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Transworld Systems Medical
- 1. Ta ord Syst Inc. r nsw l ems, Making Cas h Flow ® Since 1970
- 2. L dingOurIndusty ea r • Trans world S ys te m s h as b e e n in th e b u s ine s s of M king Ca Fowfor a sh l b u s ine s s e s and organizations of all s ize s s ince 1970 • We h ave as s is te d ove r 20 ,0 0 clie nts in re s olving $6 b illion in th e 00 p as t d e cad e • We s e rve ove r 20,000 m e d ical p rovid e rs and m ore th an 2,000 financial ins titu tions • We p rovid e local cu s tom e r s e rvice and s u p p ort with 10 office s 0 and ove r 70 Accou nt R e p re s e ntative s 0 • O u r C om m itm e nt: “To deliver the most progressive and effective cash-fl tool avail e to our cl ow s abl ients” Making Cash Flow®
- 3. Part of the MG MA A dminiS 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.
- 4. L ’s A ee on aF T et gr ew hings: 1. Th e old e r an accou nt ge ts , th e h ard e r it is to colle ct 2. Th e re is a d iffe re nce b e twe e n a cas u al d e linqu e ncy and a h igh -ris k d e b t 3. C ons is te nt and e ffe ctive follow-u p can b e ch alle nging & e xp e ns ive 4. Mos t p ractice s wou ld p re fe r to ne ve r h ave to u s e a colle ction age ncy Making Cash Flow®
- 5. Chal lenges &Cost Int na F l - s: er l olowUp • “Th e fas te r you m ail an invoice , th e fas te r you will b e p aid . If you r s e rvice d oe s not au tom atically trigge r an invoice and s tate m e nts , e s tab lis h a s e t b illing s ch e d u le , p re fe rab ly we e kly. ” - The Journal of Accountancy • “M os t b u s ine s s e s h ave th e ir accou nts re ce ivab le in s h am b le s b e cau s e th e y cannot m anage th e ir s ale s and b illing on a d aily b as is .” – Smal BusinessZone.com l • “It cos ts b u s ine s s e s ap p roxim ate ly $31 .60 to re cove r a p as t d u e accou nt.” – D artnel ’s Institute of Business l • “53% of s u rve ye d s m all b u s ine s s owne rs s aid th e y are e xp e rie ncing cas h flow p rob le m s .” – D iscover Smal Business l Watch Making Cash Flow®
- 6. Opt Y ARPr imize our / ocess M os t p ractice s h ave a two s te p ap p roach to colle ctions : Day 30 Day 60 Day 90 Day 120 Day 150 S tate m e nt S tate m e nt S tate m e nt ($1 .1 0) S tate m e nt ($1 .1 0) S tate m e nt ($1 .1 0) In-Hous e ($1 .1 0) ($1 .1 0) Le tte r #1 ($1 .1 0) Le tte r #2 ($1 .1 0) Le tte r #3 ($1 .1 0) E fforts P h one C alls P h one C alls P h one C alls ($2.96) ($2.96) ($2.96) Day 180 (approx) C ollec tions Inte n s ive te le p h one contact an d / le gal action at a co s t of 25-50% of re cove re d am ou nts . or C h alle nge s with a Trad itional, Two S te p Ap p roach : • D e b tors know th e y owe , b u t d on’t care • D e b tors are le s s like ly to re s p ond as atte m p ts continu e • N o cap on tim e or m one y s p e nt on follow-u p • Bu s ine s s e s s p e nd too m u ch tim e ch as ing accou nts inte rnally d u e to th e h igh cos t of age ncie s and fe ar of alie nating p atie nts • Take s too long to e s tab lis h th e cas u al d e linqu e ncy vs . inte ntional d e linqu e ncy Making Cash Flow®
