Primary & Secondary AR Recovery and Resolution
ParaRev pursues your aging, small-balance claims identified by your staff as problematic. If a claim has previously been worked internally, referring it to ParaRev’s dedicated, specialized teams can help ensure quicker cash conversion and a reduction of bad debt reserves.
ParaRev is available to assist you as relief valve in multiple scenarios
Legacy system conversions
For hospitals and health systems, replacing or upgrading an electronic health record (EHR) is a major undertaking fraught with operational and financial risk. Whether you’re upgrading your legacy system or integrating an acquisition into your current system, it’s essential that you ensure the smooth transition of clinical…
Specialized payer resolution
ParaRev has experience handling all situations and all payers, and can take on any long-term or temporary AR projects you have in mind and will improve reimbursement, reduce denials, and decrease audits.
Targeted denial resolution
ParaRev has over 20 years of A/R and denial management resolution experience.
Zero Balance Service
ParaRev’s STAT Revenue team applies nationwide revenue cycle expertise to recover underpayments from your payers. Our recommendations and trainings deliver customized and innovative solutions to your hospital. We enable your team to minimize future underpayment exposure, while recovering existing contractual underpayments to improve your bottom line.
Transfer DRG Review
Hospitals can lose millions in revenue when Medicare and Medicare Advantage patients’ discharge status codes do not reflect the post-acute care received. While receipt of services is outside of your control, PARAREV’s STAT Revenue team will ensure claims are in compliance and will recover unwarranted payment reductions.
Contract Management Program
Managed Care Remit Reconciliation
Available as part of the overall Contract Analysis or as a stand-alone service, the Managed Care Remit Reconciliation provides an analysis of payments reconciled against contract rate sheet.
Contract management and analysis is one of the most critical focus points of revenue cycle management to ensure effectiveness and better reimbursement. Hospital Financial Managers need a tool to manage, evaluate and optimize reimbursement to achieve the required returns.
Coding & Compliance Program
ParaRev Data Maintenance
With all of the constant changes to coding and billing requirements, many organizations are overwhelmed with maintaining billing systems. Annual pricing updates are also a challenge for many facilities. ParaRev has the capability to assist the hospital in the implementation of updated CPT®/HCPCS codes and prices…
ParaRev’s Lab PAMA Reporting Service offers an efficient and accurate method to meet a new Medicare reporting requirement due from certain hospitals in the first quarter of 2022. The reporting is extremely burdensome and labor-intensive, and penalties are high for failure to report timely, complete, and accurate data.
ParaRev will review detailed itemized and UB04 outpatient claims to identify missing charges, compliance problems, and billing issues. The review will be completed by a certified coder with extensive experience in all areas of coding and auditing.
Charge Master Review
With the emergence of codes as the basis for almost all forms of reimbursement, charge master coding and maintenance has become a daily chore. Ensure your hospital’s Charge Master is up-to-date and compliant by having ParaRev identify and correct errors, compliance issues and missing charges.
Purchase Item Master Review
ParaRev’s Purchase Item Master Review brings together the coding and financial analytic components of our services to create a link and a process to appropriately maintain the purchase item master (PIM) and Charge Description Master (CDM) systems simultaneously.
Physician Practice Pricing Analysis
Optimize practice net revenue by ensuring individual charges are priced at market rates and cover all contracted fee schedules.
Pharmacy Pricing Analysis
Hospitals are moving towards standardizing pharmacy pricing across all departments and services, thus improving compliance issues associated with inconsistent charging practices.
Supply Pricing Analysis
The ParaRev Supply Pricing Analysis deliverables include an identification of non-billable supply items and gross revenue impact, proposed markup, gross and net revenue projections, an item-specific detailed spreadsheet proposed changes, and a full write-up of techniques and findings.
Healthcare provider prices are being scrutinized more than ever now with the Affordable Care Act in place. The demand for rational pricing is a major component to transparency, price competitiveness and earned reimbursement. It is imperative to ensure that your rates are justifiable.
Guidance & Consulting Software
Historically EMR systems are built to store, summarize, and manage medical information, providing minimal guidance when working an account to resolution; ParaRev offers an add-on solution that builds in everything that someone needs—whether they are a brand-new hire or an experienced denials analyst…
ParaRev Data Editor
Huge budget cuts, cost saving initiatives and the uncertainty of not using the technology to its fullest has lead healthcare providers to consolidate to a single source platform in order to save time, money and resources.
Price Transparency Solution
Price Transparency Tool
For a typical hospital with a 10,000-line chargemaster, seven patient types, and 20 payer contracts, this could mean 1.4M calculations needed to fulfill the mandate. According to an HFMA Article on the topic, this detailed approach could cost a hospital several hundred thousand dollars to contract with a consulting firm.
Denial & Contract Management
Contract Management Tool
ParaRev’s Contract Management Tool improves your revenue cycle by identifying the primary cause of denials, developing a work improvement process, and identifying short paid claims. With it you can manage, evaluate, and optimize reimbursement to achieve the required returns with access to our web-based tool for coding, reimbursement, and compliance.