Transworld Systems Medical

Transworld Systems, Inc.

Making Cash Flow®

Since 1970

Leading Our Industry

• Transworld S yste m s has be e n in the bus ine s s of Making Cash Flow for

bus ine s s e s and organizations of all s ize s s ince 1970

• We have ass is te d ove r 200,000 clie nts in re solving $6 b illion in the

past d e cad e

• We se rve ove r 20,000 m e d ical provid e rs and m ore than 2,000

financial ins titutions

• We provid e local custom e r s e rvice and support with 100 office s

and ove r 700 Account R e pre se ntative s

• O ur C om m itm e nt:

“To deliver the most progressive and effective cash-flow tools available to our clients”

Making Cash Flow®

Part of the MGMA AdminiS erve® partner Network

* HFMA staff and volunteers determined that this product has met specific criteria developed under the HFMA Peer Review Process. HFMA does not endorse or guaranty the use of this product.

Let’s Agree on a Few Things:

1. The old e r an account ge ts , the hard e r it is to colle ct

2. The re is a d iffe re nce be twe e n a casual d e linque ncy and a h igh-risk d e bt

3. C ons is te nt and e ffe ctive follow-up can be challe nging & e xpe ns ive

4. Most practice s would pre fe r to ne ve r have to use a colle ction age ncy

Making Cash Flow®

Challenges & Costs: Internal Follow-Up

Making Cash Flow®

• “The faste r you m ail an invoice , the faste r you will be paid . If your

s e rvice d oe s not autom atically trigge r an invoice and s tate m e nts ,

e s tablis h a se t b illing s che d ule , pre fe rably we e kly. ” - The Journal of Accountancy

• “Most bus ine s se s have the ir accounts re ce ivable in s ham ble s

be cause the y cannot m anage the ir sale s and b illing on a d aily

bas is .” – SmallBusinessZone.com

• “It costs bus ine s s e s approxim ate ly $31 .60 to re cove r a past d ue

account.” – D artnell’s Institute of Business

• “53% of surve ye d sm all bus ine s s owne rs said the y are

e xpe rie ncing cash flow proble m s .” – D iscover Small Business Watch

Optimize Your A/R Process

Most practice s have a two ste p approach to colle ctions :

C halle nge s with a Trad itional, Two S te p Approach :

• D e btors know the y owe , but d on’t care• D e btors are le s s like ly to re spond as atte m pts continue

• No cap on tim e or m one y spe nt on follow-up

• Bus ine sse s spe nd too m uch tim e chas ing accounts inte rnally d ue to the

h igh cost of age ncie s and fe ar of alie nating patie nts

• Take s too long to e s tablish the casual d e linque ncy vs . inte ntional

d e linque ncy

Day 30 Day 60 Day 90 Day 120 Day 150

S tate m e nt

($1 .1 0)

S tate m e nt

($1 .1 0)

S tate m e nt ($1 .1 0)

Le tte r #1 ($1 .1 0)

Phone C alls

($2.96)

S tate m e nt ($1 .1 0)

Le tte r #2 ($1 .1 0)

Phone C alls

($2.96)

S tate m e nt ($1 .1 0)

Le tte r #3 ($1 .1 0)

Phone C alls

($2.96)

In-Hous e Efforts

CollectionsDay 180 (approx)

Inte ns ive te le phone contact and /or le gal action at a cost of 25-50% of re cove re d am ounts .

Making Cash Flow®

The Four Recommended Stages

Making Cash Flow®

CLIENT

Placing Accounts is Easy

Making Cash Flow®

It’s e asy to subm it accounts :

• Log on to our se cure

O nline C lie nt Portal (O C P)

and subm it accounts for

any of our s e rvice s , 24/7

• U pload accounts one by

one or in a batch upload

form at

• Vie w accounts , s top

accounts , re port paym e nts

and pull pe rform ance

re ports all from one e asy to

us e portal

• You re m ain in com ple te

control

Mixed Media

Create Urgency

Contact 1:Diplomatic Reminder

Letter


Call

Automated Reminder Call :H e llo. Th is is not a te le m arke ting

call. Th is is Affiliate s Im aging

calling re gard ing your account and

a le tte r we re ce ntly se nt you on

June 1 , 201 1 . Th is m e s sage is for

Joe S m ith . Ple ase contact us at

your e arlie s t conve nie nce at

51 0.658.5645 and re fe re nce your

account num be r 1 356. Again,

that’s Affiliate s Im aging at

51 0.658.5645. Thank you for your

im m e d iate atte ntion to th is m atte r.

