InSight + Regroup Introduces Customized ROI Assessments to Help Healthcare Systems Measure Financial Impact of On-Demand Telepsychiatry
New ROI assessment capability from leading national telepsychiatry organization allows health systems and individual hospitals to evaluate their specific metrics against industry data to determine cost and revenue implications of an investment in on-demand telepsychiatry coverage.
MOUNT LAUREL, N.J., Oct. 21, 2020 /PRNewswire-PRWeb/ -- InSight + Regroup recently launched a customized value calculator to help hospitals and healthcare systems evaluate costs associated with their current process for managing behavioral health patient demand against savings and revenue opportunities.
The unique tool responds to a long-standing need for hospital administration to quantify the expected return on investment of behavioral health coverage via on-demand telepsychiatry. This new capability comes at a critical time as the industry faces unexpected operational and financial challenges. Many facilities are seeing a rise in demand for mental health services, while experiencing financial strain due to a simultaneous drop in ED visits in the wake of COVID-19.
For hospitals and healthcare systems considering on-demand telepsychiatry to meet growing patient need for mental health services, implementing a financially sustainable and scalable program is essential:
25% of all emergency department visits are due to behavioral health issues
3X longer emergency department boarding times for mental health admissions vs. non-mental health admissions
On-demand telepsychiatry can have a positive financial ripple effect that extends well beyond emergency departments, including reduced reliance on scarce inpatient psychiatric resources, reduced inpatient psychiatric admissions, improved emergency department throughput and increased capacity for med-surg admissions. It allows healthcare systems to allocate resources to populations with heightened need and acuity to reduce strain on clinicians and improve operational metrics.
InSight + Regroup's value calculator uses proprietary logic based on more than two decades of experience implementing programs and delivering telepsychiatry services within hospitals and health systems. Customizable to organizations of all sizes, the tool uses validated industry data, clinical research and demonstrated outcomes to help organizations determine the financial impact of on-demand telepsychiatry applied to their specific use case. It takes into account actual direct and indirect costs associated with current behavioral health demand within a hospital in order to quantify specific areas of cost savings and highlight untapped revenue opportunities.
Using key data on current behavioral resources and gaps, such as patient length of stay, bed capacity and existing clinical coverage, hospitals and health systems can:
Isolate specific metrics that impact overall cost of care to understand where and how telepsychiatry can drive savings
Compare actual data against industry benchmarks to evaluate the broader impact of telepsychiatry on operational, financial and clinical outcomes
Validate where and how on-demand telepsychiatry is appropriate in a variety of applications across the health system
Provide a clear, customized picture of potential ROI to aid in decision-making and the development of a justifiable business case
"We understand the key role on-demand telepsychiatry can play in helping hospitals deliver financially sustainable care, but it has typically been challenging for leadership to quantify its impact at a detailed level," says David Cohn, Chief Growth Officer at InSight + Regroup. "Now, this capability allows us to collaborate with healthcare organizations and give them a fresh, detailed view of their current cost exposure and expected operational outcomes and financial returns from on-demand telepsychiatry programming."
About InSight + Regroup
InSight + Regroup is the leading and largest telepsychiatry service provider in the US with a mission to transform access to quality behavioral health care. InSight + Regroup serves hundreds of organizations and individuals in various settings across the continuum of care with its on-demand, scheduled services and direct-to-consumer (Inpathy) divisions. Given its size, diversity of services and extensive experience and expertise, InSight + Regroup is uniquely positioned to enable scalable telepsychiatry programs across the care continuum. As an industry thought leader, InSight + Regroup has helped shape the field, define the standard of care and advocate for improved telepsychiatry-friendly regulations. To learn more, visit http://www.InSightTelepsychiatry.com and http://www.RegroupTelehealth.com.
SOURCE InSight + Regroup
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