- 7. T F R he our ecommended St ges a CLIENT Making Cash Flow®
- 8. Pl cingA s is E sy a ccount a It’s e as y to s u b m it accou nts : • Log on to ou r s e cu re O nline C lie nt P ortal (O C P ) and s u b m it accou nts for any of ou r s e rvice s , 24/7 • U p load accou nts one b y one or in a b atch u p load form at • Vie w accou nts , s top accou nts , re p ort p aym e nts and p u ll p e rform ance re p orts all from one e as y to u s e p ortal • You re m ain in com p le te control Making Cash Flow®
- 9. C ontac t 2: Diplomatic Reminder C ontac t 1: C all Diplomatic Reminder Letter 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 you r accou nt and a le tte r we re ce ntly s e nt you on Ju ne 1 , 201 1 . Th is m e s s age is for Joe S m ith . P le as e contact u s at you r e arlie s t conve nie nce at 51 0.658.5645 and re fe re nce you r accou nt nu m b e r 1 356. Again, th at’s Affiliate s Im aging at 51 0.658.5645. Th ank you for you r im m e d iate atte ntion to th is m atte r. * C lick b e low to h e ar a s am p le of th is m e s s age . M M ixed edia Cr t Ur eae gency Making Cash Flow®
- 10. C ontac t 4: C ontac t 3: Diplomatic Reminder Diplomatic C all Reminder Letter 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 th e s e cond tim e re gard ing you r accou nt and a le tte r we re ce ntly s e nt you o n Ju ne 1 ,201 1 . Th is m e s s age is for Joe S m ith . P le as e contact u s at you r e arlie s t conve nie nce at 51 0. 658.5645 and re fe re nce you r accou nt nu m b e r 1 356. Again, th at’s Affiliate s Im aging at 51 0.658.5645. Th ank you for you r im m e d iate atte ntion to th is m atte r * C lick b e low to h e ar a s am p le of th is m e s s age . L er ging ev a Technol ogy Making Cash Flow®
- 11. C ontac t 5: Final Warning Letter Outs ourced In Hous e E fforts – in Your Name Making Cash Flow®
- 12. Y W lbe Infor ofPr ess ou il med ogr Making Cash Flow®
- 13. T F R he our ecommended St ges a CLIENT Making Cash Flow®
- 14. GeenFa Pr R er r l g ofit ecov y F or accou nts th at are n’t colle cte d in G re e nF lag Acce le rator, ou r G re e nF lag P rofit R e cove ry s e rvice inclu d e s : • E arly th ird p arty colle ction age ncy inte rve ntion at a controlle d cos t (fixe d -fe e , no p e 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 p oint d e b tors ne e d to u nd e rs tand th e cons e qu e nce s of not p aying • We ins tru ct p arty to p ay you d ire ctly • You ch oos e th e ap p roach – d ip lom atic or firm • You s tay in com p le te control th rou gh th e e ntire p roce s s • G u arante e d re s u lts • Local th ird p arty im p act from one of ou r 1 00 office s Making Cash Flow®
- 15. Demand 1 – 4 Y r ofPr en 0 eas ov Diplomatic, Success Intens ive or B ad C heck Options Pre- C ollec tion 3rd Party Demands Making Cash Flow®
- 16. Demand 1 – 4 Y r ofPr en 0 eas ov Diplomatic, Success Intens ive or B ad C heck Options Pre- C ollec tion 3rd Party Demands Making Cash Flow®
