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Understanding The GreenFlag Advantage For Dental.

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Presentation on theme: "Understanding The GreenFlag Advantage For Dental."— Presentation transcript:

1 Understanding The GreenFlag Advantage For Dental

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 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 60,000 in the Medical & Dental 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

5 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

6 Some Of Our Satisfied Clients Apple Family Dental Dental Innovations Family Dental Center of West Point Legacy Dental Liebentritt Family Dental J Bryan Hohenstein DDS J Brian Wessling DDS Dregalla Family Dentistry

7 Patient Account Depreciation Start Early - Recover More

8 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!

9 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

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


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