In the current healthcare employment market, maintaining a full accounts receivable (AR) team can be a challenge. So healthcare organizations focus resources on high balance accounts, which potentially leaves 2 to 5% of all outstanding balances uncollected. Our technology-enabled solution helps these organizations collect small balance accounts receivable without having to add more staff or pull staff away from their work on large balance accounts.
Collecting on small balance accounts takes an average of 60 to 70% of the AR team’s time for 2 to 5% of the revenue. Team members assigned to these accounts tend to be entry level with high turnover, so a lot of time is spent training and retraining the workforce.
We can help automate this process making it more efficient and improving an organization’s ability to collect on these accounts. Our clients typically see a 30% boost in small balance collections on the accounts they refer to us. We also help our clients close their accounts in an average of 45 days or sooner. This decreases the number of aged accounts, which are harder to collect.
On average, hospitals spend over $9 billion annually on the administrative costs associated with reworking claims that have been denied. Our solution helps automate these tasks, allowing our clients to reallocate these administrative dollars elsewhere.
Patient financial services don’t have to take up all your AR team’s time. Whether clients’ teams utilize our platform or CorroHealth team members address small balance accounts in our system, resolution of these accounts is simple.
Our platform follows a four-step approach to drive production and help our clients with small balance claim resolution.
We use technology to gather data and automate repetitive tasks in the revenue cycle. Some of these automated tasks include gathering information on small balance claims, pairing them with respective provider websites, notating accounts, and contacting these account holders about their outstanding balances.
Our tool uses machine learning to recognize payor behavior and identify the next steps needed for successful small balance claim resolution. This step takes automation a step further using insights to guide clients about how they can use the information collected to resolve claims. Our platform automates notation for consistency, saving time in claim processing.
Our platform keeps specialists on track by organizing workflows and offering guidance on how to move forward within each step of the process. With this system, each team member uses the same approach to small balance claim resolution, so anyone on the team can be efficient regardless of their experience. You can customize your preferences, so you know everyone is working in the same way.
Finally, once the system has been learning in real time, we can develop insights into payor behavior. Our clients can use this data to identify the root cause of payment delays, claim denials, and more. When these causes are uncovered, management teams can take steps to resolve them, making small balance collections more effective in the future.
