RESCUINGSMALL BALANCESTHROUGH TECHNOLOGY

The financial challenges faced by hospitals are staggering. Annually, hospitals face initial denials of approximately $270 billion in claims, leading to high administrative costs of over $9 billion Even more alarming is that more than 65 percent of these denials are never reworked, even though over 90 percent of them could have been prevented in the first place.

In addition to these challenges, healthcare organizations struggle to find, train and retain affordable staff to manage small balance accounts. The complexity of the task can be daunting, with over 3,500 possible combinations of codes that may need to be addressed

The CorroHealth REVIVEplatform integrates seamlessly with a client's existing electronic medical records (EMR) system Through proprietary technology and automated decision-making, CorroHealth's team identifies root causes of delays and applies customized workflows to resolve them. By automating tasks such as claim notation, data gathering, and payer behavior analysis, CorroHealth streamlines revenue recovery, saving time and reducing administrative costs.CorroHealth consistently boosts clients' collections by over 30 percent, lowering costs by 30 percent and decreasing ARdays by 25 percent.

Jon Guiliani, Senior Vice President Revenue Cycle Management at CorroHealth, explains how their solution simplifies the recovery process: "Our platform combines robotic process automation, machine learning, a robust process flow system, and advanced analytics to optimize small balance claim resolution By automating repetitive tasks and providing consistent guidance, healthcare organizations can recoup revenue efficiently and redirect their resources to areas that truly matter."

CorroHealth's successful partnership with a non-profit hospital demonstrates the tangible impact of its small balance revenue recovery approach. Facing a backlog of aged accounts left by a previous vendor, the hospital turned to CorroHealth for assistance. By acting as an extension of the hospital's team, CorroHealth identified the root causes of delays and provided data-driven recommendations to improve its revenue cycle processes

Over the course of a decade, CorroHealth helped the hospital recover a staggering $116 million in aged small balance accounts Through the implementation of their technology-enabled solutions, the hospital achieved a 100 percent resolution rate on assigned claims, decreased the average account balance by 45 percent, and significantly reduced the number of aged accounts.