Nearly one in four psychiatrists do not purchase insurance due to administrative and reimbursement challenges in processing payer claims, harming equitable patient access to care.
San Francisco, October 24, 2023–(BUSINESS WIRE)–Osmind, the public benefit corporation that helps clinicians and researchers advance life-saving mental health treatments, today announced Osmind Claims, which introduces new features to billing specially designed to simplify insurance reimbursement for psychiatric treatments, thus allowing better access. to insurance-funded mental health care.
It is estimated that psychiatrists spend 20% of their time on administrative tasks, which takes time away from direct patient care. Studies indicate that about a quarter of clinicians rely on patient self-payment, a trend that has increased over the past decade. This is a significant barrier to care for many Americans; In a recent report, 42% of adults with mental illness said they couldn’t get needed care because they couldn’t afford it.
Osmind’s new features simplify insurance navigation for clinicians previously limited to self-pay by applying modern automation tools and integrations to the administrative hurdles of the reimbursement process. The Osmind platform also consolidates required insurance information into a single source of truth, providing a streamlined user experience for patients and clinicians.
“Insurance billing for psychiatry is tedious, requiring a tremendous amount of time, energy and focus to ensure claims are accepted error-free by thousands of different payers, each with their own requirements and policies,” said Osmind client Megan Skelding, PMHNP. -BC, from Adjust Mental Health. “Using Osmind Claims helps clinics like ours save valuable time and focus on supporting our patients, which also allows us to grow more predictably with insights into claims progress and approvals. .
Benefit from fewer denials and faster insurance payouts
Osmind Claims is a clinical billing solution designed for psychiatry practices. With access to a clearinghouse of more than 38,000 payers nationwide and payer-specific claims cleansing capabilities, clinicians are more likely to get paid for the treatments they provide. Intelligent automation helps reduce errors, increase approvals and accelerate reimbursement. With Osmind Payments, clinicians can also accept credit card payments in one place. Together, Osmind Claims and Payments helps clinicians strengthen the financial health of their practice without wasting valuable time delivering a high-quality patient experience.
Save precious time on the Osmind platform
Insurance claim fields can be auto-populated to simplify submission processes. Patients also have the ability to update their own insurance information, saving time for clinicians and administrators. Clinicians can easily create custom billing templates and use them to automatically populate claims.
Access improves visibility and operational predictability
New claims capabilities allow clinicians to have more visibility into their income, with claims tracking systems making payments a seamless process. Automated reconciliation places the accounting of payer payments and patient payments in one place, eliminating manual steps and saving significant time. Comprehensive reports detail critical information, such as missing notes in a submitted claim or claims with an unpaid patient liability, allowing for better billing management and control.
“No psychiatry practice should be faced with the decision to serve patients in need or maintain a solvent business,” said Dr. Carlene MacMillan, Osmind’s chief medical officer. “Osmind Claims helps ensure that psychiatric treatments are recognized and properly reimbursed by payers in a simple, streamlined manner, which also helps millions of patients across the United States gain more affordable access to needed care. .
Osmind Claims is now expanding its early access and will be generally available in early 2024.
Osmind is used by hundreds of leading firms across the United States. It is the most comprehensive EHR platform designed for psychiatry, focused on advancing evidence-based mental health treatments to increase access to care, including expanded insurance reimbursement. For more information on the Osmind platform for mental health clinicians, please visit www.osmind.org.
About Osmind
Osmind is a San Francisco-based public benefit corporation led by scientists, technologists and psychiatrists to advance new evidence-generating medicine that helps people living with moderate to severe mental health conditions. For more information, please visit www.osmind.org.
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Kaitlin Rebella
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