- The Census
- Is A.I. Going To Replace The Need For Therapy Notes And Documentation?
Is A.I. Going To Replace The Need For Therapy Notes And Documentation?
Plus, A.I. Enters BH, VC Firms Ramp Up The Investment and M&A, The Demand For Digital Products, And The INVEST Conference
Hey there. Tim here.
This is issue #5 of The Census, a weekly newsletter to help you succeed in the behavioral healthcare industry. This week …
How A.I. could replace the need for documentation
VC firms ramp up the investment and M&A in behavioral health
The demand for software in the space
The INVEST conference
1. NuIQ - Instant Therapeutic Notes and Paperwork Powered by AI
We’ve seen A.I. enter many different industries, and it was only a matter of time until A.I. products enter the behavioral health space.
In my view, the most exciting product I’ve seen thus far is called NuIQ.com. It’s a transcription tool that can listen in on therapy sessions and analyze the audio to provide detailed and perfectly written session notes and forms.
This means that your therapists should be able to focus more of their attention on serving the patient, and that your documentation will be tip top due to the elimination of human error.
Ideally, your insurance claims should also have a higher payment rate considering that all the required notes and documentation are ready to go and easily submitted.
The patient / therapist relationship needs more SaaS products.
It’s been difficult for companies to create true digital products in the space due to the unique relationship between technology and human interaction. You can’t automate therapy sessions through a web application the same way you can automate social media content or even CRM products.
For this reason, there has been a huge lack of new products in the space that actually assist in the relationship between therapist and patient, even though this is the part of any treatment process that needs digital assistance the most.
Instead, we have a plethora of billing software, CRMs, data aggregations tools, call tracking, and marketing tools.
But, where there is demand, there is opportunity.
In my view, the best opportunity for upstart SaaS companies, web applications, and emerging tech is exactly at the relationship between therapist and patient.
The bottleneck (if you want to call it that) for any behavioral healthcare center will always exist at the point of contact between therapist and patient. People seeking treatment NEED this one-on-one time with therapists, however, that work is very mentally and emotionally demanding for the therapist serving the patient.
There have been failed attempts attempts (most notably by Dr. Phil) to create V.R. treatment sessions designed to help scale the therapy and treatment process, but nothing has proven to be as effective as one human being sitting down with another and talking through issues.
So, maybe the opportunity for the new products IS NOT to create a scalable, digitized treatment model. Rather, maybe the opportunity is to help ease the burden off of therapists and clinicians, so that the one-on-one time with the patient is more empathetic, personalized, and effective.
This is exactly why I think NuIQ is a winning product.
Other digital products that could assist in solving this particular pain point.
So far, we’ve explored some reasons why digital products have struggled to enter the point of contact between therapist and patient. And we’ve explored the potential problem to be solved (a.k.a, the opportunity) for upstart digital products.
So let’s explore what some other products could look like.
Some ideas include …
Therapy Outcome Trackers: Tools that measure and report on therapy outcomes, helping therapists refine their approaches and demonstrating efficacy to stakeholders.
Collaborative Care Platforms: Tools that allow therapists, psychiatrists, and other healthcare providers to collaborate on a patient's care, sharing notes, insights, and treatment plans securely.
Interactive Therapy Journals: A digital journaling platform with prompts, mood tracking, and AI insights. It can provide trends, correlations, and feedback to both the patient and the therapist.
(In my humble opinion, this product is a slam dunk as it can be sold d2c)
Patient Matching Algorithms: AI-driven tools that match patients with therapists based on compatibility, specialization, and patient needs.
Digital Art Therapy Platforms: An online tool that lets patients create digital art, which can be analyzed by therapists for therapeutic discussions.
The A.I. Revolution Is Here, And Behavioral Health Is No Exception
NuIQ is the first A.I. product I’ve seen in the space that solved a legitimate problem. It’s clear to see how a product like this will bring value to the marketplace. This product will serve the therapist, the patient, and the business at large.
But we’re just getting started.
I’m happy to see NuIQ enter the marketplace and I’m interested to hear your feedback on the product.
Do you think this will help you? Do you think a product like NuIQ will reduce friction and time in the notetaking process?
Hit reply and let me know.
2. After a Q1 Slowdown, VC Firms Ramp Up The Investment and M&A In Behavioral Health
Mertz Taggart released the q2 data on the mergers and acquisitions. Below is a summary of the numbers.
Addiction treatment - 7 transactions
Mental health - 23 transactions
Autism and IDD - 5 transactions
Total - 35 transitions
Looking ahead to the remainder of the year and early 2024, Mertz Taggart analysts said that while the market for quality providers remains strong, the extent and duration of interest rate increases will remain a key driver of M&A activity.
3. Get More Qualified Addiction Treatment Leads On Autopilot.
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Find out for yourself. Let me send you a FREE audit and allow me to be of service to you and your mission.
4. Symplr 2023 Compass Survey And Report
Symplr released their 2023 Compass Survey and Report.
You can download the full report here.
Let’s say upfront, that Symplr is a leading software provider in the healthcare space, so it’s probably noteworthy that they are also reporting that clinicians are overwhelmed and need software to ease the workload.
Nonetheless, there were some very interesting datapoints in the report that further support my assessment of the huge opportunity for digital products in the space.
5. Get Your Tickets To The Invest Conference
The INVEST Conference brings together owners, operators, and investors of behavioral health practices for a day of networking and dealmaking. Hear from leading executives and industry experts shaping the field of investments, mergers and acquisitions, operations, and more.
C-suite outlook for 2023 and beyond
Real estate investments
Merger and acquisition trends Investments in treatment centers, mental health, substance use
That’s it for this week.
Soon, we’ll be launching podcast episodes and even more resources to help you succeed in behavioral health.
Thanks. Talk to you next week.