HFRI Changes Name to ParaRev; Move Reflects Expanded Revenue Cycle Capabilities

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.

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“We’re excited to consolidate our services under a name that captures our collaborative approach to revenue cycle services”

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:

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• 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.