2014 tsi-medical-presentation

transcript

Your Cash-Flow Partner

Our Agenda

● Introductions● About Transworld Systems● Getting to Know You● The 4 Patient Payer Types● New Cash-Flow Solutions ● Recommendations & Next Steps

4 Quick Questions To Start

1. Who is in our meeting?

2. How many accounts are you billing monthly?

3. What practice management software do you use?

4. What would be most important consideration for you to make a change to your revenue cycle management process?

All providers should expect to be paid on time

Extending credit is a courtesy and should not bring financial or regulatory risk to a practice

Practices should be able to focus on their specialty, free from the burden of collections

Unpaid bills negatively impact everyone

Late-paying patients should be held accountable to their obligations in a dignified, lawful and respectful manner

The Healthcare Creditor’s Bill of Rights

Who is Transworld Systems?

oTransworld Systems represents more healthcare clients than any other agency (over 20,000 clients nationwide)

o We provide proven cash-flow solutions for practices of all sizes

o We work on a fixed-fee basis of around $12.00 per account

o We are a recognized healthcare collections compliance leader

o We have been working hard to improve our clients’ cash-flow since 1970

What the Experts Say…

“Transworld Systems has a success rate of four times the industry average”

“The company has a collection rate of well over 50%. The typical collection firm gets only 20% and keeps 25%-50% of recovered funds.”

“Transworld Systems has collected over $500 M for MGMA members… and exceeded our 90% member satisfaction requirement every year since the relationship began in 1998.”

- MGMA Staff

Let’s talk about you!

What Are Your Top A-R Priorities?

➊ Resolve currently delinquent accounts?

➋ Lowering internal effort & expense?

➌ A short term cash-flow solution?

➍ A long term cash-flow solution?

➎ Compliance concerns?

Change Is Hard

Possible reasons why you haven’t made a change yet…

o Didn’t want to lose control of the accounts

o Too time-consuming to find a new collections partner

o Too much change already going on

o Because you think that all collection agencies are about the same

Do any of those reasons

resonate with you?

Early Intervention Pays Off

Source: U.S. Department of Commerce

Account Collectability

Total Days Delinquent

Reasons You Must Collect As Quickly As Possible

1. Self Pay represents a bigger percentage of A/R than ever before2. People change insurance plans more often3. You are competing with commercial businesses to get paid4. It is too expensive to just keep billing and following up5. More complaints come from those patients who owe money (trying to justify non-payment)

6. Patients will go to another facility if they owe you money7. To stay in Business

Question:

What has automation

not yet touched in

the healthcare

world?

* Why not automate payment reminders too?

The FourPatient Payer Types

Here is what we know:➔ You deal with all four➔ They all require a different approach➔ It is a mistake to treat them all the same

The Four Types of Patients, and What Makes Them Pay

Statement

Reminders

3rd Party Impact

Professional CollectionsDelibera

Disrespectful

Distracted

Dutiful

We Offer A Staged Solution for Optimum Cash-Flow

C O L L E C T I O N S

Statement

Reminders

3rd Party Impact

Professional

Collector

Deliberate

Disrespectful

Distracted

Dutiful Pay upon receipt

Objective: Get to the Disrespectful and Deliberate Patients as quickly and inexpensively as possible

Introducing the 3 Cash-

Flow Services the Experts All Agree On

1. For Distracted Patients• We execute 5 reminders in your practice’s name• Over a 35 day timeframe• You pay a flat fee of between $6.00 - $15.00 per

account• Less expensive than sending

statements/letters/phone calls

For Distracted Patients

For Disrespectful Patients

- We make 5 Collection Demands

- You will recover from many

patients that pay as soon as a 3rd party is involved

- You pay flat fee between $6.00 - $15.00 per account for five collection agency demands

- All money goes directly to your practice (instant cash-flow)

We even say “Thank You” for paying

Optional&

For Deliberate Debtors

• Our national team of professional collectors will turn up the heat on high-risk accounts

• Services include: skip-tracing, asset discovery & legal efforts

• Contingency/percentage based fee structure• Submit accounts and access reports from your

Online Client Portal (OCP)

It is time for the professional debtors to deal with professional

collectors

Five Collection Demands

Professional Collectors

Your Initial Statement or Invoice

Five 1st-Party Reminders

We Offer a Progressive

Staged Approach to

Account Resolution

Online client portal for submitting and reporting * demo available upon request

Interfaces with most leading PMS platformsFree Client launch & support24/7 AccessStaff training

Easy to Use

Are we already working with your PMS?

Are we already working with your Dental PMS?

We Are The Compliance Leader

In Conclusion, our solutions:

▪ Reduce internal expenses▪ Lower your days in A/R▪ Have the fastest ramp-up time in the industry

▪ Insure 100% regulatory compliance▪ Collect more money… much faster

Let’s look at some results

Performance Reports

FourQuestionsTo Start Collecting

➊ Where would you want us to start collecting? 30 • 45 • 60 • 75 • 90

➋ Start with 1st Party Reminders or Collection Agency Demands?

➌ How many accounts each month at that age?

➍ What test period do you want to use?

