medical presentation with insurance 3 2008[1]
Post on 12-May-2015
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• Since 1970 we’ve led the industry in profit recovery.
• Transworld’s recovery rate is consistently higher than the national collections industry average.
• Last year, we recovered in excess of $700 million for more than 60,000 clients, including many Fortune 500 companies
• National and Local Presence:• 130 offices (Local presence) • Licensed in every state that requires licensing
About Us
Some of our Satisfied Customers
• “...a long term proven record of being able to deliver twice the normal recovery rate at a fraction of the normal cost.”
» Shearson Lehman• “Transworld gets credit for the highest recovery rate in
the industry.”» Barron’s
• “The Company has a collection rate of well over 50%. The typical collection firm gets only 20% and keeps 25% to 50% of recovered funds.”
» Fortune Magazine• “Transworld is one of the nation’s leading accounts
receivable and bad check collectors…they represent many member firms.”
» Better Business Bureau• “Transworld charges a fixed fee and the response rate
is significantly better than in-house efforts.”» National Rural Health Association
What the Experts Say
MGMA Alliance
Serving our 10th year as an MGMA AdminiServe Partner
TSI is the only profit recovery company in this preferred supplier network of 12
Peer Reviewed by HFMA After undergoing rigorous review, GreenFlag
Profit Recovery now features the notable "Peer Reviewed by HFMA" mark.
Most practices take a traditional two-phase approach:
PHASE 1: In-House Efforts
PHASE 2: Percentage Collection
Agency
1 2
Conventional Collection Approach
Current
30 Days
60 Days
90 Days
120 Days
150 Days
Statement
StatementPhone Call
StatementPhone Call
StatementPhone CallLetter #1
StatementPhone CallLetter #2
StatementPhone CallLetter #3
Conventional Collection Approach
180 Days
Conventional Collection Agency or legal action
30-50% Contingency
According to the Dartnell Institute, the average cost of working an account internally over a six month period is $31.60 per account.
Phase 1:In-House Efforts
1
Phase 2:PercentageCollection
Agency
2
PHASE ONE: Optimize In-House Efforts
PHASE TWO: In-House Useof Third Party (GreenFlag)
1 2
GreenFlag Three Phase Approach
PHASE THREE:Conventional
Collection Methods
3
Current 30 Days 60 Days
Statement StatementPhone Call
StatementPhone Call
90 Days
104 Days
118 Days
132 Days
146 Days
180 Days
Credit Management Services
30-50% Contingency
Fixed fee averaging less than $10 per account. The client controls the process.
Limit internal efforts to less than $11 per account
We contact the slow paying accounts every 10-14 days, at the clients direction. Making up to 5 contacts, each progressively stronger.
GreenFlag Three Phase Approach
Phase One:Optimize In-House Efforts
Phase Two:In-House Use
of Third Party
(GreenFlag)
Phase Three: Conventional
CollectionMethods
1
2
3
Account Depreciation
Start Early - Recover More
Start Early - Recover More
National Statistics Prove It
•The American Collectors Association reports an industry recovery rate average of 14% and a collection cost averaging 33% per dollar recovered.
•TSI’s medical clients experience a recovery rate averaging *56% at a cost of approximately 7 cents per dollar recovered.
*age of accounts determines recovery rate
0%
10%
20%
30%
40%
50%
60%
RECOVERY RATE COLLECTI ON COST
TSI vs. ACA
TSI
ACA
User Friendly
•Accounts submitted via secure web portal •User friendly
•24/7 access
•Client controls when accounts are started, stopped or suspended •Provides complete reporting on all accounts
The Demands
Local Impact:• Matches zip code of
debtor to the nearest TSI regional office
First Demand: 3 choices
• Courtesy Notice
• Intensive• NSF
Remittance Voucher• Goes directly to the client
(envelope included)
Third Party Intervention• “…from a collection agency”
The Demands
2nd - 5th Demands:• Increasingly more intense• Sent every 10 or 14 days,
systematically unless client stops service
Thank You Letter• At no additional charge,
Client has the option for us to send to fully reconciled accounts
Optional Thank You Letter
•Standardizes the A/R process for slow paying accounts
•Our service GUARANTEES these accounts are contacted every 10-14 days
•Identify and evaluate existing A/R •Effective tool for clean-up
•Completed within 90 days
•Gives the practice/business the advantage of using a third party, diplomatic approach earlier in the process
•Preserves patient/debtor relationships
•Reduces internal collection costs and staff overload
The GreenFlag Advantage
•Expedites response from insurance carrier
Insurance carriers By-Laws and internal policies typically require immediate response to our licensed third party contacts
Our third party demand moves the claim from a clerk to a supervisor, who in turn settles the claim
•Reduces Internal Costs
Our low cost of $10 or less per claim allows the practice to utilize this unique service on claims as early as 45-60 days past-due
Standardizes insurance follow-up process
Demands for Insurance Resolution
Insurance Recovery Program
Official Price ListEffective January 1, 2009
All Systems are given 24 months to use the service.
Number of Accounts Cost per Account Total Investment
200,000 4.99 998,000.00
150,000 5.25 787,500.00
100,000 5.50 550,000.00
75,000 5.75 431,250.00
50,000 6.00 300,000.00
25,000 6.50 162,500.00
15,000 6.99 104,850.00
10,000 7.50 75,000.00
5,000 8.50 42,500.00
2,500 8.99 22,475.00
1,000 9.50 9,500.00
500 10.50 5,250.00
250 11.50 2,875.00
100 12.25 1,225.00
SYSTEM SIZE WORKSHEET
At what point would you like to use our service? (i.e., 60, 90 days) ________days
How many accounts will reach that point every month? ________
Our PROFIT RECOVERY service is good up to 24 months x 24 months
Total: ________ Accounts to be referred now: ________
Total number of accounts referred: _________
Total # Accounts __________x Avg. Bal. $ ________ = Total $ Referred ____________
Total $ Referred ________________x_______ (Recovery Rate %) = $ _____________
________ (Total # Accounts) x $ ________ (Unit Cost) = $_________ (Total Investment)
Investment $________ ÷ Avg. Bal. $_________ = ______ (# Accounts to get back investment)
Official Price – Monthly Usage
Appx. Number ofAccounts per
Month
Total Number of Accounts
(24 months)Cost per Account Total Investment
8000 200,000 4.99 998,000.00
6000 150,000 5.25 787,500.00
4000 100,000 5.50 550,000.00
3000 75,000 5.75 431,250.00
2000 50,000 6.00 299,500.00
1000 25,000 6.50 162,500.00
600 15,000 6.99 104,850.00
400 10,000 7.50 75,000.00
200 5,000 8.50 42,500.00
100 2,500 8.99 22,475.00
40 1,000 9.50 9,500.00
20 500 10.50 5,250.00
10 250 11.50 2,875.00
4 100 12.25 1,225.00
2 50 14.99 749.50
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