Financial Reporting

1. Billing Integration: Accurately documents services provided to patients.
2. Charge Capture: Ensures all billable services are properly recorded and accounted for.
3. Revenue Cycle Management (RCM): Tracks performance indicators related to the revenue cycle, including denial reports and aging buckets.
4. Reporting and Analytics: Offers tools for generating financial reports, helping providers understand their financial health and pinpoint areas for improvement.
5. Compliance and Regulatory Reporting: Helps meet financial reporting regulations and adhere to coding guidelines from the Centers for Medicare & Medicaid Services (CMS) and the Health Insurance Portability and Accountability Act (HIPAA Compliance).

Benefits and Key Features of PIMSY’s Financial Reporting Functionality

PIMSY EHR plays a crucial role in managing the financial aspects of healthcare operations, from charge capture and claims processing to report generation and compliance. Its financial reporting tools help mental health organizations enhance financial outcomes and simplify their revenue cycle management.

Revenue Cycle Management (RCM) Integration 

PIMSY EHR software solution improves efficiency and financial performance by integrating with client management systems. Our medical billing software feature helps ensure billing information is always current and aligned with sessions and treatments, eliminating the need for manual entry and other administrative tasks. The system supports charge capture, electronic eligibility verification, various billing formats, client invoicing, and payment processing.

Claims Management 

Our EHR reporting program streamlines reimbursement processes, improves billing accuracy, and reduces insurance claims denials to maximize revenue. It offers features like electronic and paper claims generation adhering to payer requirements, customizable 837 claim submittal for specific payer needs, and comprehensive payment and claims tracking. This supports the financial stability of your behavioral health practice.

Financial Reporting  

PIMSY provides insights for managing receivables, optimizing collections, and improving revenue cycle performance. The system tracks and analyzes outstanding balances and aging reports to proactively manage finances, identify trends, and prioritize follow-up efforts. Additional information includes:

• Aging Report: Offers visibility into accounts receivable aging to optimize collection efforts and maintain cash flow.
• Denial Reporting: Identifies reasons for claim denials to reduce future denials.
• Deposits Reporting: Facilitates tracking and reconciliation of payments for financial transparency.
• Credits Reporting: Offers real-time insight into refunds and insurance overpayments.

User Productivity Reporting 

The productivity reporting feature in PIMSY offers valuable insights into efficient system utilization by both administration and providers. This facilitates workflow optimization, identifies training requirements, enhances onboarding, and boosts operational efficiency. Ultimately, this improves patient care and satisfaction through increased provider engagement.

Frequently Asked Questions

What are the other features of PIMSY EHR?

PIMSY is an integrated solution for behavioral health professionals. PIMSY’s software is equipped with a treatment plan builder, patient portal, billing services, telehealth integration, appointment scheduling, bed management, and more.

What healthcare industries does PIMSY serve?

PIMSY is designed to serve various sectors within the healthcare industry, including mental health services, substance abuse treatment centers, physical therapy clinics, independent practices, and general healthcare providers. It is especially beneficial for therapy practices and private practices looking to streamline their financial reporting and patient information management. No matter your industry, PIMSY has a software option for you.

How does PIMSY handle patient information confidentiality?

PIMSY ensures the confidentiality and security of patient information by adhering to HIPAA regulations. It employs robust security measures to protect data and provides features that help behavioral health providers maintain compliance with privacy standards

Conclusion

Effective financial reporting and management are vital components for the success of mental healthcare organizations, ensuring optimal client care and regulatory compliance. By utilizing PIMSY’s robust reporting functionalities, mental health providers can streamline operations, maximize revenue, and ultimately enhance the overall quality of care. Reach out and see how PIMSY EHR Software can improve your practice.