Some hospitals might think that there isn’t any cash potential left in highly-aged claims. However, at ParaRev, we are very successful at wringing the maximum cash out of aged, prior-worked insurance AR. The results? Increased cash flow and decreased bad debt reserves caused by aging accounts.
New revenue opportunities
Hospitals and health systems are starting to realize that pursuing highly-aged claims they previously would’ve written off presents a potentially major opportunity to recover “found” revenue. Just as you depend on secondary collection firms to resolve patient bad debt, you can count on ParaRev, specialists in pre write-off collections, to work highly-aged insurance claims.
Also known as secondary assigned accounts or second placement AR services, pre write-off insurance collections provide a critical safeguard to ensure no insurance payments legitimately due the hospital go uncollected, regardless of age.
Benefits of enlisting a pre write-off recovery partner
- The establishment of an AR management process that offers a systematic approach to obtaining 100% claims resolution
- A reduction in write-offs, a commensurate increase in cash flow and a decrease in bad debt reserves caused by aging accounts
- The creation of incentives that push primary AR vendors to optimize their processes
- Greater transparency to enable hospitals to evaluate performance across the entire revenue cycle
Let ParaRev focus on those claims that are approaching the end of the typical recovery cycle to help you collect more cash.
How do you know when you could benefit from pre write-off AR assistance?
- Do you have aged claims in excess of 300 days?
- Are you looking for a systematic process for taking accounts back from your vendor?
- Do you need an established process for writing off claims with specific time parameters?
“We appreciate the work ParaRev does in handling our pre write-off/ secondary AR accounts and how responsive they are to our questions and input. They are truly an extension of our CBO and a valuable partner.”
Writing off bad debt doesn’t have to be your final answer. Learn how to improve your AR by downloading our whitepaper.