*C lick be low to he ar a sam ple of th is

m e ssage .

Making Cash Flow®


Letter


Call

Automated Reminder Call :H e llo. Th is is not a te le m arke ting

call. Th is is Affiliate s Im aging

calling for the s e cond tim e

re gard ing your account and a le tte r

we re ce ntly s e nt you on June

1 ,201 1 . Th is m e ssage is for Joe

S m ith . Ple ase contact us at your

e arlie s t conve nie nce at 51 0.

658.5645 and re fe re nce your

account num be r 1 356. Again,

that’s Affiliate s Im aging at

51 0.658.5645. Thank you for your

im m e d iate atte ntion to th is m atte r

*C lick b e low to he ar a sam ple of th is

m e ssage .

Making Cash Flow®

Leveraging

Technology

Contact 5:Final

WarningLetter

Making Cash Flow®

OutsourcedIn Hous e

E fforts – inYour Name

You Will be Informed of Progress

Making Cash Flow®


Making Cash Flow®

CLIENT

GreenFlag Profit Recovery

For accounts that are n’t colle cte d in G re e nFlag Acce le rator, our

G re e nFlag Profit R e cove ry s e rvice includ e s :

• E arly th ird party colle ction age ncy inte rve ntion at a controlle d cost

(fixe d -fe e , no pe rce ntage s )

• C olle ction d e m and s with cons is te ntly incre as ing inte ns ity, at th is

po int d e btors ne e d to und e rstand the conse que nce s of not paying

• We instruct party to pay you d ire ctly

• You choose the approach – d iplom atic or firm

• You stay in com ple te control through the e ntire proce ss

• G uarante e d re sults

• Local th ird party im pact from one of our 1 00 office s

Making Cash Flow®

40 Years of Proven

Success

Making Cash Flow®

Demand 1 – Diplomatic , Intens ive orBad Check

Options

Pre- Collection3rd Party

Demands

Making Cash Flow®

Demand 1 – Diplomatic , Intens ive orBad Check

Options

40 Years of Proven

Success


Demands

Making Cash Flow®

Demand2

Or Choose A Call:

Automated Call:

H e llo . Th is is an im portant m e ssage

from Transworld S yste m s , a d e bt

colle ction com pany. Th is is an atte m pt

to colle ct a d e bt and any inform ation

obtaine d will be use d for that purpose .

We are calling in re fe re nce to a le tte r

we se nt you on < D ate > re gard ing our

clie nt < TS I C lie nt Nam e > . Ple ase

re turn the call to < TS I C lie nt Nam e > at

< Phone > . Again, that’s < TS I C lie nt

Nam e > at < Phone > . Whe n calling

ple ase re fe r to your id cod e < Account> .

Transworld S yste m s is a d e bt colle ction

com pany and any inform ation obtaine d

will be use d for that purpose .

Thank you .


m e ssage .

Making Cash Flow®

Demand3 Driving Urgency


Demands

Making Cash Flow®

Demand4

Or Choose A Call

Automated Call:

H e llo. Th is is an im portant m e ssage from

Transworld S yste m s , a d e bt colle ction

com pany. Th is is an atte m pt to colle ct a

d e bt and any inform ation obtaine d will be

use d for that purpose .

We are calling in re fe re nce to a le tte r we

se nt you on < D ate > re gard ing our clie nt

< TS I C lie nt N am e > . Ple ase re turn the

call to < TS I C lie nt Nam e > at < Phone > .

Again, that’s < TS I C lie nt N am e > at

< Phone > . Whe n calling ple ase re fe r to

your id cod e < Account> .

Transworld S yste m s is a d e bt colle ction

com pany and any inform ation obtaine d

will be use d for that purpose . Thank

you .


m e ssage .

Making Cash Flow®

Demand5

40 Years of Proven Success


Demands

Making Cash Flow®

ThankYou

Letter

Optional Thank You

Letter


Demands

Confidential

Let’s Customize Your Solution

Making Cash Flow®

MGMA Performance Report

Making Cash Flow®

MGMAEnhanced

PerformanceReport:

A ll C lients

Official MGMA Price-Monthly Usage


Making Cash Flow®

CLIENT

Transworld Collections

For the ve ry fe w h igh ris k accounts that go uncolle cte d :

• We have a nationwid e te am of colle ction e xpe rts who work the se

ove rd ue accounts

• The Transworld S yste m s C olle ctions s e rvice is continge ncy

base d

• You pay only for what is re cove re d on the se h igh-risk accounts

• You can subm it the accounts and pull re porting d ire ctly from the

O nline C lie nt Portal

Making Cash Flow®

What happens if patients don’t pay after they receive the demands?

