounts of time and money compared to the laborious process of manual claim generation.
If a service is meeting your requirements, the Sunwave system will automatically generate a claim with all of the appropriate information embedded.
This is done through the EMR and RCM systems, where they work together to ensure the smooth operation of automatically generated claims. For example, if a patient is in 5 hours of therapy within a single day and there is an authorization, our system will automatically generate a claim correctly for PHP.
Consider how difficult it would be for your company to implement this functionality on your own, especially if you don’t already have a platform to build from. Sunwave can help ease the pain and provide significant time savings with all of your generated claims.
As the end-user of the Sunwave platform, you’ll be able to configure the procedures and policies of our automatic systems to follow the ones dictated by your organization.
In short, automatic claim generation will significantly reduce the number of missing claims within your organization, and provide a drastic reduction in effort.
Start using Sunwave Health today
We’ve discussed how valuable the award winning Sunwave Health platform can potentially be when it comes to the financial departments within your behavioral health facility or substance abuse center.
You’ll be able to instantly reduce the amount of money you’re leaving on the table by improving your collections, protecting and verifying client information, having full traceability of all changes for compliance purposes, and using automatic claim generation to save time and reduce missed bills.
To learn more about how your organization can benefit from the Sunwave Health platform, schedule a demo with one of our experts today.