transworld systems medical
Post on 14-Jul-2015
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Leading Our Industry
• Transworld S yste m s has be e n in the bus ine s s of Making Cash Flow for
bus ine s s e s and organizations of all s ize s s ince 1970
• We have ass is te d ove r 200,000 clie nts in re solving $6 b illion in the
past d e cad e
• We se rve ove r 20,000 m e d ical provid e rs and m ore than 2,000
financial ins titutions
• We provid e local custom e r s e rvice and support with 100 office s
and ove r 700 Account R e pre se ntative s
• O ur C om m itm e nt:
“To deliver the most progressive and effective cash-flow tools available to our clients”
Making Cash Flow®
Part of the MGMA AdminiS erve® partner Network
* HFMA staff and volunteers determined that this product has met specific criteria developed under the HFMA Peer Review Process. HFMA does not endorse or guaranty the use of this product.
Let’s Agree on a Few Things:
1. The old e r an account ge ts , the hard e r it is to colle ct
2. The re is a d iffe re nce be twe e n a casual d e linque ncy and a h igh-risk d e bt
3. C ons is te nt and e ffe ctive follow-up can be challe nging & e xpe ns ive
4. Most practice s would pre fe r to ne ve r have to use a colle ction age ncy
Making Cash Flow®
Challenges & Costs: Internal Follow-Up
Making Cash Flow®
• “The faste r you m ail an invoice , the faste r you will be paid . If your
s e rvice d oe s not autom atically trigge r an invoice and s tate m e nts ,
e s tablis h a se t b illing s che d ule , pre fe rably we e kly. ” - The Journal of Accountancy
• “Most bus ine s se s have the ir accounts re ce ivable in s ham ble s
be cause the y cannot m anage the ir sale s and b illing on a d aily
bas is .” – SmallBusinessZone.com
• “It costs bus ine s s e s approxim ate ly $31 .60 to re cove r a past d ue
account.” – D artnell’s Institute of Business
• “53% of surve ye d sm all bus ine s s owne rs said the y are
e xpe rie ncing cash flow proble m s .” – D iscover Small Business Watch
Optimize Your A/R Process
Most practice s have a two ste p approach to colle ctions :
C halle nge s with a Trad itional, Two S te p Approach :
• D e btors know the y owe , but d on’t care• D e btors are le s s like ly to re spond as atte m pts continue
• No cap on tim e or m one y spe nt on follow-up
• Bus ine sse s spe nd too m uch tim e chas ing accounts inte rnally d ue to the
h igh cost of age ncie s and fe ar of alie nating patie nts
• Take s too long to e s tablish the casual d e linque ncy vs . inte ntional
d e linque ncy
Day 30 Day 60 Day 90 Day 120 Day 150
S tate m e nt
($1 .1 0)
S tate m e nt
($1 .1 0)
S tate m e nt ($1 .1 0)
Le tte r #1 ($1 .1 0)
Phone C alls
($2.96)
S tate m e nt ($1 .1 0)
Le tte r #2 ($1 .1 0)
Phone C alls
($2.96)
S tate m e nt ($1 .1 0)
Le tte r #3 ($1 .1 0)
Phone C alls
($2.96)
In-Hous e Efforts
CollectionsDay 180 (approx)
Inte ns ive te le phone contact and /or le gal action at a cost of 25-50% of re cove re d am ounts .
Making Cash Flow®
Placing Accounts is Easy
Making Cash Flow®
It’s e asy to subm it accounts :
• Log on to our se cure
O nline C lie nt Portal (O C P)
and subm it accounts for
any of our s e rvice s , 24/7
• U pload accounts one by
one or in a batch upload
form at
• Vie w accounts , s top
accounts , re port paym e nts
and pull pe rform ance
re ports all from one e asy to
us e portal
• You re m ain in com ple te
control
Mixed Media
Create Urgency
Contact 1:Diplomatic Reminder
Letter
Contact 2:Diplomatic Reminder
Call
Automated Reminder Call :H e llo. Th is is not a te le m arke ting
call. Th is is Affiliate s Im aging
calling re gard ing your account and
a le tte r we re ce ntly se nt you on
June 1 , 201 1 . Th is m e s sage is for
Joe S m ith . Ple ase contact us at
your e arlie s t conve nie nce at
51 0.658.5645 and re fe re nce your
account num be r 1 356. Again,
that’s Affiliate s Im aging at
51 0.658.5645. Thank you for your
im m e d iate atte ntion to th is m atte r.
