Low Balance Recovery
Unresolved low balances add up. Add them back to your revenue.
With everything you have to do to manage the revenue cycle, collecting on low balance recoveries isn’t your highest priority. As a result, recoveries may be low or accounts are left untouched and aging in your A/R.
Payers continually find new reasons to deny or delay claims and this contributes to challenges in focusing on low balances. If that’s not hard enough, workforce challenges, manual or outdated processes, a lack of sophisticated technology, or underperforming partners, can make low balance accounts a struggle to resolve.
Low balance recovery doesn’t have to be this painful. Knowtion Health can have you saying: You’ve got this now.
Knowledge and Experience
Our 100% U.S.-based, low balance experts leverage a standardized process and utilize technology to triage and apply resolution probability scoringsm (RPS) of accounts to resolve claims faster, increase patient satisfaction and lower A/R. We’ll also identify payer trends, gaps, and denial root causes in your process so they can be corrected sooner to reduce future denials.
Maximized Revenue and ROI
With Knowtion Health’s low balance program you see increased revenue with an average of 50-75% improvement in your resolution rates.
Increased Patient Satisfaction
We employ 100% U.S.-based, low balance experts who leverage a standardized process and utilize technologies which triage and score accounts to resolve claims faster, increase patient satisfaction and lower A/R.
All accounts are closed with “real” resolution, so rather than close accounts by an arbitrary dollar threshold, our technology identifies the real issues so accounts can be appropriately moved to the next step.
What Makes Us Stand Out From the Rest
We’re armed with extensive technological capabilities that allow us to optimize accounts using advanced analytics, workflows and automation at scale. With this extensive capability we can do more with less - a challenge every business office is faced with. Our technology uses machine learning to automate up to 60% of account activity, leaving the remaining 40% of accounts to be worked by our knowledgeable team assisted by our technology.
For those accounts being worked by automation, there is less risk or vulnerability since highly secure and encrypted formats are used. Automation follows the same procedures repeatedly without the variations that may occur with users and there is a detailed audit trail for monitoring.
Contract Modeling and Recovery Scoring
During our low balance recovery process, we model payer contracts with accounts to determine collection opportunity which provides a swift resolution to reduce the burden on your A/R and aging inventories. Typically, as much as 40% of accounts can be returned for contractual or denial adjustments or to bill patient liabilities.