Accounts receivable (AR) teams are responsible for identifying outstanding balances owed to a provider and taking all necessary steps to ensure that payment is made. AR teams identify outstanding accounts, review them to discover why payment was never made, amend claim errors to resubmit them for payment, and collect from insurers or patients.
While traditional electronic medical records (EMR) systems are designed only to store, manage, and summarize medical information, our AR workflow solutions help revenue management teams build on that data both to collect on outstanding accounts and to identify the root causes of denials to reduce future rejections. The result is lower cost-to-collect, greater claim uniformity, fewer denials, and shorter payback times, all of which lead to higher profitability. Here’s how it works:
Multiple factors make it difficult for AR teams to review all their claims efficiently. Some of the most important barriers are:
- A lack of data analysis, which prevents preferences from understanding why claims were denied, and how they can get them approved in the future.
- The vast number of regulations which vary by region, provider, insurer, etc.
- The reduced productivity that comes with poor organization.
- The time, effort, and cost of prioritizing which accounts should be addressed first.
- The lack of uniformity that results from both internal and external AR processing teams, which complete their workflow differently.
- The inevitable human errors that result in lower quality. and ultimately in more denials.
- The cost of working with an external vendor.
At CorroHealth, we offer an advanced AR workflow solution to help you streamline your collection practices and make your organization more profitable. We do this by offering a customizable, end-to-end solution that helps teams boost their efficiency by giving them the tools they need to perform their operations uniformly from member to member. Our technology possesses multiple features that help resolve the biggest problems faced by AR teams today, like:
Our AR software facilitates customization of process flows, allowing for relevant regulations and guidelines to be built directly into it, creating a centralized space for all necessary billing information.
No more searching for emails or payor known-issue logs; with CorroHealth, it’s all in one place.
The machine learning algorithms that power our AR technology automatically choose which accounts should be resolved first, and assigns the most experienced agent available to deal with them.
Our solution can be customized according to the user’s preference allowing each account to be processed with the same formatting, improving homogeneity. Our auto-notation capabilities also help create standardized reports faster by using uniform message choices.
Our software’s machine learning functionality not only enables it to develop an understanding of insurance requirements, but also automatically flags resubmitted claims that don’t adhere to hospital or insurer regulations.
Any cost associated with using our AR software is offset by the reduced denials, faster payments, and larger profits that come from its use.