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Understanding the GreenFlag Advantage for Medical Practices. Conventional Collection Approach. Most practices traditionally take a two-phase approach:. 1. Phase 1: In-House Efforts.
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Conventional Collection Approach Most practices traditionally take a two-phase approach: 1 Phase 1: In-House Efforts According to the Dartnell Institute, the average cost of working patient accounts internally over a six month period is $31.60 per patient account. 2 Phase 2: Percentage Collection Agency
GreenFlag Three Phase Approach 1 Phase One: Optimize In-House Efforts Limit internal efforts to less than $10 per patient account 2 We contact the slow paying patient accounts every 10-14 days. Making up to 5 contacts, with each one getting progressively stronger. Phase Two: In-House Use of Third Party (GreenFlag) Fixed fee of typically less than $14 per account. You control the process. 3 Phase Three: Conventional Collection Methods
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%
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
What the Experts Say “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 “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 “Transworld gets credit for the highest recovery rate in the industry.” -Barron’s
Patient Account Depreciation Start Early - Recover More
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. Start Early - Recover More! • Experience a 56% recovery rate. • At an average cost of 4 cents per dollar collected. Transworld Collected 56% (company average) AverageAgency Collected 14% (ACA Average) Our clients are experiencing 4 times the recovery rate at 1/6th the cost! Average Agency Cost: 33% (ACA Average) TSI Cost: 4% (company avg.)
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 • You will get paid in full! • Reverse lines of communication! • 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
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
Questions? Kent Christensen District Manager Central Plains District Omaha, NE Phone: (402) 884-4292 kent.christensen@transworldsystems.com