- 17. Or C hoos e A C all: Demand Automated Call: 2 H e llo . Th is is an im p o rtant m e s s age from Trans world S ys te m s , a d e b t colle ction com p any. Th is is an atte m p t to co lle ct a d e b t and any inform atio n ob taine d will b e u s e d for th at p u rp os e . We are calling in re fe re nce to a le tte r we s e n t you on < D ate > re gard in g o u r clie nt < TS I C lie nt N am e > . P le as e re tu rn th e call to < TS I C lie n t N am e > at < P h one > . Again, th at’s < TS I C lie nt N am e > at < P h on e > . Wh e n calling p le as e re fe r to you r id cod e < Accou n t> . Trans world S ys te m s is a d e b t colle ction com p any and any inform ation ob taine d will b e u s e d for th at p u rp os e . Th an k you . * C lick b e lo w to h e ar a s am p le of th is m e s s age . Making Cash Flow®
- 18. Demand 3 Driving Urgency Pre- C ollec tion 3rd Party Demands Making Cash Flow®
- 19. Or C hoos e A C all Demand Automated Call: 4 H e llo. Th is is an im p o rtant m e s s age from Trans world S ys te m s , a d e b t colle ction com p any. Th is is an atte m p t to colle ct a d e b t and any in form ation ob tain e d will b e u s e d for th at p u rp os e . We are callin g in re fe re nce to a le tte r we s e nt you o n < D ate > re gard ing ou r clie nt < TS I C lie nt N am e > . P le as e re tu rn th e call to < TS I C lie nt N am e > at < P h on e > . Again, th at’s < TS I C lie nt N am e > at < P h one > . Wh e n calling p le as e re fe r to you r id cod e < Accou n t> . Trans world S ys te m s is a d e b t co lle ction com p any and any inform ation ob taine d will b e u s e d for th at p u rp os e . Th an k you . * C lick b e lo w to h e ar a s am p le of th is m e s s age . Making Cash Flow®
- 20. 40 Years of Demand 5 Proven Success Pre- C ollec tion 3rd Party Demands Making Cash Flow®
- 21. Optional Thank You Thank You Letter Letter Pre- C ollec tion 3rd Party Demands Making Cash Flow®
- 22. Confidential
- 23. L ’s Cust et omize Y Sol ion our ut Making Cash Flow®
- 24. M APer ma R t GM for nce epor MG MA E nhanced Performance Report: A ll C lients Making Cash Flow®
- 25. Officia M M Pr M hl Usa l G A ice- ont y ge
- 26. T F R he our ecommended St ges a CLIENT Making Cash Flow®
- 27. Ta ord Colect r nsw l l ions F or th e ve ry fe w h igh ris k accou nts th at go u ncolle cte d : • We h ave a nationwid e te am of colle ction e xp e rts wh o work th e s e ove rd u e accou nts • Th e Trans world S ys te m s C olle ctions s e rvice is continge ncy b as e d • You p ay only for wh at is re cove re d on th e s e h igh -ris k accou nts • You can s u b m it th e accou nts and p u ll re p orting d ire ctly from th e O nline C lie nt P ortal Making Cash Flow®
- 28. W tha ha ppens ifpaient don’tpa a ert r e t dema t s y ft hey eceiv he nds? • You d e cid e th e ne xt s te p : O p tion= Ve rb al D e m and s C olle ction - P h as e II • S e am le s s flow from in-h ou s e e fforts to a continge ncy age ncy • You r p ractice b e ne fits from a p rofe s s ional te am of we ll- traine d colle ctors u s ing ind u s try-le ad ing te ch nology from te le p h one ce nte rs th rou gh ou t th e cou ntry.
