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Your EHR: Cost Center or Revenue Center?

Your EHR: Cost Center or Revenue Center?

What is the first thing that comes to mind when you think “Electronic Health Record”?

Some comments may not be family friendly.

More than likely, the last thing that comes to mind concerning your EHR is how much revenue it has generated for your agency this month.

However, with an Advanced Agency Management Platform such as OnTarget, that is exactly what you will be realizing.

If history within healthcare can teach us anything, then the experience of physical health organizations is one that we in the Intellectually Developmentally Disabled and Mental Health fields can learn from their experiences.

For example, hospitals have been facing decreasing reimbursement and increasing expenses for decades.  Sounds very familiar to IDD/MH.  Their profit margins and cash flow have been notoriously slim with many organizations closing.  Again, similarities to IDD/MH.

When hospitals implemented EMR systems, it was usually by stick rather than a carrot that moved them forward.

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NC Fast 40

Fast-Growing Middle-Market Companies Make Top 40 List

Aymira Healthcare Technologies parent company Caretech Management was recently rated as the 4th fastest growing Mid-Market company in North Carolina.  Thank you to our clients who are the reason for this recognition.

October 10, 2018

PINEHURST – Forty North Carolina companies were honored on Wednesday, October 10, at Pinehurst Resort for being named to the 2018 N.C. Mid-Market Fast 40 list. Created by accounting firm Cherry Bekaert LLP and Business North Carolina magazine, the list ranks midsize companies based on revenue and employment growth.

In addition to Business North Carolina and Cherry Bekaert, supporting sponsors included Raleigh­based law firm Manning Fulton and Birmingham, AL-based Regions Bank. Companies who made the list were recognized at a luncheon, which included an awards presentation and a video of a roundtable discussion sponsored by Lynchburg, VA-based Scott Insurance with representatives from some of the winning companies. The list, coverage of the roundtable, and company profiles will be published in a supplement to the November issue of Business North Carolina magazine.

For more than 70 years, Cherry Bekaert LLP has been helping clients take their businesses as far as they want to go. As one of the largest national public accounting firms headquartered in Richmond, Va., Cherry Bekaert’s resource network stretches across the Southeast: Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and Washington, D.C. It also extends nationally and internationally through an alliance with Baker Tilly International, an association of independent accounting services and consulting firms. For more information, visit www.cbh.com or contact August P. Keller Ill, chief marketing and sales officer at 800-849-8281.

Business North Carolina magazine has explored what’s happening in one very special place – North Carolina – for more than 37 years, producing quality, in-depth journalism that digs into the stories behind the news. In addition to the monthly magazine, BNC publishes its annual North Carolina Economic Development Guide and partners on projects with various statewide organizations. For more information, visit BusinessNC.com or contact Ben Kinney, publisher, at 704-927-6273.

IDD/MH 2018 Trends that will continue through 2019

IDD/MH 2018 Trends that will continue through 2019

IDD and Behavioral health providers want to improve their connection to the healthcare system overall.  However, that may bring new issues and challenges to achieve.

We’ve seen trends develop throughout 2018 with varying degrees of impact.  More than likely the intensity and cadence of these trends will heighten throughout 2019.

 

Consolidation

Mergers and acquisitions are expected to continue in the fragmented behavioral health landscape. Private equity firms with platform deals will seek to build out their portfolios more strategically in 2019, looking for smaller targets with potentially lower multiples that will fill service gaps in the continuum of care.

But for-profit isn’t the only sector seeing activity. Given the increasing pressure on Medicaid reimbursement, non-profit organizations are looking to merge or possibly be absorbed.

The need for agency fiscal sustainability is more important than ever.

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Denialselectronic health record idd mh

Don’t Deny Your Denials

An easy trap for many agencies is to ignore the actual amount and length of their denials.  Typically, our industry experiences a 15-25% denial rate.  Many agencies budget at a 20% rate.

For a medium sized agency, that can equate to over $145,000 a month in denials and delays.

What could your agency do with an additional $100,000 per month?

In the continuing battle to reduce denials, most of the errors lie in the human factor.

We all know there are times when we cannot read the client’s handwriting on their intake paperwork or on the doctor’s notes. Typos and missing information continue to be a plague.

A denied claim slows the reimbursement process and hampers the financial sustainability of your agency.

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Total Cost of EHR Ownership

Total Cost of EHR Ownership – The Power of an Integrated Platform

Organizations that wish to improve on their success must take EHR Total Cost of Ownership (TCO) into consideration.

The behavioral healthcare business model is particularly complicated—with ripple effects between providers, payers, technology, and regulation that affect the organization’s bottom line—making TCO difficult to quantify.

The majority of the indirect costs that factor into TCO appear to have one common denominator: legacy software.

Incumbent business solutions lack the adaptability to keep pace with the dynamic business model of behavioral health care, and organizations are having to fill functionality gaps with supplemental training or workarounds, whether additional costs in maintenance or customized releases and, most importantly, forego fleeting opportunities for supplemental revenue.

The good news is several of these aspects of TCO can be mitigated, if not eliminated outright. Modern platform technology enables agencies to rapidly configure workflows, allowing the creation of a robust, yet simplified user experience, while affording the adaptability to stay ahead of changing healthcare regulation.

When it comes to TCO, the devil is in the details. Organizations that wish to bring their TCO down to a manageable level will need to take control of the indirect costs inherent in legacy software by leveraging platform technology.

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