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Understanding the GreenFlag Advantage for Medical Practices.

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Presentation on theme: "Understanding the GreenFlag Advantage for Medical Practices."— Presentation transcript:

1 Understanding the GreenFlag Advantage for Medical Practices

2 Current 30 Days 60 Days 90 Days 120 Days 150 Days Statement Phone Call Statement Phone Call Statement Phone Call Letter #1 Statement Phone Call Letter #2 Statement Phone Call Letter #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 patient accounts internally over a six month period is $31.60 per patient account. Phase 1: In-House Efforts 1 Phase 2: Percentage Collection Agency 2 Most practices traditionally take a two-phase approach:

3 Current30 Days60 Days Statement Phone Call Statement Phone Call 90 Days100 Days110 Days120 Days130 Days 145 Days Conventional Collection Agency or Legal Action 30-50% Contingency Fixed fee of typically less than $14 per account. You control the process. Limit internal efforts to less than $10 per patient account We contact the slow paying patient accounts every 10-14 days. Making up to 5 contacts, with each one getting progressively stronger. GreenFlag Three Phase Approach Phase One: Optimize In-House Efforts Phase Two: In-House Use of Third Party (GreenFlag) Phase Three: Conventional Collection Methods 1 2 3

4 MGMA AdminiServe Partner AdminiServe Partner For The National MGMA (Medical Group Managers Association) –AdminiServe Partner For 10 Year –21,500 MGMA Members –Lead And Manage 13,500 Organizations –270,000 Practicing Physicians –Dollars Recovered: $255+ Million –Collection Cost As Percentage: 2.5% –Average Recovery Rate: 55.5%

5 About Us Since 1970 We’ve Led The Industry In Profit Recovery Transworld’s recovery rate is consistently higher than the national collections industry average. (Approximately 4 times) Transworld’s Average Recovery Rate is: 56% Last year, we recovered in excess of $700 Million for more than 60,000 clients (over 20,000 in the Medical Industry) including many Fortune 500 companies. In the last 5 years, we have recovered in excess of $2.4 Billion Dollars at a collection cost of about 4%. Nationwide Presence: 100+ Offices

6 What the Experts Say “The numbers speak for themselves - recovery of over $230 million dollars with a 53% recovery rate and an ROI of almost 4,000% with a collection cost of 2.5%.” -Steve Hellebush, VP of Business Development, MGMA - Medical Group Managers Association “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 gets credit for the highest recovery rate in the industry.” -Barron’s

7 Some Of Our Satisfied Clients

8 Patient Account Depreciation Start Early - Recover More

9 National Statistics Prove It According to the American Collectors Association, the average agency collects less than 14% of all debts assigned at an average cost of 33 cents per dollar collected. Transworld Collected 56% (company average) TSI Cost: Average Agency Collected 14% (ACA Average) Average Agency Cost: 33% (ACA Average ) Experience a 56% recovery rate. At an average cost of 4 cents per dollar collected. 4% (company avg.) Our clients are experiencing 4 times the recovery rate at 1/6 th the cost! Start Early - Recover More!

10 The GreenFlag Advantage Standardizes the A/R process for slow paying patients Our service Guarantees Results! All patient accounts are worked the same way. (No Skimming) 1 of 3 things will happen in less than 60 days 1.You will get paid in full! 2.Reverse lines of communication! 3.They identify themselves as a hard core patient account! Gives your practice the advantage of a third party, diplomatic voice Preserves patient relationships Reduces internal collection costs and staff overload

11 Online Client Portal (OCP) 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

12 Questions? Kent Christensen District Manager Central Plains District Omaha, NE Phone: (402) 884-4292 kent.christensen@transworldsystems.com


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