*C lick be low to he ar a sam ple of th is
m e ssage .
Making Cash Flow®
Contact 3:Diplomatic Reminder
Letter
Contact 4:Diplomatic Reminder
Call
Automated Reminder Call :H e llo. Th is is not a te le m arke ting
call. Th is is Affiliate s Im aging
calling for the s e cond tim e
re gard ing your account and a le tte r
we re ce ntly s e nt you on June
1 ,201 1 . Th is m e ssage is for Joe
S m ith . Ple ase contact us at your
e arlie s t conve nie nce at 51 0.
658.5645 and re fe re nce your
account num be r 1 356. Again,
that’s Affiliate s Im aging at
51 0.658.5645. Thank you for your
im m e d iate atte ntion to th is m atte r
*C lick b e low to he ar a sam ple of th is
m e ssage .
Making Cash Flow®
Leveraging
Technology
GreenFlag Profit Recovery
For accounts that are n’t colle cte d in G re e nFlag Acce le rator, our
G re e nFlag Profit R e cove ry s e rvice includ e s :
• E arly th ird party colle ction age ncy inte rve ntion at a controlle d cost
(fixe d -fe e , no pe rce ntage s )
• C olle ction d e m and s with cons is te ntly incre as ing inte ns ity, at th is
po int d e btors ne e d to und e rstand the conse que nce s of not paying
• We instruct party to pay you d ire ctly
• You choose the approach – d iplom atic or firm
• You stay in com ple te control through the e ntire proce ss
• G uarante e d re sults
• Local th ird party im pact from one of our 1 00 office s
Making Cash Flow®
40 Years of Proven
Success
Making Cash Flow®
Demand 1 – Diplomatic , Intens ive orBad Check
Options
Pre- Collection3rd Party
Demands
Making Cash Flow®
Demand 1 – Diplomatic , Intens ive orBad Check
Options
40 Years of Proven
Success
Pre- Collection3rd Party
Demands
Making Cash Flow®
Demand2
Or Choose A Call:
Automated Call:
H e llo . Th is is an im portant m e ssage
from Transworld S yste m s , a d e bt
colle ction com pany. Th is is an atte m pt
to colle ct a d e bt and any inform ation
obtaine d will be use d for that purpose .
We are calling in re fe re nce to a le tte r
we se nt you on < D ate > re gard ing our
clie nt < TS I C lie nt Nam e > . Ple ase
re turn the call to < TS I C lie nt Nam e > at
< Phone > . Again, that’s < TS I C lie nt
Nam e > at < Phone > . Whe n calling
ple ase re fe r to your id cod e < Account> .
Transworld S yste m s is a d e bt colle ction
com pany and any inform ation obtaine d
will be use d for that purpose .
Thank you .
*C lick be low to he ar a sam ple of th is
m e ssage .
Making Cash Flow®
Demand4
Or Choose A Call
Automated Call:
H e llo. Th is is an im portant m e ssage from
Transworld S yste m s , a d e bt colle ction
com pany. Th is is an atte m pt to colle ct a
d e bt and any inform ation obtaine d will be
use d for that purpose .
We are calling in re fe re nce to a le tte r we
se nt you on < D ate > re gard ing our clie nt
< TS I C lie nt N am e > . Ple ase re turn the
call to < TS I C lie nt Nam e > at < Phone > .
Again, that’s < TS I C lie nt N am e > at
< Phone > . Whe n calling ple ase re fe r to
your id cod e < Account> .
Transworld S yste m s is a d e bt colle ction
com pany and any inform ation obtaine d
will be use d for that purpose . Thank
you .
*C lick be low to he ar a sam ple of th is
m e ssage .
Transworld Collections
For the ve ry fe w h igh ris k accounts that go uncolle cte d :
• We have a nationwid e te am of colle ction e xpe rts who work the se
ove rd ue accounts
• The Transworld S yste m s C olle ctions s e rvice is continge ncy
base d
• You pay only for what is re cove re d on the se h igh-risk accounts
• You can subm it the accounts and pull re porting d ire ctly from the
O nline C lie nt Portal
Making Cash Flow®
What happens if patients don’t pay after they receive the demands?
