A leading provider of enterprise software for behavioral
health treatment providers, Sunwave has announced the addition of a financial
module to its unified treatment platform. This newly developed module offers a
solution for managing financials, purpose-built for the unique financial
accounting challenges behavioral health and SUD treatment facilities face.
Accounting activities such as performing a period close can
be particularly challenging in the treatment industry. There are unique
processes and complexities within medical billing. Payers vary in their coding
requirements, timelines, and allowable services. "Adding to the
complexity, not all payers are created equal. Providers may collect claims from
insurance, government-funded programs, and even self-payers - each of which
will operate differently and with different timelines. We've worked to create a
financial tool which is structured specifically for these unique parameters and
found a way to automate many of the accounting efforts within a period close,"
as Sunwave CEO Elie Levy points out.
The Sunwave Financials Module offers behavioral health
treatment providers the ability to define their accounting periods, customize
their chart of accounts, post transactions, make adjustments, and perform period
closings. Users can build General Ledger segmentation rules that automatically
determine which transactions are applied to an account. Automated adjustments
can be applied based upon a payer's defined contract rate, historical
reimbursement percentages, or custom rules defined by the user. Users can
produce reports to show an accurate representation of the provider's financial
"Facilities that actively manage their financials are a
step ahead. Having a clear picture of financial health can not only help
executives make more informed decisions; it may also make the difference in
obtaining funding. Ultimately, both can help scale operations and provide the
opportunity to help more patients," said Jay Rosen, CFO. Frequently,
lenders and venture capitalists require financial reporting before any loan
origination or investment.
Sunwave is currently the only comprehensive platform for
behavioral health treatment centers to manage their entire operation
effectively. The platform offers Customer Relationship Management (CRM),
Electronic Medical Records (EMR), Revenue Cycle Management (RCM), Alumni
Management, Telehealth, and now Financials all under one system, with unified
Sunwave focuses on delivering an innovative, all-in-one
solution for behavioral health, which is reinforced by this recent release of
financial management tools.
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