Hospitals continue to face a growing problem with rising accounts receivable (AR) balances due to denied, unpaid and underpaid commercial insurance claims.
But adding staff to pursue denials is costly, leaving many facilities attempting to address the insurance AR challenge by contracting with AR recovery and resolution firms. Unfortunately, most outsourced vendors rely on outdated technologies that aren’t capable of easily processing large volumes of claims quickly. That means low-dollar, high-volume claims often go unworked.
Increase cash and reduce bad debt
ParaRev helps ensure hospitals and health systems quicker cash conversions and a reduction of bad debt reserves through a team of dedicated specialists combined with intelligent automation, our next generation technology.
ParaRev supports your specific AR requirements by working claims based on your processes – both small and high-balance claims as well as highly-aged claims. Our flexibility and scalability allow us to work in partnership with your CBO to recover and resolve all outstanding insurance claims based on your balance and age criteria.
Improve your AR with our core competencies
- Provide a virtual extension to bolster your central billing office’s resources with a dedicated, knowledgeable and responsive team of experts who have specific experience with your payers
- Integrate seamlessly with your systems for ease of working relationship
- Decrease cycle time through transformative intelligent automation and advanced business process engineering expertise
- Ensure all claims, no matter age or balance, are effectively worked to 100% resolution utilizing appropriate staffing
- Prevent future AR issues through proactive denial management using root cause analytics to identify and address problems at the source
- Ensure the security of your PHI with HITRUST CSF certification
It’s time to speak with ParaRev if:
- Small balance accounts go untouched for 30 days
- Net days in AR is greater than 45
- 10% of your AR is over 90 days
“I have worked with [ParaRev] for over a decade. Because of their outstanding performance, [ParaRev] is a valued primary AR partner in my revenue cycle strategic plan and in my quest to achieve 100% insurance reimbursement.”John Orsini, CPA
SVP and CFO
Northwestern Memorial Healthcare