HealthLeaders Media November 15, 2023
As the financial burden on patients increases, so too does the challenge healthcare organizations face in collecting payment.
Financial clearance mitigates the financial risk by securing payment agreements from both payers and patients, making it an integral component of a high-performing revenue cycle.
However, a provider organization’s ability to financially secure appointments in advance of a patient’s visit is often limited by a lack of staffing, technology, and operational processes. These limitations result in initial denials – which increased to 11% of all claims in 2022, up from nearly 8% in 2021 – as well as net revenue leakage via avoidable write-offs and impacts to patient experience scores.
About half of all denials are caused by front-end revenue cycle management...
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