Behavioral Health Industry Solutions & Software

Behavioral health agencies do a lot of good work. Unfortunately, it isn’t possible without the funding to keep the lights on, let alone programs going. Proper financial management helps optimize revenue and reduce expenses. This is why our specialist bookkeepers, controllers, and CFOs are crucial to managing financial challenges and ensuring mental healthcare agencies have the cash flow to continue making a difference to their communities.

Here are two of the most common financial challenges that experts in nonprofit mental health accounting overcome.

• Real-time visibility. Many organizations still use manual processes, including manual consolidations and spreadsheets in Excel.

Systems are disparate, making real-time visibility and multi-entity management impossible. Data delays (monthly, maybe weekly) also make it difficult to adjust to change and respond to emergencies.

• Data silos. Data is walled off, keeping systems separate. There is no communication between systems, which means no integration and data sharing.

This makes most financial processes difficult and time-consuming. Without a unified view of financial data, the risk of noncompliance when it comes to things like reporting is high.

Grant accounting is crucial to effective financial management. Your team of financial accounting experts tracks the amount of money assigned for specific purposes (donor restrictions). Your tailored solution enables grant tracking, so you can keep a close eye on funding. For example, what percentage goes to patient care versus other operational areas?

Being able to track resources enables you to allocate funds properly and ensure that financial statements reflect fund allocation. This is important because mismatched statements can result in noncompliance penalties or lost funding.

Yes, your financial system is automatically HIPAA compliant (US) and automatically adheres to POPIA requirements (SA). Both are designed to protect personal information. However, HIPAA focuses specifically on protecting sensitive patient health information, while POPIA protects all personal data in the public and private sectors.

Both are non-negotiable.

Our preferred system, Sage Intacct, boasts an Advanced Audit Trail and security safeguards that are certified compliant with personal data protection requirements by Avertium.

This is important because you can monitor and audit (limit) access to Protected Health Information (PHI). If you want to ramp up your data protection, talk to us about our Business Associate Agreement, which is available to eligible healthcare clients.

Yes, you can. Integration capabilities are built into your Sage Intacct platform. You can use our open API architecture to integrate your financial system with clinical billing, payroll, and Electronic Health Records (EHR).

This delivers several key benefits. For example, connectivity eliminates manual data processes. This alone has several benefits, like reduced errors. Integration also gives you a holistic view of your organization thanks to the combination of clinical and financial data.

The upshot of all this is that you gain deeper analysis into financial performance, which drives strategic, data-backed decision-making.

Dashboards are great for providing an overview of all financial-related data, while also providing real-time visibility into critical metrics specific to behavioral health. Important analytics to track include:

• Revenue per clinician: Analyzes the performance of your care providers.
• Number of patients served: Insight into volume trends (highs and lows, peaks and dips).
• Number of office visits and other outcome-based metrics: Combine financial and statistical data.

All of this data is updated in real-time, enabling your bookkeepers, controllers, and CFOs to track performance by reporting unit, service, or location. This allows you to make data-driven decisions that improve the overall functioning of your organization, especially as it relates to financial health and patient care.