Fixed Fee PricingAppx. Number of

Accounts per MonthTotal Number of Accounts

(24 months) Cost Per Account

4 100 13.50

10 250 12.50

20 500 11.25

40 1,000 10.25

100 2,500 9.75

200 5,000 8.90

400 10,000 7.85

600 15,000 7.25

1000 25,000 6.75

2000 50,000 6.25

3000 75,000 6.00

4000 100,000 5.75

6000 150,000 5.50

8000 200,000 5.25

Selling Resources

Insurance Resolution Service▪ We have been accelerating claim resolution for

clients for over 20 years▪ We have learned that automation works on

insurance companies too▪ They will respond differently to a 3rd Party demand

than they will to a practice or hospital▪ We provide this service on the same fixed-fee price

schedule▪ Here is how it works…

Written Collection Demands Work To Resolve ClaimsFROM: Licensed collection agency

TO: Insurance carrier

BODY: Claim summary info

EMPHASIS: Stop stalling. Either pay us or resolve this claim.

FOOTNOTE: Legal language for that state

PAYMENT: All checks come directly to you.

Account Resolution Snapshot for an Example Healthcare Client

TSI Collections Benefits

▪ We utilize some of the most sophisticated technology in the industry. ▪ All accounts are scrubbed for bankruptcies, recently deceased, and the National Change of

Address (NCOA) database.▪ Accounts are skip-traced electronically to ensure we are using the most up-to-date contact

information available▪ All accounts with balances greater than $100.00 are appended with full credit bureau

reports▪ All accounts are initially scored and segmented before being worked. This ensures optimal

results are achieved.

Mixed Media Create Urgency

Contact 1:Diplomatic Reminder

Letter

Reminder Call #1:

Hello. This is not a telemarketing call. This is <TSI Client Name> calling regarding your account and a letter we recently sent you on <Date>. This message is for <Debtor Name>. Please contact us at your earliest convenience at <Phone> and reference your account number <Account>. Again, that’s <TSI Client Name> at <Phone>. Thank you for your immediate attention to this matter. To be connected to a representative, please press 1

Making Cash Flow®

Technology Makes a Difference

Letter

Reminder Call #2:

Hello. This is not a telemarketing call. This is <TSI Client Name> calling for the second time regarding your account and a letter we recently sent you on <Date>. This message is for <Debtor Name>. Please contact us at your earliest convenience at <Phone> and reference your account number <Account>. Again, that’s <TSI Client Name> at <Phone>. Thank you for your immediate attention to this matter. To be connected to a representative, please press 1.

Making Cash Flow®

Contact 5:Final

WarningLetter

Making Cash Flow®

Puts patient on notice that they may be subject to further Collection activity if they don’t pay now.

42 Years of Proven Success

Making Cash Flow®

Demand 1 – Diplomatic, Intensive orBad Check

Options

Making Cash Flow®

Demand2

Or Choose A Call

Profit Recovery Call:Hello. This is an important message from Transworld Systems, a debt collection

company. This is an attempt to collect a debt and any information

obtained will be used for that purpose.

We are calling in reference to a letter we sent you on <Date> regarding our client <TSI Client Name>. Please return the call to <TSI Client Name> at <Phone>. Again, that’s <TSI Client Name> at <Phone>. When calling please refer to your id code <Account>.

Transworld Systems is a debt collection company and any information obtained will be used for that purpose. Thank you. To be connected to a representative, please press 1.

Making Cash Flow®

Demand3

Driving Urgency

Making Cash Flow®

Demand4

Or Choose A Call

Profit Recovery Call:Hello. This is an important message from Transworld Systems, a debt collection

company. This is an attempt to collect a debt and any information

obtained will be used for that purpose.

We are calling in reference to a letter we sent you on <Date> regarding our client <TSI Client Name>. Please return the call to <TSI Client Name> at <Phone>. Again, that’s <TSI Client Name> at <Phone>. When calling please refer to your id code <Account>.

Transworld Systems is a debt collection company and any information obtained will be used for that purpose. Thank you. To be connected to a representative, please press 1.

Demand5

Making Cash Flow®

ThankYou

Letter

Optional Thank You

Letter

(Remember, no credit reporting

done during Profit

Recovery – we are looking to maintain your relationship with your patients)

Let’s Compare

Assumptions: ▪Average Balance - $1,000

▪Total Number of Accts - 1,000

▪Current Agency Recovery Rate - 25%

▪Transworld Systems Recovery Rate 25% *

▪Current Agency Cost – 30%

▪Transworld Systems Cost - $ 6.75 per account**

The Bottom Line:

Current Agency Transworld Systems

Number of accounts: 1,000 1,000 Average Balance: $ 1,000 $ 1,000 Total Submitted: $1,000,000 $1,000,000 Average Recovery Rate: 25% 25% Total Recovered: $ 250,000 $ 250,000 Collection Cost: (30% vs. $6.75 ) $ 75,000 $ 6,975 NET dollars returned: $ 175,000 $ 243,023

➔ Additional Profit with Transworld Systems = $ 68,023 ***

What the “***” Mean

* 25 % is lower than our average recovery rate.

** Price is determined by number of accounts submitted monthly.

*** The real savings will come out of additional money collected by our program, and in internal savings. Also, the money will go directly to your lock box/bank account.