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CorroHealth's AI Solution, REVIVE, Targets Small and Zero Balance Accounts to Boost Healthcare Finances

Tuesday, February 27, 2024 12:00 PM | PR Newswire via QuoteMedia

CorroHealth's AI Solution, REVIVE, Targets Small and Zero Balance Accounts to Boost Healthcare Finances
CorroHealth's AI Solution, REVIVE, Targets Small and Zero Balance Accounts to Boost Healthcare Finances

PR Newswire

30% of small balance inventory resolved in one touch, with an average of 2.4 touches to resolution

PLANO, Texas , Feb. 27, 2024 /PRNewswire/ -- Healthcare technology leader CorroHealth has revealed its REVIVE platform, the next evolution in intelligent technology targeting a healthcare system's aged receivables (AR). Building on CorroHealth's previous AR platform, REVIVE is re-engineered with artificial intelligence and automation to effectively recover revenue on small- or low-balance and zero-balance accounts for hospitals and health systems ready to fortify their financial resilience and usher in a new era in revenue cycle management.

REVIVE is more than technology; it is a full-service solution integrating advanced AI with human oversight to ensure unmatched efficiency and effectiveness in accounts receivables. By focusing on small- and zero-balance accounts, REVIVE addresses a critical gap in traditional AR processes, offering a purpose-built solution to recover valuable revenue that healthcare organizations might otherwise write off.

Existing CorroHealth customers will continue to benefit from the advancements of REVIVE, while new customers seeking tech-enabled services will find REVIVE and CorroHealth an invaluable addition to their accounts receivable team. By enhancing a current product with new functionality for zero-balance accounts, REVIVE exemplifies the company's commitment to continuous innovation and client-focused solutions.

With REVIVE, AR teams optimize resource utilization by predicting a payer's likelihood to pay based on historical performance. Leveraging REVIVE's intelligent technology and machine-learning capabilities, CorroHealth assimilates a hospital's specific preferences and contractual terms into streamlined workflows.

"REVIVE improves revenue reimbursements and cycle time because AR teams are not focusing on accounts that will not pay," said CorroHealth CEO Pat Leonard . "Efforts can remain focused on accounts that will pay, and the platform has the statistics behind it to support its scoring."

The program's remarkable success rates in resolving complex accounts prove the platform's intelligence and the capabilities of the CorroHealth team. An impressive 30 percent of cases are resolved in a single interaction, while 70 percent require no more than three touches, achieving an efficient average resolution rate of just 2.4 interactions per case.

REVIVE expertly handles accounts that are, on average, 95 days post-discharge with a typical balance of $1,110 . Impressively, it successfully collects 63.4 percent of eligible accounts and resolves 92.5 percent within the first year of placement. These accounts, commonly underestimated and prematurely written off, cumulatively represent a substantial financial impact, potentially adding up to millions of dollars. Prioritizing these accounts enables healthcare providers to reclaim significant revenue, strengthen financial stability, and exemplify a detailed and responsible financial strategy.

"Every recovered dollar from delinquent accounts is a step towards sustaining healthcare operations and enhancing the quality of patient care," Leonard said. "This proves even the smallest balances, when aggregated, can make a meaningful difference in a healthcare provider's financial health."

Join our exclusive webinar March 27th at 11am PST for an in-depth look at REVIVE with insights from Keith Slater , Senior Vice President of Revenue Cycle and Dan Low , Senior Director - AR Solutions. Register Now

About CorroHealth
CorroHealth is the leading provider of clinically led healthcare analytics and technology-driven solutions dedicated to positively impacting the financial performance of hospitals and health systems. With more than 8,500 employees worldwide, CorroHealth delivers integrated solutions, proven expertise, intelligent technology, and scalability to address needs across the entire revenue cycle. To learn more, visit corrohealth.com .

Media Contact:
Mellissa Gardner , Senior Vice President of Marketing
mellissa.gardner@corrohealth.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/corrohealths-ai-solution-revive-targets-small-and-zero-balance-accounts-to-boost-healthcare-finances-302069605.html

SOURCE CorroHealth

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