CorroHealth Launches AI-Driven REVIVE Platform Targeting Small-Balance and Zero-Balance Accounts to Enhance Hospital Financial Performance

PLANO, Texas —

PLANO, Texas, Feb. 27, 2024 /PRNewswire/ -- Medical technology leader CorroHealth has launched the REVIVE platform, the latest iteration of its intelligent technology designed to address overdue accounts receivable (AR) in healthcare systems. Building on CorroHealth's previous AR platform, REVIVE has been rebuilt with artificial intelligence and automation to efficiently recover revenue from small-balance, low-balance, and zero-balance accounts in hospitals and health systems, helping organizations enhance financial resilience and ushering in a new phase of revenue cycle management.

REVIVE is not just a technology tool but a comprehensive service solution integrating advanced AI and human review to ensure efficiency and effectiveness in AR processing. By focusing on small-balance and zero-balance accounts, REVIVE fills a critical gap in traditional AR processes, offering targeted solutions to recover valuable revenue that might otherwise be written off by healthcare organizations.

Existing CorroHealth customers will continue to benefit from REVIVE's enhanced features, while new customers seeking technology-enabled services will find REVIVE and CorroHealth to be a valuable addition to their AR teams. By adding zero-balance account processing to existing offerings, REVIVE reflects the company's commitment to continuous innovation and customer-centric solutions.

With REVIVE, AR teams can predict payers' likelihood of payment based on historical performance, thereby optimizing resource allocation. Leveraging REVIVE's intelligent technology and machine learning capabilities, CorroHealth integrates hospitals' specific preferences and contract terms into streamlined workflows.

"REVIVE improves revenue recovery and cycle efficiency because AR teams no longer need to focus on accounts that won't pay," said Pat Leonard, CEO of CorroHealth. "Teams can focus on accounts likely to pay, and the platform has the statistics to support its scoring model."

The program's notable success rate in resolving complex accounts is a testament to the platform's intelligence and the capability of CorroHealth's team. Impressively, 30% of cases were resolved in a single interaction, and 70% were resolved in no more than three interactions, averaging just 2.4 interactions per case, achieving an efficient average resolution rate.

Accounts handled by REVIVE have an average post-discharge age of 95 days and a typical balance of $1,110. More notably, it successfully recovered 63.4% of eligible accounts and resolved 92.5% of accounts within the first year after deployment. These accounts are often undervalued and prematurely written off, but cumulatively they can have a financial impact of millions of dollars. Prioritizing these accounts enables healthcare organizations to recover substantial revenue, enhance financial stability, and demonstrate a meticulous and responsible financial strategy.

"Every dollar recovered from delinquent accounts is a step toward sustaining healthcare operations and improving patient care quality," said Leonard. "This proves that even the smallest balances, when aggregated, can have a meaningful impact on a healthcare organization's financial health."

Join us for ourexclusive webinaron March 27 at 11:00 AM Pacific Time, where Keith Slater, Senior Vice President of Revenue Cycle, will provide an in-depth look at REVIVE.