ParaRev, with an entire division focused exclusively on the challenge of hospital insurance AR recovery and resolution, has developed an innovative approach that delivers a 25% improvement in cycle time with cash recovery rates often exceeding 75%. To achieve these results and ensure that each claim is worked no matter the age or value, we’ve streamlined and accelerated the AR management process by perfecting a powerful approach that relies on a combination of robotic process automation (RPA), intelligent automation and staff specialization.
Next generation technology
RPA software replicates manual human activity through bots programmed to accomplish basic tasks across a range of areas. Our proprietary bot applications scrape denied claims data from hospital billing systems, EDI applications and other transactional data for all available information relating to a specific account. Intelligent automation takes these capabilities a step further by incorporating decision-making logic into the process with multiple data inputs to decrease the cycle time.
Working from category-specific, prioritized work queues, ParaRev remediation specialists access the AI generated claim-specific summaries. This detailed information, combined with the specialist’s in-depth knowledge about how best to resolve a specific type of issue, allows the specialist to expedite rework and secure resolution for both low- and high-value claims much more quickly.
To improve denial management of your accounts, AR root-cause analysts will also recommend ways to decrease future denials from occurring in the first place. In addition to categorizing and prioritizing claims by root cause, intelligent automation also identifies all relevant deadlines associated with each claim. Equipped with this knowledge, the resolution specialist is aware of the available time window to work, resubmit or appeal the denial without missing deadlines.
A proven solution
ParaRev combines proven intelligent automation with deep subject- matter expertise in revenue cycle workflow, process management and claims resolution to generate tangible results more quickly and accurately.