1 07.03.2003 Let GreenFlag resolve them! Do Slow-pay Insurance Claims Make You See Red?
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Transcript of 1 07.03.2003 Let GreenFlag resolve them! Do Slow-pay Insurance Claims Make You See Red?
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1 07.03.2003
Let GreenFlag resolve them!
Do Slow-pay Insurance Claims Make You See Red?
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2 07.03.2003
GreenFlag Insurance Resolution• Transworld Systems is the leader in providing medical practices
with better tools for recovering slow paying accounts and expediting reimbursement from insurance companies.
– $650 million recovered for our clients last year
– More than 33 years experience recovering slow-pay and delinquent accounts
– 150 offices throughout the U.S.
FROM TRANSWORLD SYSTEMS INC.
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3 07.03.2003
Transworld and MGMA:Professionals Working with Professionals
• Transworld has been a professional partner to the medical practice industry for more than 10 years.
• We are proud to be an MGMA AdminiServeSM Partner and have been serving MGMA members for more than seven years.
• We are a member of ACMPE.
• We are HIPAA-compliant.
You can be confident we know your business.
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4 07.03.2003
Time is not on your side…
• 80% of all revenue for most hospitals and medical practices comes from insurance claims filed electronically or manually.
• Delays in payment cause frustration and restrict cash-flow.
• GreenFlag Insurance Resolution is a revolutionary new tool to assist in the rapid resolution of these claims.
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5 07.03.2003
Symptom: Delay in claim resolutionPossible causes:
• Incorrect information
• Missing codes, signature, etc.
• Money applied to deductible
• Insurance checks released to patients
• Insurance companies simply holding on to your money as long as possible
• “Claims never received”
• Claims held in “Review”
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6 07.03.2003
Internal complications…
• Rising internal recovery costs and FTE expenses
• Continued depreciation of old claims
• Coordination of benefits with primary or secondary provider
• Billing staff tendency towards concentration on current claims after numerous attempts to recover older claims have failed
• Continued restriction of cash flow
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7 07.03.2003
Typical In-House Procedure:Internal Cost $20 - $27/claim
Day 1-30 31-60 61-90 91-120 121-150 151-180 181-210
HCFA1500 or
UB92Sent
TelephoneCalls or
SendTracers
TelephoneCalls or
SendTracers
TelephoneCalls or
SendTracers
TelephoneCalls or
SendTracers
TelephoneCalls or
SendTracers
TelephoneCalls or
SendTracers
$0.50 $2.75
$1.25
$2.75
$1.25
$2.75
$1.25
$2.75
$1.25
$2.75
$1.25
$2.75
$1.25
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8 07.03.2003
GreenFlag Procedure:Two-Phase Approach
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9 07.03.2003
Why GreenFlag Profit Recovery?• Insurance carrier by-laws and internal policies typically
require immediate response to our licensed third party contacts
• Our third party demand moves the responsibility for the claim from a clerk to a supervisor, who settles the claim more quickly
• Low, fixed cost allows our service to be utilized on claims as early as 30-45 days past due.
• Insurance carriers will call your staff – effectively reversing the lines of communication
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10 07.03.2003
1st Contact to Pay Center 2nd Contact to Pay Center
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11 07.03.2003
GreenFlag: Easy to Use
• GreenFlag standardizes the accounts receivable procedure:
– We work the claims you choose, making A/R more predictable and cash flow steadier.
• Insurance companies are contacted by your local Transworld office.
• Claim information is submitted online and you have 24/7 access to all account information
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12 07.03.2003
Remember…
• It’s not a matter of whether insurance will pay, but when insurance will pay.
• GreenFlag Insurance Resolution reduces your internal costs and lowers response time, which works to reduce the age of your receivables.
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13 07.03.2003
GreenFlag: Easy to Use
Claims you can submit:
– Commercial Insurance
– Managed Care Plans
– HMO’s
– PPO’s
– Medicare
– Worker’s Compensation
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14 07.03.2003
Your practice will benefit
• Using GreenFlag Profit Recovery at 45-60 days allows your staff to focus their attention and efforts on claims in the 0-30 day window. This reduces the number of claims reaching 60 days.
• Quicker resolution of claims means patients get billed faster for their share of the balance, reducing the number of outstanding self-pay issues.
• Reduced internal costs
• Happier staff.
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15 07.03.2003
In Summary:
• Improved Cash Flow
• Higher Recovery on Insurance Claims
• Early Identification of Patient Obligations
• Automated Program Reduces Costs
• Effective National Presence
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16 07.03.2003
The Results Say It All…
• “Since July 2001, Transworld has collected over $600,000 for our office in delinquent insurance claims with their Insurance Resolution program. The collection cost was a mere 1.1%! We’re now also using Transworld on our private pay accounts and getting 50% recovery at 2% collection cost!” ---Ruby Dust, Administrator, Surgery, Inc.
• “Re-directing funds previously spent on in-house collection letters and efforts improved our bottom line by increasing revenue and decreasing overhead.” ---David Kirk, Administrator, Intermountain Orthopaedics
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17 07.03.2003
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18 07.03.2003
DIPLOMATIC FIRST PATIENT CONTACT
• Up to 5 demands will be sent on your behalf – start, stop and suspend activity online
• Payment Voucher and Envelope are included
• Identifies intent
• Separates patients • from debtors
• Allows patient to contact your office to make payment arrangements
• Activity reports refreshed every 24 hours
• Keeps your staff in control at all times.
PATIENT SELF-PAY PROGRAM
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19 07.03.2003
“Thank You!”
Sent to Patients when their accounts are paid
in full to maintain relationship
(your option)
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20 07.03.2003
Verbal Demands• When intensive recovery efforts are
required• GreenFlag Verbal Demands employs a team of highly
trained recovery specialists operating from nationwide call centers.– Verbal Demands Phase:
• Turns up the heat on overdue accounts• You pay only for what is recovered• Offers legal recourse for tough cases• Handles the types of accounts other agencies ignore as un-collectable.• Completely optional – you can cancel accounts online for any reason
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21 07.03.2003
A final word…See for yourself why over 60,000 businesses choose TSI over extended in-house efforts and all other 3rd party alternatives combined •We recover three times the industry average for about one sixth the cost.
•Flat-fee, no percentages – regardless of the balance. Average cost of only 7 cents per dollar collected.
•Diplomatic approach – we recover your profits without offending your valued customers.
•You stay in control – you decide how diplomatic to be and when to turn up the heat.
•Recovered profit is paid directly to you. No more waiting 30-60 days for an agency to pay you your money.
•Over 130 Offices Nationwide – provides unparalleled local impact.
•Performance is guaranteed – Use TSI at no financial risk whatsoever.
Contact Information:
Tyler Williams – District Manager
Transworld Systems Inc.
1717 Dixie Highway Ste 490
Fort Wright, KY 41011
P. 859.331.1957
F. 859.331.0413
C. 614.208.8431