Reporting Back from the Behavioral Health Tech 2024 Conference
Curt and Katie chat about Katie’s attendance at the 2024 Behavioral Health Teach conference. Katie reported back on investment trends, how Value Based Care is being understood and implemented, and how therapists can navigate these tech disruptors and evolving business models.
Transcripts for this episode will be available at mtsgpodcast.com!
In this podcast episode we report back on updates in the behavioral health tech space
We decided to have Katie go to the Behavioral Health Tech 2024 conference to learn about innovations and leaders in the behavioral health tech space. This episode is an out brief with updates for all clinicians.
What is the Behavioral Health Tech conference?
· This is a newer conference that brings together VCs, founders, insurance payors, and clinicians
· The focus of this conference is on innovation, especially technology solutions for what they were describing as a broken mental health system
Investment trends in the Behavioral Health space
· AI Therapy
· Self-help tools
· VR for social skills (i.e., in the Autism space)
· Measurement-based care (including wearables, journals, and assessment tools)
· Integrated EHR systems that include the ability to have “interoperability” between providers
What is Value-Based Care and what does that mean for behavioral health providers?
· There is a stepped or tiered process to implement Value-Based Care
· First step is enhanced fee for service, with augmented fees for better outcomes
· The next step is a rate per client model with incentives and penalties (upside/downside)
· The final step is a fully capitated model where the clinician provides comprehensive care, with potential risk (you underestimated the costs) and potential benefit (you price appropriately and have the opportunity for higher per client reimbursement than in a fee-for-service model)
· Solo (or “single shingle”) practitioners will have difficulty with the aggregated data that is needed to negotiate these contracts with payors.
· Larger, potentially VC funded groups are aggregating this data and negotiating higher rates, but may not be passing on much of this increased rate to the clinicians they hire or contract with
What are the opportunities and challenges facing therapists with the advances in tech?
· It is critical for therapists to become more efficient, look for opportunities to collaborate, and incorporate technology effectively to be able to success in VBC models (or in the new marketplace)
· Group or specialized practices are better-situated to navigate these challenges than individual practitioners
· Outcome measures may be key to competing in the new marketplace
How can mental health clinicians advocate related to these new advances in technology?
· Clinicians should be involved in these conversations around how therapy and business models are evolving
· Advocacy to make sure there is clinician and client input on how these systems are put together
What should therapists do now to future-proof their practice?
· Identify and integrate outcome measures into your therapy practice
· Stay informed about what is up and coming in the field
· Streamline your operations to increase efficiency and prepare for VBC models
· Join advocacy groups to make sure therapist perspectives are represented in the new care models.
Stay in Touch with Curt, Katie, and the whole Therapy Reimagined #TherapyMovement:
Our Linktree: https://linktr.ee/therapyreimagined
Modern Therapist’s Survival Guide Creative Credits:
Voice Over by DW McCann https://www.facebook.com/McCannDW/
Music by Crystal Grooms Mangano https://groomsymusic.com/