• You d e cid e the ne xt s te p : O ption= Ve rbal D e m and s
C olle ction - Phase II
• S e am le ss flow from in-house e fforts to a continge ncy
age ncy
• Your practice be ne fits from a profe ss ional te am of we ll-
traine d colle ctors us ing ind ustry-le ad ing te chnology from
te le phone ce nte rs throughout the country.
Insurance Resolution
• 80% of all reve nue for m ost hosp itals
and m e d ical practice s com e s from
insurance claim s file d e le ctronically or
m anually.
• D e lays in paym e nt cause frustration
and re strict cash-flow.
• G re e nFlagS M Insurance Re solution is a
re volutionary tool to ass is t in the rap id
re solution of the se claim s .
Time is Not on Your Side
Symptom: Delay in Claim Resolution
Poss ible causes :
• Incorre ct inform ation
• Miss ing cod e s , s ignature , e tc.
• Money applie d to d e d uctible
• Insurance che cks re le ase d to patie nts
• Insurance com panie s s im ply hold ing on to your m oney as long as pos s ible
• “C laim s ne ve r re ce ive d ”
• C laim s he ld in “Re vie w”
Considerations
• R is ing inte rnal re cove ry costs and FTE expe nse s
• C ontinue d d e pre ciation of old claim s
• C oord ination of be ne fits with prim ary or se cond ary provid e r
• Billing s taff te nd e ncy toward s conce ntration on curre nt claim s afte r num e rous
atte m pts to re cove r old e r claim s have faile d
• C ontinue d re striction of cash flow
Typical In-House Approach
Day 1-30
31-60 61-90 91-120 121-150 151-180 181-210
HCFA 1500
OR
UB04 Sent
Telephone Calls
OR
Send Tracers
Telephone Calls
OR
Send Tracers
Telephone Calls
OR
Send Tracers
Telephone Calls
OR
Send Tracers
Telephone Calls
OR
Send Tracers
Telephone Calls
OR
Send Tracers
$0.50 $2.75
$1.25
$2.75
$1.25
$2.75
$1.25
$2.75
$1.25
$2.75
$1.25
$2.75
$1.25
Internal Cos t$20-$27/C laim
Insurance Resolution
• Low, fixe d fe e s of $1 0* pe r claim allows you to utilize th is s e rvice on claim s
as e arly as 45-60 d ays past-d ue
• Incre ase cash flow, wh ile re d ucing inte rnal costs
• E xpe d ite s re sponse from insurance carrie r
• Insurance carrie rs by-laws and inte rnal policie s typ ically re qu ire im m e d iate
re sponse to our lice nse d th ird party contacts
• O ur th ird party d e m and m ove s the claim from a cle rk to a supe rvisor, who in
turn se ttle s the claim
• S tand ard ize s insurance follow-up proce ss
Claims you can submit:• C om m e rcial Insurance
• Manage d C are Plans
• H MO ’s
• PPO ’s
• Me d icare
• Worke rs C om pe nsation
The Results Say it All!
• A surgical hosp ital s ubm itte d 265 claim s
totaling $622,000. In 60 d ays ,
G re e nFlag Insurance Re solution
re cove re d m ore than $400,000 at a total
cost of $2,1 20.
• A large , non-profit hosp ital subm itte d
1 20-plus d ay-old claim s totaling
$584,000 through G re e nFlag Insurance
R e solution. G re e nFlag re cove re d m ore
than $385,000 in 75 d ays .
The Results Say it All!
“S ince July 2001 , Transworld has colle cte d ove r $2.6 m illion for our
office in d e linque nt insurance claim s with the ir Insurance R e solution
program . The colle ction cost was a m e re .08% ! We ’re now also us ing
Transworld on our private pay accounts and ge tting 53% re cove ry at
3.4% colle ction cost!”
– Ruby D ust, Administrator, Surgery, Inc.
“R e -d ire cting fund s pre vious ly spe nt on in-house colle ction le tte rs and
e fforts im prove d our bottom line by incre as ing re ve nue and d e cre as ing
ove rhe ad .”
– David Kirk, Administrator, Intermountain O rthopedics
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