Financial Clearance Services
Optimize patient satisfaction and reimbursement
By acquiring commitments from payers and patients to offer reimbursement for elective and essential services, financial clearance reduces the financial risk to healthcare providers. To optimize third-party reimbursement from payers, this step is essential. Additionally, by giving choices for financial assistance programs, offering patient counseling, and setting payment plans, physicians can leverage information acquired from the patient prior to service to minimize the patient’s out-of-pocket expenses.
Knowing the ability to pay will help providers identify where in the revenue cycle they are probably going to receive payment. The initial phases of the revenue cycle require the clearance of funds, which is a crucial step. Additionally, it has emerged as the most problematic phase of the revenue cycle, prompting the use of an integrated finance system.
Leverage expertise and competence for effective financial clearance services.
While we identify suitable funding sources and manage patient education and collections, Financial Clearance Services at MedAR allows your team to focus on other patient access and revenue cycle actions. Before scheduled appointments or at the time of service, on-site staff helps patients understand their financial obligations and create payment plans, as necessary. The Financial Clearance solution suite is ideal for Emergency Departments as well as inpatient and outpatient services.
Financial Clearance Automation of Workflows does
the work for you:
- Verify insurance and coinsurance
- Confirm insurance benefit coverage
- Determine the patient's responsibility
- Verify personal data and collect anticipated balances
- Secure authorization requirements.
A complete approach for enhancing hospitals' and health organizations' cash flow
Our comprehensive financial clearance services include all you need to clear patients with commercial insurance, acquire money for patients without insurance, and suggest patients accurately about their responsibilities. Cash flow is accelerated as a result of early collection and fewer rejections. You will have access to qualified project managers and a step-by-step go-live process that begins with implementation.