Financial Reports

1. Charge Capture: Facilitates capture of charges for services rendered to ensure that all billable services are properly documented and accounted for. 
2. Revenue Cycle Management (RCM): Financial reporting tracks key performance indicators (KPIs) related to the revenue cycle, including denial reports and aging buckets. 
3. Reporting and Analytics: Provide reporting and analytics tools that allow behavioral health agencies to generate various financial reports. By analyzing these reports, centers gain insight into their financial performance and identify areas for improvement. 

Benefits and Key Features of PIMSY’s Financial Reporting Functionality

PIMSY EHR plays a crucial role in managing the financial aspects of behavioral health operations, from capturing charges and processing claims to generating reports and supporting compliance with regulatory requirements. By leveraging reporting capabilities, mental health organizations can improve their financial performance and streamline their revenue cycle management processes. 

Revenue Cycle Management (RCM)  

PIMSY boosts efficiency and financial performance by ensuring billing information is always current and aligned with services rendered, eliminating the need for manual entry and other administrative tasks. The system supports charge capture, electronic eligibility verification, various billing formats, and client invoicing. 

Claims Management  

PIMSY EHR streamlines reimbursement processes, improving billing accuracy and minimizing claim denials to maximize revenue. It offers features like electronic claims generation adhering to payer requirements, customizable 837 files, and comprehensive payment and claims tracking. This system supports mental health organizations’ financial sustainability and operational efficiency through improved revenue cycle management. 

Financial Reporting   

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

• Aging – Offers visibility into accounts receivable aging to optimize collection efforts and maintain cash flow.
• Denials – Stay on top of claim denials for corrective actions.
• Deposits – Facilitates tracking and reconciliation of payments for financial transparency.
• Credits – Offers real-time visibility into refunds and insurance overpayments.

Effective financial reporting and management are vital components for the success of mental health practices, ensuring optimal client care and regulatory compliance. By utilizing PIMSY’s robust reporting feature, centers can streamline operations, maximize revenue, and ultimately enhance the overall quality of care.