CHICAGO--(BUSINESS WIRE)--Healthcare Financial Resources (HFRI), a leader in healthcare accounts receivable (AR) recovery and resolution management, today announced it has changed its name to ParaRev™. The rebranding underscores the dramatic expansion in the company’s revenue cycle capabilities achieved through the 2019 and 2021 acquisitions of PARA Healthcare Analytics and STAT Revenue, respectively.
ParaRev now offers a full spectrum of healthcare revenue cycle management services, from front-end charge master analysis and contract management to end-of-cycle zero-balance underpayment and denial recovery. The Para prefix, which means as alongside or parallel, reflects the company’s commitment to working seamlessly with hospital financial and billing staff to minimize denials and bad debt, improve collections and boost revenues.
“We’re excited to consolidate our services under a name that captures our collaborative approach to revenue cycle services,” said Jerry Connelly, President and CEO. “Our integrated capabilities create a powerful, new option for hospitals looking for either a long-term partner or one-off project assistance to help them address the growing financial challenges in healthcare.”
New Divisions Aligned Around Core Revenue Cycle Pillars
As part of the rebranding, ParaRev is reorganizing its legacy operations—HFRI, PARA Healthcare Analytics, and STAT Revenue—into three operational divisions focusing on the core pillars of the healthcare revenue cycle. These include:
RevCap – Revenue Capture Services
- Primary and secondary AR recovery resolution
- Targeted denial resolution
- STAT Revenue - Zero-balance underpayment recovery
RevTeg – Revenue Integrity Services
- Contract analysis
- Coding and compliance services
- Market-based pricing
RevTek – Revenue Technology Services
- ParaPath, our revolutionary denial decision software
- ParaRev Data Editor
- Price transparency, contract management and payer scorecard tools
Major Hospital Losses Projected in 2021
Hospitals are projected to lose $54 billion in net income through 2021, according to recent analysis by the American Hospital Association. The reduced income reflects the ongoing effects of the COVID-19 pandemic, including fewer outpatient visits, greater patient acuity, and higher costs for supplies, labor, and medications.
With no end to the pandemic in sight, hospitals and health systems must evolve rapidly to ensure long-term financial health and sustainability. For many, that means adopting new measures to control labor costs, replace lost revenue, and reduce revenue leakage.
ParaRev’s comprehensive capabilities, when aligned with hospital internal teams, can help hospitals improve operating margins and collect additional revenue.
ParaRev utilizes proprietary intelligent automation and staff specialization to efficiently process all claims, regardless of size or age, for hospitals nationwide. In addition to the company’s AR recovery and resolution capabilities, ParaRev also provides denial management assistance by conducting root cause analysis and recommending process improvements to help decrease aged and denied claims going forward. ParaRev additionally offers market-based pricing tools, analytics, and consulting services that accelerate collections and improve margins for healthcare organizations. ParaRev is backed by Housatonic Partners, a San Francisco- and Boston-based private equity firm. To learn more, visit http://www.pararevenue.com.
ParaRev, a leader in accounts receivable recovery and resolution, works as a virtual extension of your hospital’s central billing office to help you resolve and collect more of your insurance accounts receivables faster and improve operating margins through a seamless and collaborative partnership with your internal team. The company’s comprehensive services also include a pricing transparency solution, which can help hospital improve revenue capture while remaining competitive in your market. For more information visit: http://www.pararevenue.com.
About Housatonic Partners
Housatonic Partners is a private equity investment firm founded in 1994, with more than $1.3 billion in capital under management. The firm invests in growing, profitable businesses with highly recurring revenue. Housatonic Partners has backed exceptional management teams in more than 90 small-to mid-sized companies over the last 25 years. For more information, please visit www.housatonicpartners.com.