+ + + 2016 medical overview rww version
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Consultation & Service Overview Bob Weiss
Business Development [email protected]
561-601-4280
New Solutions for Managing Cash Flow
What we do
① We have been delivering progressive cash-flow solutions to businesses, medical offices and organizations of all sizes since 1970
② We have assisted over 20,000 healthcare clients in resolving $6 billion in A-R over the past decade, helping them to eliminate their need for traditional collection agencies and attorneys
③ Our services are based on fixed-fee pricing of around $10-15 per account, depending on account volume
④ TSI is fully compliant with all regulations affecting 1st & 3rd party collections, including HIPAA, FDCPA and TCPA and we provide a hold harmless agreement to every client
⑤ Our services allow you to react quickly and appropriately to slow paying accounts and avoid the serious issues associated with accounts receivable
Over 20,000 medical practices, hospitals & dental practices nationwide trust Transworld Systems
We do it for them. We can do it for you!
Health First Medical Group Cardiovascular Consultants Anesco Sunrise Senior Living Gastro Health PL Neuro Network Partners Vitor Weinman MD One to One Physical Therapy National Pain Institute Carlos Azar MD Fertility and IVF Center Pulmonary Group of S FL Arthritis & Rheumatic Care Richard L Fox DO, PA Galloway Anesthesia Assoc West Broward Rheumatology Infectious Diseases Aran Eye Associates Gastroenterology Consultants Kalstone Feldman Kenward MDs Jose R Azaret MD Neurologic Consultants Brookdale Senior Living Rheumatology Center Ctr for Arthritis & Rheumatic Passage Health International Pediatrics By The Sea Berto Lopez MD Kahlil Shillingford MD Boca Fertility Infants & Childrens PA Garcia & Giron Mds Gil Aronson MD Palm Beach Urology Mote Wellness & Rehab Marisa Messore MD
Let’s Agree on a few things
• Consistent, effective follow-up can be challenging and expensive
• Different kinds of debtors require different kinds of communication
• Most practices would prefer to never use a collection agency at all
• The older an account gets, the harder it is to collect
The Challenge
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Traditional Accounts Receivable Model:
• Debtors know they owe, but may not care
• Patients are less likely to respond as attempts continue
• There is no cap on the time or money spent on follow-up
• Practices follow this model due to the high cost of collection agencies, and fear of alienating their patients
• There is no way for a practice to know who is a “casual” delinquency, and who is a serious non-payer
Four Kinds of Payers
Type
1.Reliable
2.Distracted
3.Disrespectful
4.Professional Debtors
Why They Pay
1.Statement
2.Reminders
3.Third Party Impact
4.Professional Collectors
* The good news is that over 90% of all patients fall into the
first two categories for most practices.
Our staged in approach increases urgency while limiting costs
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• 1st Party: You are asking for payment, but TSI is doing the work • Five Contacts in 40 days, all in your practice’s name • Caps time and money spent on follow up – Limits your touches • Standardizes your AR process • Accelerator separates casual delinquencies from serious ones
• 3rd Party: Five Collection Agency Demands in a span of 40-60 days • TSI fills “bill collector” role • Every demand creates greater urgency • Still allows you to help the debtor resolve their debt • Greater leverage allows you to control the process (payment terms, credit, etc.) • Services are fixed-fee based
Accelerator for those that simply need a reminder
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 speak to us now, press 1.
Reminder 1 & 3: Friendly Reminder Letters
Reminder 2 & 4: Friendly Reminder
Calls
Most people have paid by now. Those who haven’t need a consequence, a real reason to respond
Accelerator Results by Industry
Profit Recovery creates real consequences without percentages
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. To speak directly to your creditor, press 1.
Thank you.
Profit Recovery Demands 3 and 4 increase urgency
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. To be connected directly to your creditor, press 1.
Thank you.
5th and Final Profit Recovery Demand
Thank you letter sent to those that pay in full at no additional cost
Our staged in approach increases urgency while limiting costs
0 60 90 120 150 30
• 1st Party: You are asking for payment, but TSI is doing the work • Five Contacts in 40 days, all in your practice’s name • Caps time and money spent on follow up – Limits your touches • Standardizes your AR process • Accelerator separates casual delinquencies from serious ones
• 3rd Party: Five Collection Agency Demands in a span of 40-60 days • TSI fills “bill collector” role • Every demand creates greater urgency • Still allows you to help the debtor resolve their debt • Greater leverage allows you to control the process (payment terms, credit, etc.) • Services are fixed-fee based
Complete transparency via our online client portal
Placing Accounts is Easy
• Submit through our secure Online Client Portal (OCP) 24/7
• Upload accounts one-by-one or in a batch format
• View or stop accounts, report payments and pull performance reports all from your custom client portal
• You are in control of your accounts at all times
Making Cash Flow®
Summary of Benefits
TSI’s key benefits:
• Innovative staged approach to cash-flow management
• Fixed-fee based
• Lower your internal follow-up and collection expenses
• 24/7 client access to activity and performance reports
• Service all of your accounts, regardless of age, balance or location
• Our processes are compliant with all state and federal requirements (FDCPA, HIPAA, TCPA, &
others)
• Your personal Account Executive will make sure you get the best possible results from our services
• Our Performance Guarantee
Emphasis on Compliance
Compliance is one of TSI’s key benefits and corporate
mandates. We are fully compliant with the TCPA, FDCPA
And HIPAA requirements.
How important is prioritizing compliance in today’s
regulatory environment? Here are just a few of the
companies that have had lawsuits, judgments or
Settlements in just the last year:
Dell, Jiffy Lube, Google, Microsoft, Dish
Network, Arrow Financial, Sallie Mae,
Twitter, The Huffington Post, Wilcrest
Healthcare, Standard Mutual Insurance,
and many more.
Contingency Collections
Servicing the few high-risk accounts that go uncollected:
• Nationwide team of professional collectors who will turn up the heat on these overdue accounts
• Services include skip-tracing, asset discovery, consumer and commercial collections, & legal efforts
• Contingency based fee structure
• You pay only for dollars recovered on these high-risk accounts
• Submit the accounts and pull reporting directly from your Online Client Portal (OCP)
It is time for the professional debtors to deal with professional
collectors
Consultation & Service Overview Bob Weiss
Business Development [email protected]
561-601-4280
New Solutions for Managing Cash Flow Questions?