Download - Evaluating your Collection Agency:
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Evaluating your Collection Agency:
What Sets an Agency Apart from the Competition
Presented By:
Bill BrownSales Executive
Credit Adjustments Inc.
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What Constitutes a “Good” Collection Agency
• Superior Customer Service
• Performance• Vast Capabilities• High Recovery• Industry Knowledge• Credentials, Training &
Experience
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Customer Service vs. Performance
• More then just Choosing the Lowest Bidder
• Equal Balance of the Traits
• Quality of an agency can Increase Your Success in the Future
• Evaluate an agency based on reports & recommendations
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Customer Service
• Agency is a Representation of your Public Image
• Ethics
• Patients = Repeat Customers
• Some Hospitals are Paid in Quality Scores
http://www.youtube.com/watch?v=phGzXh3z55c
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Performance• Percentage rate of commission may be less important then
the agency’s percentage of return
• Profit is greater in the second example because the recovery rate is higher
• Commission Rate =Meaningless
• Net Return is Key
Information from www.acainternational.org
Account Placemen
tAmount
Agency Commission Rate
RecoveryProfit from “Bad Debt”
$1,000 25% $300 $225$1,000 35% $500 $325
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Reporting & Evaluating the Agency’s Performance
• Monitor accounts by monthly placementso What has been placedo What has been collectedo I.e. Recovery Report
• Compare & Contrast Your Agencies
• Complaint Log
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Reporting & Evaluating the Agency’s Performance (Cont’d.)
• Random Auditing
• Reconciliation
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Industry Knowledge:The Compelling Need for Understanding Your
Industry & Changes in Law
• Pressure on Hospitals to Collecto Medicaid & Medicare
Cutbacks
• New Industry Developments & Government Regulationso Value Based Purchasingo New Collection Legislation
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Value Based Purchasing
• Starting October 1, 2012, hospitals will be penalized for failing to meet new value based purchasing standards established by Medicare
• Incentive Based Payments for High Customer Service Performance Standards
• www.valuebasedpurchasing.com
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New Legislation
• New Prohibited Communication
• New Patient Notice Requirements
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Credentials, Training, & Experience
• Complies with State Licensing & Bonding Laws
• Members of organizations such as ACA International & HFMA
……(Obviously)
• Federal and State Laws & Regulations