• You d e cid e the ne xt s te p : O ption= Ve rbal D e m and s

C olle ction - Phase II

• S e am le ss flow from in-house e fforts to a continge ncy

age ncy

• Your practice be ne fits from a profe ss ional te am of we ll-

traine d colle ctors us ing ind ustry-le ad ing te chnology from

te le phone ce nte rs throughout the country.

Insurance Resolution

• 80% of all reve nue for m ost hosp itals

and m e d ical practice s com e s from

insurance claim s file d e le ctronically or

m anually.

• D e lays in paym e nt cause frustration

and re strict cash-flow.

• G re e nFlagS M Insurance Re solution is a

re volutionary tool to ass is t in the rap id

re solution of the se claim s .

Time is Not on Your Side

Symptom: Delay in Claim Resolution

Poss ible causes :

• Incorre ct inform ation

• Miss ing cod e s , s ignature , e tc.

• Money applie d to d e d uctible

• Insurance che cks re le ase d to patie nts

• Insurance com panie s s im ply hold ing on to your m oney as long as pos s ible

• “C laim s ne ve r re ce ive d ”

• C laim s he ld in “Re vie w”

Considerations

• R is ing inte rnal re cove ry costs and FTE expe nse s

• C ontinue d d e pre ciation of old claim s

• C oord ination of be ne fits with prim ary or se cond ary provid e r

• Billing s taff te nd e ncy toward s conce ntration on curre nt claim s afte r num e rous

atte m pts to re cove r old e r claim s have faile d

• C ontinue d re striction of cash flow

Typical In-House Approach

Day 1-30

31-60 61-90 91-120 121-150 151-180 181-210

HCFA 1500

OR

UB04 Sent

Telephone Calls

OR

Send Tracers

Telephone Calls

OR

Send Tracers

Telephone Calls

OR

Send Tracers

Telephone Calls

OR

Send Tracers

Telephone Calls

OR

Send Tracers

Telephone Calls

OR

Send Tracers

$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

Internal Cos t$20-$27/C laim

Cost of “On-Hold” Time

Two-S tep Approach


• Low, fixe d fe e s of $1 0* pe r claim allows you to utilize th is s e rvice on claim s

as e arly as 45-60 d ays past-d ue

• Incre ase cash flow, wh ile re d ucing inte rnal costs

• E xpe d ite s re sponse from insurance carrie r

• Insurance carrie rs by-laws and inte rnal policie s typ ically re qu ire im m e d iate

re sponse to our lice nse d th ird party contacts

• O ur th ird party d e m and m ove s the claim from a cle rk to a supe rvisor, who in

turn se ttle s the claim

• S tand ard ize s insurance follow-up proce ss

Claims you can submit:• C om m e rcial Insurance

• Manage d C are Plans

• H MO ’s

• PPO ’s

• Me d icare

• Worke rs C om pe nsation


DemandS ample

The Results Say it All!

• A surgical hosp ital s ubm itte d 265 claim s

totaling $622,000. In 60 d ays ,

G re e nFlag Insurance Re solution

re cove re d m ore than $400,000 at a total

cost of $2,1 20.

• A large , non-profit hosp ital subm itte d

1 20-plus d ay-old claim s totaling

$584,000 through G re e nFlag Insurance

R e solution. G re e nFlag re cove re d m ore

than $385,000 in 75 d ays .

The Results Say it All!

“S ince July 2001 , Transworld has colle cte d ove r $2.6 m illion for our

office in d e linque nt insurance claim s with the ir Insurance R e solution

program . The colle ction cost was a m e re .08% ! We ’re now also us ing

Transworld on our private pay accounts and ge tting 53% re cove ry at

3.4% colle ction cost!”

– Ruby D ust, Administrator, Surgery, Inc.

“R e -d ire cting fund s pre vious ly spe nt on in-house colle ction le tte rs and

e fforts im prove d our bottom line by incre as ing re ve nue and d e cre as ing

ove rhe ad .”

– David Kirk, Administrator, Intermountain O rthopedics


Put GreenFlagSM Insurance Resolution to work for you

today!

Transworld Systems, Inc.

Making Cash Flow®

Since 1970

Transworld Systems Medical

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Transcript of Transworld Systems Medical