4 Key Opportunities for Behavioral Health
Grow Your Behavioral Health Business –
4 Key Opportunities
What technology do providers need to gain a competitive advantage in a rapidly evolving marketplace?
For the past decade, behavioral healthcare providers needed technology to meet three primary business requirements:
- Accurately bill a limited number of payers for services
- Meet state and federal regulatory requirements
- Automate compliance reporting
Now all that’s changing.
Today’s providers still need to bill payers and meet regulatory requirements, but now there are new opportunities to expand beyond traditional programs (e.g. mental health, substance abuse, intellectual and developmental disabilities) and play a larger role in the local healthcare system.
For leading behavioral health businesses, this transformation is both daunting and exciting as they focus on four key categories:
- Measuring and demonstrating quality – participating in value based and bundled contract arrangements with healthcare partners.
- Diversifying revenues by expanding beyond Medicaid and Medicare into commercial plans and expanding service contracts.
- Managing populations and integrating physical healthcare with traditional behavioral health services.
- Merging, acquiring and partnering with other service providers.
To meet these new business challenges, the successful provider will be required to think differently about what they need from their technology. In this whitepaper, we explore each of these four areas and outline the key capabilities that providers will need to transform current business practices and capitalize on these new opportunities for growth.