Early-out, Small-dollar Insurance Resolution
Low-dollar insurance balances often go untouched. But when the volume is high, these balances can make a significant difference in your bottom line.
Parallon has developed a cost-effective approach to small-dollar insurance accounts that frees up your business office to focus on more complex, higher cash value receivables. The result makes your daily inventory more manageable and meaningful, and delivers measurable financial improvement.
The benefit of scale
You get the benefit of a large standalone business unit with a high level of expertise and processes for low-dollar balances.
Proven workflows
Our team uses a combination of dialer strategies, letter series and online capabilities to manage inventory in a cost-effective way that results in high cash value.
Performance improvement
We work closely with clients to provide extensive performance reporting. Notable A/R day reductions are seen in conjunction with our early-out, small-dollar approach.
We typically work balances with thresholds up to $1,500 to $2,000 without a clinical denial code -- accounts that had the potential to go untouched before.
A combination of dialer strategies, letter series and online capabilities are deployed to resolve accounts, engaging with patients as needed.
Certain non-restricted workflows ultimately transfer unresolved balances to patient liability for next steps / follow up.
Case Study:
The Issue
A 500-bed academic medical center wanted to resolve its backlog of small-dollar aged account receivables.
The Action
We deployed a team of six to actively work down a backlog that included accounts that escalated to 80 days in accounts receivable.
The Result
We resolved 97% of its backlog, and 72% of its net collections.
