Preeminent patient health solutions start before the patient sees a physician. Setting financial expectations accurately, early and often provides enhanced levels of patient satisfaction and enables the provider to focus on offering the highest level of care possible. If gaps exist in a hospital’s patient financial clearance process, predictability quickly breaks down, leaving patients feeling confused about their financial responsibility and putting hospitals at risk of not getting paid.
Understanding what an optimal financial clearance experience looks like is the first step to avoid a negative experience for a patient and costly denial issues for your health care organization. You don’t have to overhaul your organization’s patient access operation to implement a world-class financial clearance process. Hospitals have benefited by partnering with a trusted revenue cycle management company like nThrive to address procedural gaps and negative results while expanding financial clearance capabilities to boost patient satisfaction.
Add nThrive resources to your team
Utilizing nThrive’s Patient Financial Clearance Center enables health care organizations to tap into a highly trained pool of financial clearance specialists and advisory services equipped to handle today’s most exhaustive clearance challenges. nThrive’s patient-centric approach financially clears patients with scheduled services by:
- Validating patient demographic information
- Verifying insurance eligibility and benefits
- Determining need for service approval
- Obtaining payor authorization (if no authorization, specialists collaborate with physician offices to ensure appropriate follow-up)
- Determining propensity to pay
- Calculating Patient liability
- Calculating Patient liability
Improve quality, efficiency
nThrive financial clearance specialists handle most registration services prior to a patient’s arrival. Automated workflows, powered by real-time nThrive health information technologies, streamline the process. Proven to result in greater point-of-service (POS) collections, nThrive’s patient financial clearance service also helps to shorten AR days while preventing front-end denials and reducing patient wait times for improved patient satisfaction.
Health care organizations that outsource through nThrive can expect to see higher margins and a reduced cost to collect. nThrive clients experience a 10 to 50 percent denial prevention cash acceleration and an increase in POS revenue from 2 to 8 percent or more when leveraging nThrive resources and technology. This performance also enables a reduction in patient access staff from 2 to 9 percent and frees up physical space to create additional savings.
Fast-track your path to price transparency
Ultimately, well-tuned financial clearance capabilities can accelerate your path toward greater price transparency. nThrive’s Financial Clearance Center has both the resources and technology to exceed federal and state mandates providing patients with the information they need to make more informed health solution choices. nThrive can also help medical organizations leap-frog their competition by integrating our proprietary Carepricer Payment Estimator online, enabling patients to create self-serve estimates drawing on Charge Description Master and Contract Management databases.
History is on your side
While outsourcing financial clearance may seem like a big leap, history is on your side. Outsourcing is far from new in health care. According to a Black Book study, approximately 80 percent of hospitals are vetting or considering some form of partial or full revenue cycle management outsourcing in 2019.
Are you ready to explore financial clearance outsourcing to increase patient satisfaction and strengthen your revenue cycle? To learn more, download our Financial Clearance Center overview . Ready to talk to an nThrive health information technology expert? Contact Us.