29 July 2021

Sunwave Introduces Financial Technology for the Behavioral Health Treatment Industry

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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 health.

"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 data.

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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