MedEvolve, Inc., a leading provider of data-driven solutions that provide unmatched transparency, automation and accountability for healthcare organizations, today unveiled its AI-powered Financial Clearance Workflow Automation platform. The solution leverages visual cues and natural workflow automation to ensure resources are used effectively, financial data is transparent and accurate, revenue cycle risk is minimal, and any necessary follow up or action is easy to identify.
Financial clearance, known to many as pre-registration, comprises all the tasks a healthcare organization should complete before the patient arrives for an appointment. This ensures patients are aware and accountable for any balance owed (past, present and future), and that all necessary information has been verified or collected (demographics, benefits, eligibility, pre-certifications, etc.). Taking these steps allows the claim to move through the revenue cycle without issue or delay.
“The number one thing healthcare executives are worried about is how to reduce spend and improve receivables — and that has everything to do with identifying what you can control when it comes to financial assurances,” said Matt Seefeld, Executive Vice President for MedEvolve. “Our new platform facilitates work, actions and information required before the patient walks through the door, so practices eliminate risks up front and minimize the chances of missing out on revenue later. It’s really about peace of mind and making informed decisions about your practice.”
MedEvolve Financial Clearance Workflow Automation provides visual cues so practice executives know where each patient is in the financial clearance process, in real-time, and what needs to happen next. By ensuring that providers have financial sponsorship before delivering care to patients, practices can strengthen their revenue cycles and improve net revenues. Ultimately, providers improve patient engagement by offering more flexibility in scheduling and payment plans, as well as eliminating surprise billing.
“People always ask me, ‘what can I do to improve the back-end of the revenue cycle?’ and I always say, ‘fix the front-end.’ There are a lot of people and processes involved between scheduling and billing, which means a lot of room for error,” said Seefeld. “We’ve invested a significant amount of time and resources to find the smartest, most natural way for practices to gain transparency into their current processes, avoid denials, understand write-offs, improve training, establish accountability and more.”
Financial Clearance Workflow Automation also helps to ensure that practices have the right people in the right positions. Providers can free up staff to focus on the necessary tasks, monitor productivity, establish accountability measures, and provide additional training where needed. On top of that, staff have visibility into their own performance, which boosts morale by empowering them to take ownership in their roles.
“We knew our front desk staff were making mistakes, but we didn’t know how to resolve them because we couldn’t identify the problem areas. We didn’t know what changes to make or where the mistakes were being made,” said Maryanne Thompson, Controller for MidLantic Urology. “Now, if I see ‘Front Desk Denial: COB’ in our workflow, I can click to see who in which office isn’t checking in advance so I can train that person. Our front-line staff feel empowered. They want to know if they missed something–if they forgot to check insurance for example. It is boosting staff morale and we’re constantly improving based on the data.”
Financial Clearance Workflow Automation joins MedEvolve’s full suite of solutions designed to eliminate staffing challenges and reduce the cost to collect. To learn more, visit www.medevolve.com.
MedEvolve empowers physician practices to work smarter with data-driven solutions that provide unmatched transparency, automation and accountability. Our suite of analytics software and services, including MedEvolve RCM Scorecard, is designed to uncover cash opportunities, identify problem areas and resolve issues quickly to improve financial, operational and clinical performance. MedEvolve’s Workflow Automation solutions eliminate the guess work from managing a practice’s revenue cycle and leverage AI to define what needs to be worked, when and by whom. In addition, MedEvolve offers Practice Management (PM) technology that can integrate with any EHR and, Revenue Cycle Management (RCM) technology and services. Visit www.medevolve.com to learn more.