The COVID-19 pandemic is impacting the entire economy in a big way—and the addiction treatment community is taking a hit right along with everyone else.
Today we’ll talk about the top 5 strategies we’re seeing Behave Health clients adopt to combat the negative economic impacts of the pandemic and keep their addiction treatment facilities afloat.
Coronavirus Addiction Treatment Center Strategy #1: Apply for PPP
If your center hasn’t applied for the CARES Act money that congress recently replenished for round two of funding, you’re missing out.
The Paycheck Protection Program (PPP) is suitable for businesses with fewer than 500 employees that make no more than $15 million a year. The loans are forgivable with certain caveats. This is a strong option for all small to medium-sized addiction treatment centers.
Don’t wait to apply, this money tends to run out faster than it should. With this program, it seems that the earlier you get in the door, the better.
Coronavirus Addiction Treatment Center Strategy #2: Research Local Resources
The CARES Act money is federal, but there are lots of local resources that might be available to your addiction treatment center that might not be getting the media coverage they deserve. Check out what’s on offer at the state, county, and municipal level for your addiction treatment center. Remember that small business advocacy organizations specific to your state can also help point you in the direction of solid assistance locally. Sometimes these organizations even have assistance programs of their own that are worth looking into. Try Googling “small business assistance (your state)” or “coronavirus business relief (your state).”
It’s also worth noting that there are local programs dedicated to distributing PPE that might otherwise be hard to come by for your addiction treatment center. While not as helpful as loans or grants, free PPE can help your center remain healthy while you calculate your next steps.
Coronavirus Addiction Treatment Center Strategy #3: Ask FEMA for Help
While FEMA is mostly geared towards responding to natural disasters like floods and earthquakes, they are retooling some of their assistance programs to be helpful for those on the frontlines of the coronavirus epidemic. If you’re in a “ground zero” area like New York or New Orleans FEMA may help you cover your addiction treatment center’s mortgage.
Coronavirus Addiction Treatment Center Strategy #4: Speak with Your Lender
If mortgage payments are becoming an issue, speak with your lender ASAP. Many banks and credit unions are offering creative solutions for businesses with cash flow issues related to the pandemic. While forgiveness is unlikely, your lender may offer you a mortgage forbearance or a payment program to help meet you halfway on your PITI.
Coronavirus Addiction Treatment Center Strategy #5: Move Claims Through A/R As Quickly As You Can
Now is not the time to let insurance companies skip out on claims. If you have claims stagnating in A/R, make sure you are doing everything in your power to turn those claims into cash flow. At BehaveHealth, we work tirelessly for our clients to clean up all the loose ends in your revenue cycle and get you the payment you deserve quickly and easily.
When you outsource your billing activity to BehaveHealth’s all-in-one addiction treatment software solution, your claims are placed the moment your clinician completes their SOAP notes. From VOBs to utilization reviews to billing, collections, denials, and appeals, our billing specialists have strong relationships with all of the industry’s top payors. We know how to move even the trickiest claims through the claims process with the least amount of friction in the least amount of time possible.
Imagine what your net days in A/R would look like if nothing fell through the cracks—ever.
Regardless of whether you outsource your billing efforts or just double down on your in-house billing protocols, now is the time to really hone in on ensuring that you’re maximizing your cash flow and avoiding bad debt whenever you can.
We’re Here to Help
The treatment space is going through unprecedented changes. Are you ready to adapt and respond? Claim your free trial today and see why clients are raving about BehaveHealth’s all-in-one software package specially designed for the addiction treatment community.