If you’re a finance director at a treatment center, you know that technology for behavioral health treatment can help your center run more efficiently and effectively. There are several financial improvements you can make within your organization today that can ensure stability and continued growth. If you’re looking for a next-generation solution to be implemented into your organization’s financial departments and treatment facilities, learn more about how Sunwave Health’s Revenue Cycle Management can help.
When your facility isn’t collecting at its fullest potential, you leave money on the table. When you are a CFO or a member of the utilization review team, you can implement a few slight changes to your finance department that catch the low-hanging fruit and potentially bring in hundreds of thousands of dollars over time. The benefit to your organization can be immense.
Sunwave Health’s financial management tools allow your organization to effectively report on and manage accounting activities across your organization and harness the power of automation to simplify once tedious tasks.
The financial management tool presented by Sunwave Health gives 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 to bring in some outside investment, the Financials Module within Sunwave Health can make a dramatic positive impact.
Behavioral Health Financial Management Tools Offer Security and Performance
Protect and 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.
Sunwave Health makes it possible 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. 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; it can be made incredibly simple through Sunwave’s behavioral health financial management tools.
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:
- See revenue generated by admissions representatives.
- Contrast AMAs and revenue by month in a key performance indicator (KPI) report.
- See revenue from all referral sources in detail.
Having all 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.
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 meets 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, which 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.
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 precisely what the before and after changes look like.
Change traceability is critical for compliance and logging purposes. Having this functionality available to you directly from the Sunwave platform lets you rest easy, knowing that everything is managed and controlled.
Start Using Sunwave Health Today
We’ve discussed how valuable the award-winning Sunwave Health platform can potentially be 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 complete traceability of all changes for compliance purposes, and using automatic claim generation to save time and reduce missed bills.