October 24, 2023

Osmind Reimagines Insurance Reimbursement for Psychiatric Clinicians, Expanding Patient Access to Mental Health Care

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Osmind Reimagines Insurance Reimbursement for Psychiatric Clinicians, Expanding Patient Access to Mental Health Care

Nearly one in four psychiatrists do not take insurance due to administrative and reimbursement challenges in payer claims navigation, affecting equitable patient access to care.

SAN FRANCISCO – October 24, 2023 – Osmind, the public benefit corporation helping clinicians and researchers advance life-saving mental health treatment, today announced Osmind Claims, which introduces new billing capabilities purpose-built to simplify insurance reimbursement for psychiatric treatment, enabling greater access to insurance-supported mental health care.

It’s estimated that psychiatrists spend 20% of their time on administrative tasks, taking away from time spent on direct patient care. Studies indicate that approximately a quarter of clinicians rely on patient self-pay, a trend that has been ticking upwards for the last decade. This is a significant barrier to care for many Americans; in a recent report, 42% of adults with a mental illness said they were unable to receive necessary care because they couldn’t afford it.

Osmind's new capabilities simplify insurance navigation for clinicians previously restricted to self-pay by applying modern automation tools and integrations to the administrative hurdles of the reimbursement process. The Osmind platform also consolidates required insurance information into a single source of truth, delivering a streamlined user experience for both patients and clinicians.

“Insurance billing for psychiatry is burdensome, taking an enormous amount of time, energy, and focus to ensure that claims are accepted error-free by thousands of different payers, each with their own requirements and policies,” said Osmind customer Megan Skelding, PMHNP-BC, of Adjust Mental Health. “With Osmind Claims, clinics like ours gain back valuable time and focus to support our patients, which also enables us to grow more predictably, with insights into claims progress and approvals.”

Benefit from Fewer Denials and Faster Insurance Reimbursements

Osmind Claims is a clinical-first billing solution built for psychiatry practices. With access to a clearinghouse of more than 38,000 payers nationwide, and payer-specific claim scrubbing capabilities, clinicians are more likely to get paid for the treatments they provide. Intelligent automation helps reduce mistakes, increase approvals, and speed up reimbursement.

With Osmind Payments, clinicians can also accept credit card payments all in one place. Together, Osmind Claims and Payments help clinicians strengthen the financial health of their practice without taking away valuable time from delivering a high quality patient experience.

Save Valuable Time in the Osmind Platform

Insurance claim fields can be autofilled for simplified submission processes. Patients are also empowered to update their own insurance information, saving time for clinicians and administrators. Clinicians can easily create custom billing templates, and use them to auto-populate claims.

Access Improves Visibility and Operational Predictability

The new claims capabilities enable clinicians to gain more visibility into their earnings, with claim tracking systems making payments a transparent process. Automated reconciliation places payer payment posting and patient payments in one place, eliminating manual steps to save significant time. Comprehensive reporting details critical information, such as notes that are missing a submitted claim or claims with an outstanding patient responsibility, enabling better billing management and control.

“No psychiatry practice should face the decision of serving patients in need or maintaining a solvent business,” said Dr. Carlene MacMillan, Chief Medical Officer of Osmind. “Osmind Claims helps ensure that psychiatric treatment is being recognized and appropriately reimbursed by payers in a straightforward and streamlined way, which also helps millions of patients across the U.S. gain more affordable access to necessary care.”

Osmind Claims is now expanding early access, and will be generally available in early 2024.

Want to learn more about integrating insurance seamlessly into your practice?

Join Osmind's Chief Medical Officer, Dr. Carlene MacMillan, MD, for a free virtual event on Wednesday, November 8th at 11 a.m. PT: How To Start Taking Insurance in Your Psychiatry Practice.

This session will provide invaluable insights into navigating the insurance landscape, integrating insurance into your practice, mastering claims submissions, and using Osmind to simplify reimbursement.

Register today to transform your practice's approach to insurance and get paid without interrupting patient care.

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