Tag: Denial Control

Primary AR recovery and resolution

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 proprietary, 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 and sits on the background 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

Pre write-off (Secondary) AR recovery and resolution

Hospitals and health systems are realizing that the highly-aged claims they would have written off, present a potentially major, untapped revenue stream. 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. Through a team of dedicated specialists combined with intelligent automation– our proprietary, next generation technology, ParaRev can efficiently pursue these claims and maximize cash returns.

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.

• Our system and our processes are what sets us apart from other AR firms.
• Our system is an automated decision tree, driven by our clients’ desk procedures and years of experienced industry-leading solution best practices. This platform is driven off EDI analytics, which starts an FTE at the appropriate initial step to expedite resolution.
  • Once a person is set at the correct initial starting point, the system guides them step-by-step through the resolution process of that issue, forcing the correct action to be taken.
  • Through this system, any type of issue or process can be streamlined for maximum efficiency.
• Our workflow system keeps track of what needs to be done and when. Keeping our reimbursement specialists focused on what they need to accomplish and providing management the visibility into items that need action. Our system automatically sets reminders and ensures accounts get the required actions completed prior to timely filing.
• ParaRev creates custom workflows for our individual clients based on their processes and procedures; our workflows will mirror your workflows. ParaRev creates these workflows for all major denials/issues; they are built into our software, ensuring your policies and best practices are followed. By guiding our staff through the best next steps within our software, we can ensure the highest levels of performance.
• We have found that dedicated reps are far more productive than pooled staff. Working with a specific client not only gives them the ability to learn the client’s business & payer contracts, they also learn their culture and become experts on your specific collecting process, as every client is different. Along with dedicated team members performing follow up, ParaRev provides dedicated managers, supervisors, and team leads to your account—available whenever you need their expertise or insight.
• Problem identification and communication is key. All of the above processes provide us with a tremendous amount of information. This information is then analyzed and provided to our clients in the form of dashboards, monthly reports, and quarterly meetings, including recurring deep-dive analytic presentations from subject-matter experts that will uncover root causes driving AR issues.  This information often results in helping our client strategically improve their revenue cycle by identifying front-end, system/edit, and payor-related opportunities.  By partnering with ParaRev your operation typically will see improved collections and reduced aging on the subset of the accounts outsourced. This is due to our process and the fact that we would be applying more attention to a targeted area of accounts that may not have historically seen as much focus. Our goal is to be a relief valve and allow your internal staff to target the younger inventory in other areas that need attention.