Patient Financial Clearance Solutions Enhance Price Transparency

The world is evolving at a rapid pace, and healthcare is no exception. Patients are more connected to their health than ever before, putting the power of care into their own hands. This shift necessitates new standards for the patient experience, including pricing that’s transparent, readily available and easy to understand. With the introduction of the No Surprises Act, healthcare providers are required to meet these new patient experience standards in a palpable, regulated way. But improving this experience is just one of many challenges healthcare providers are juggling in 2022. Reducing A/R balances, the cost to collect and meeting 501 regulatory requirements are also hurdles. 

Luckily, new tools in the healthcare space can help ease the burden and provide transparency. Patient financial clearance assists providers in finding the best financial path for patients. Financial flexibility and patient payment estimator solutions make healthcare bill payments convenient for providers and patients alike. “We’ve been on a revenue cycle journey to modernization,” said Becky Peters, Executive Director of Patient Access for Banner Health, who recently implemented Financial Clearance workflows with Cerner, “The biggest reason we embarked on this journey was to improve the patient financial experience, physician satisfaction, preparation for new EHR, and to provide significant revenue lift and ROI to pay for the modernization tools and workflows that we were implementing.”