VARO has on-staff Certified Public Accountants (CPA’s) to ensure cash is managed with the highest level of accounting standards.

VARO designs your letter/statement which includes identifying the information necessary for posting payments in your system. A personal PO Box is set up specifically for your organization where patients send checks. Checks are then processed and a cash image letter is sent directly to your bank on a daily basis. Payment files are sent electronically through an SFTP site daily so transactions can be uploaded/updated to the patient’s account. VARO also sends a daily reconciliation between the bank deposit(s) and the payment files. In order for this to be achieved, the Client must initiate contact with their bank and provide VARO with an introduction to the bank to set up the cash image letter. From there, we can proceed with the remainder of set-up and testing of files directly with the Client’s bank.   

Cash:

  • VARO processes all payments (checks, credit cards, cash)
  • Funds are deposited directly into Client’s bank account every business day
  • VARO sends an electronic payment file to client for posting into client’s enterprise system
  • VARO reconciles deposited cash to electronic posting file

Non-Cash

  • VARO scans and attaches non-cash items (like correspondence) to patient account records
  • When a client utilizes VARO: Accounts with non-cash items attached are queued up for VARO reps to review, and when appropriate, resolve (a dispute or complaint letter)

Success Story

Enhanced Collection Rate Management

Provider Type: Medical Device Company

Problem: A Medical Device Company was entering a growth pattern and lacked the necessary infrastructure to manage self pay collections and self pay customer services.

Solution: VARO developed a comprehensive sourcing solution that included BPO services such as self-pay customer service, accounts receivable collections, insurance found strategies, lockbox services, and bad debt collections.

Results: VARO developed and implemented a customized self pay revenue cycle solution that:

  • Consistently generates 65%+ collection rates
  • Provides valuable supplemental BPO solutions (including lockbox and reporting)
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