This is the second post in a new blog miniseries on Agile Global Health’s philosophy across four of our company’s key performance areas: clinical, financial, logistical, and experiential/customer service management. What does it mean to us to monitor and manage each of these aspects of our clients’ healthcare experience? Why do we do it? How do our actions make a difference?
Today, we address the second of these, the financial. Agile’s financial system is comprised of three different parts: our Treatment Management Center (TMC), Revenue Cycle Management (RCM), and Finance. This assembled team brings a broad background of educational achievements, including university and advanced degrees and professional certificates, as well as considerable experience in certified private and public accounting, business analytics, and management experience in commercial enterprises, hospitals, and private healthcare clinics. We’ll begin by introducing these elements to understand how they each contribute.
- The TMC role is to seek out and obtain pricing from our hospital network based on patient medical records and diagnoses, ensuring our patients receive the best care from the best providers at the best price. TMC support continues during the implementation of the selected hospital’s treatment plan, as the patient or funder may have questions or the patient’s evolving condition may require changes to the previously approved plan. The TMC team, made up of two physicians and three patient care consultants, is based in Bengaluru, India.
- The RCM role is to gather and assemble all costs for medical and logistics services associated with each patient’s implemented care plan; next, its members perform an accuracy audit and then reconcile the patient’s account, resulting in either a claim for an additional payment or a refund. RCM associates conduct each of these functions in accordance with Agile’s established policies, procedures, and timely service commitments. RCM’s members are distributed globally. “In order for us to be successful as a team, we built a decentralized and well-coordinated system,” says David Spisak, RCM Director.
- Finally, there’s the Finance team. Its role is to manage Agile’s ever-growing accounting needs and balance reporting, compliance, dynamic market developments, and tax requirements in the many countries where we operate across Asia, the Middle East, Africa, Europe, and the U.S. The Finance team’s members are similarly spread worldwide.
So, what is the guiding philosophy that unites these disparate parts of Agile’s financial mechanism? It’s straightforward: reliable cost estimates, strong controls, and dedicated historical analysis repeatedly refine our financial data cycle. Together, these steps deliver the highest quality care for the greatest number of patients at the most efficient cost, as well as ensure the smooth operating of Agile’s business processes that enable access to and oversight of that care.
This philosophy plays out on two levels. First, there’s the financial management of each individual patient we serve. At this microcosmic level, our financial management helps funding organizations or self-paying individuals plan appropriately for treatment costs. Because our financial management is inherently infused with our clinical management insights, we’re able to assist hospitals and healthcare providers maximize the volume of patients they can treat. When treatment is complete, each individual’s financial data becomes part of a secure historical database that enables Agile to better predict treatment costs and trends over time, allowing us to best serve institutions and governments for which we manage healthcare for large populations. Says Senior Global Accountant Marcus Cleveland, “We track critical milestones in a patient’s care cycle to continuously improve data quality and financial accountability.”
And what about this philosophy at the macrocosmic level of Agile’s overall financial management as an organization? “Very simply put, by our Finance team members doing well on the business side to sustain operations, we enable the responsible funders, the physicians, and healthcare systems with which we work to do good for our patients,” says Guy Zahn, Agile’s Chief Operations Officer. Close monitoring and management of ongoing costs and delays or changes in treatment, and comparing these to historical costs and the original clinical estimate, result in operational efficiencies and cost savings. “In this sense, our financial philosophy is all about managing the broad financial outcomes,” reflects Morgan Darwin, Agile’s Chief Executive Officer. “It’s about creating predictability, accountability, and transparency while utilizing financial resources to their maximum potential, especially the limited resources of public institutions or corporate resources of private institutions.”
Agile’s financial management is unique, reflecting our commitment to improving healthcare access and quality while incentivizing the development of economically sustainable health systems. But our financial approach isn’t the only distinctive aspect of our overall management. Stay tuned to this blog to learn about our logistical and experiential management, too!
Agile Global Health
Agile Global Health is an Agile Health Systems company and a worldwide leader in realizing transparent, affordable, effective and innovative solutions to complex healthcare delivery challenges. We listen to local and national healthcare leaders in every country where we work, and then support their vision to improve their national health system’s accessibility, quality, and clinical outcomes. For patients, we connect you with the right care for your needs, from facilitating quality local and regional treatment to coordinating international medical travel; for healthcare funders and providers, we optimize your organizational impact by introducing transparency, control and customization to the medical, financial and experiential aspects of your clients’ medical journey. Contact us today to learn how we can support you.