Parathon Contract Management levels the playing field between Providers and Third Party Payers (TPPs) by empowering Providers with the best-in-class financial modeling and proprietary technology. Having access to 100% of the data ensures the Provider receives the maximum and appropriate reimbursement on their hard-earned healthcare premium dollars.
5 Pillars of Parathon Contract Management:
Parallel Database, Contract Modeling, Daily Payment Compliance, Customer Reporting & Analytical Tool, and Business Intelligence Reporting
Parathon’s Contract Specialists load, test, and maintain all contracts on an ongoing basis as the contracts are modified or renegotiated after acceptance. All contracts currently in effect will be loaded and tested by Parathon Contract Specialists to ensure accuracy and work hand in hand with the Provider on all Claim & Remit activity.
Pillar 1:
Parallel Database® (PDB™)
Parathon Contract Management is the only contract solution supported by the proprietary Parallel Database (PDB). The PBD framework is specifically designed for the healthcare Revenue Cycle pathways and designed to provide access to a 100% of the contract data. This unique and foundational database reproduces the data elements found in the HIS. Parathon streamlines the data by consolidating the revenue cycle information into a single view.
Pillar 2:
Contract Modeling
TPPs have unlimited legal, actuarial and financial resources to craft and propose reimbursement contracts to Providers. It is difficult, if not impossible, for Providers to know with certainty the true financial impact of those contracts. An analysis without the PDB can result in millions of dollars in lost revenue – even with the best attempts at historical lookbacks, trending analysis and forecasting. Models not rooted in actual contracts can yield inaccurate and costly results. With Parathon the Providers know with certainty the liquidation value of those contracts and are able to negotiate favorable terms that ensure maximum reimbursement based on real data.
Pillar 3:
Daily Payment Compliance
Promptly identifying reimbursement shortfalls and pursuing TPPs for contractual amounts typically accounts for a significant portion of revenue that is lost to Providers. Parathon allows you to closely monitor reimbursement for contractual compliance and aggressively pursue underpayments and inappropriate denials on a daily basis. Like all of the Parathon Contract Management Pillars, Daily Payment Compliance monitoring is critical in sustaining each Provider’s financial viability.
Pillar 4:
Customer Reporting and Analytical Tool
The Under Paid Receivable Open Account Report (UPROAR) tool provides unmatched collection transparency. With Parathon’s UPROAR tool, Providers have the ability to access reports daily that identify the underpaid accounts, tracks the underpayments, and most importantly exactly how much additional revenue has been collected. An additional unique UPROAR benefit is the ability to view the data broken down by individual Payer.
Pillar 5:
Business Intelligence Reporting
The most comprehensive FLASH Dashboard and reporting tool designed specifically for maximizing revenue collections. Parathon provides access to the most accurate and complete data because of the proprietary PDB. With complete data provided by Parathon, the Provider can generate advanced reporting and business intelligence.
Add-ons for Parathon Contract Management:
CDM Price Sensitivity (Chargemaster services), Work Lists, ACO Reimbursement, A/R Vendor Management, Patient Facing Estimator, Patient Responsibility Estimator, Price Transparency, Zero Balance, Underpayments, Denial Management/Clinical & Technical, Zero Payment, A/R Rundown
