Healthcare systems and individual hospitals can evaluate their very own metrics against industry data to evaluate cost and revenue implications of an investment in on-demand telepsychiatry.
(October 22, 2020) – InSight + Regroup has launched a customized capability using a 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 a simultaneous drop in ED visits in the wake of COVID-19 is presenting financial strain.
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 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 using current behavioral health demand within the facility 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.”
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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 www.InSightTelepsychiatry.com and www.RegroupTelehealth.com.
1 “Care coordination can reduce $89 billion behavioral health cost impact,” Healthcare Financial Management Association, Oct. 14, 2019.
2 B.A. Nicks and D.M. Manthey, “The Impact of Psychiatric Patient Boarding in Emergency Departments,” Emergency Medicine International, vol. 2012, Article ID 360308, 5 pages, 2012.