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Latest CASE STUDIES
By AGS Health
March 8, 2023
of ALL denials are caused by front-end revenue cycle issues.
The growing financial burden placed on patients makes it difficult for hospitals to collect. This financial challenge is only expected to get worse as:
Financial clearance mitigates financial risk to healthcare providers by securing agreements from payers and patients to provide reimbursement for elective and urgent services. This step is critical to realize and maximize third-party reimbursement from payers. Additionally, providers can use information gathered from the patient prior to service to minimize out-of-pocket burdens by presenting financial assistance program options, providing patient counseling, and establishing payment plans.
Identifying the ability to pay helps providers understand where they are most likely to collect payment in the revenue cycle. Financial clearance is an essential part of the early stages of the revenue cycle. It’s also become the part of the revenue cycle that’s the most problematic, which creates the need for an integrated financial clearance program.
AGS’s integrated financial clearance program helps healthcare organizations and providers combat avoidable write-offs and payment delays by consolidating:
Integration is beneficial because it:
Without integration, financial clearance systems can’t scale.
“AGS helps you leverage and amplify your existing technology or select appropriate partners based on your goals. Additionally, we build bespoke automation to ensure financial clearance information is comprehensive and consolidated, ensuring continuity across the patient experience.” - Katy Morgan, vice president of strategy at AGS Health
“AGS helps you leverage and amplify your existing technology or select appropriate partners based on your goals. Additionally, we build bespoke automation to ensure financial clearance information is comprehensive and consolidated, ensuring continuity across the patient experience.”
Consider the following:
Implementing preventative practices prior to patient visits can help providers reduce the likelihood of denied claims. The main reasons for denial include:
It’s important that RCM teams are aware of these leading causes of denials and take steps to reduce claim errors immediately. With due diligence and these best practices, providers will gain confidence that their claim denial rates will decline.
These denials all occur at the front end of the revenue cycle and can be resolved with a sound Integrated Financial Clearance program in place.
The following are important to include in your Financial Clearance Program and reduce the likelihood of denials:
When financial clearance is done right – through integration, you can:
All of the above contribute to improved revenue collection and speed to collection. If financial clearance isn’t integrated, integrated accountability is also lost.
If you are ready to get started with your integrated financial clearance program or are ready to learn more, contact us.
AGS Health is more than a revenue cycle management company–we’re a strategic partner for growth. By blending technologies, services, and expert support, AGS Health partners with leading healthcare organizations across the US to deliver tailored solutions that solve the unique needs and challenges of each provider’s revenue cycle operations. The company leverages the latest advancements in automation, process excellence, security, and problem-solving through the use of technology and analytics–all made possible with college-educated, trained RCM experts. AGS Health employs more than 10,000 team members globally and partners with more than 100 clients across a variety of care settings, specialties, and billing systems.
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When you create a high-performance revenue cycle, you’re finally free to invest your full resources into what matters most: the care of your patients.