- 30. Insur nce R ut a esol ion • 80% of all re ve nu e for m os t h os p itals and m e d ical p ractice s com e s from ins u rance claim s file d e le ctronically or m anu ally. • D e lays in p aym e nt cau s e fru s tration and re s trict cas h -flow. • G re e nF lag S M Ins u rance R e s olu tion is a re volu tionary tool to as s is t in th e rap id re s olu tion of th e s e claim s . Time is Not on Your Sid e
- 31. Sympt Del yin Cl im R ut om: a a esol ion Pos s ible caus es : • Incorre ct inform ation • M is s ing cod e s , s ignatu re , e tc. • M one y ap p lie d to d e d u ctib le • Ins u rance ch e cks re le as e d to p atie nts • Ins u rance com p anie s s im p ly h old ing on to you r m one y as long as p os s ib le • “C laim s ne ve r re ce ive d ” • C laim s h e ld in “R e vie w”
- 32. Consider t aions • R is ing inte rnal re cove ry cos ts and F TE e xp e ns e s • C ontinu e d d e p re ciation of old claim s • C oord ination of b e ne fits with p rim ary or s e cond ary p rovid e r • Billing s taff te nd e ncy toward s conce ntration on cu rre nt claim s afte r nu m e rou s atte m p ts to re cove r old e r claim s h ave faile d • C ontinu e d re s triction of cas h flow
- 33. T lIn- ypica House A ch pproa Internal C os t$20-$27/C laim Day 1- 31-60 61-90 91-120 121-150 151-180 181-210 30 HCFA Telephone Telephone Telephone Telephone Telephone Telephone 1500 Calls Calls Calls Calls Calls Calls OR OR OR OR OR OR OR UB04 Send Send Send Send Send Send Sent Tracers Tracers Tracers Tracers Tracers Tracers $0.50 $2.75 $2.75 $2.75 $2.75 $2.75 $2.75 $1.25 $1.25 $1.25 $1.25 $1.25 $1.25
- 34. Costof“On- d” Time Hol
- 35. Two-S tep A pproach
- 36. Insur nce R ut a esol ion • Low, fixe d fe e s of $1 0* p e r claim allows you to u tilize th is s e rvice on claim s as e arly as 45-60 d ays p as t-d u e • Incre as e cas h flow, wh ile re d u cing inte rnal cos ts • E xp e d ite s re s p ons e from ins u rance carrie r • Ins u rance carrie rs by-laws and inte rnal p olicie s typ ically re qu ire im m e d iate re s p ons e to ou r lice ns e d th ird p arty contacts • O u r th ird p arty d e m and m ove s th e claim from a cle rk to a s u p e rvis or, wh o in tu rn s e ttle s th e claim • S tand ard ize s ins u rance follow-u p p roce s s C laims you can s ubmit: • C om m e rcial Ins u rance • P P O ’s • M anage d C are Plans • M e d icare • H M O ’s • Worke rs C om p e ns ation
- 37. Ins urance Res olution Demand S ample
- 38. T R t Sa itAl he esuls y l! • A s u rgical h os p ital s u b m itte d 265 claim s totaling $622,000. In 60 d ays , G re e nF lag Ins u rance R e s olu tion re cove re d m ore th an $400,000 at a total cos t of $2,1 20. • A large , non-p rofit h os p ital s u b m itte d 1 20-p lu s d ay-old claim s totaling $584,000 th rou gh G re e nF lag Ins u rance R e s olu tion. G re e nF lag re cove re d m ore th an $385,000 in 75 d ays .
- 39. T R t Sa itAl he esuls y l! “S ince Ju ly 2001 , Trans world h as colle cte d ove r $2.6 m illion for ou r office in d e linqu e nt ins u rance claim s with th e ir Ins u rance R e s olu tion p rogram . Th e colle ction cos t was a m e re .08% ! We ’re now als o u s ing Trans world on ou r p rivate p ay accou nts and ge tting 53% re cove ry at 3.4% colle ction cos t!” – Ruby D ust, Ad ministrator, Surgery, Inc. “R e -d ire cting fu nd s p re viou s ly s p e nt on in-h ou s e colle ction le tte rs and e fforts im p rove d ou r b ottom line b y incre as ing re ve nu e and d e cre as ing ove rh e ad .” – D avid Kirk, Ad ministrator, Intermountain O rthoped ics
- 40. Insur nce R ut a esol ion PutGreenFl g Insur nce R ut t w k foryou a SM a esol ion o or t y! oda
- 41. Ta ord Syst Inc. r nsw l ems, Making Cas h Flow ® Since 1970
Notas do Editor
- Slide content, then: “Mr. Prospect, our company commitment is very simple: To deliver …..”. TRANSITION: “Here is what the experts have had to say about TSI:
- Slide content, then: “This US department of Commerce graph shows how dramatic depreciation can be. It shows after just a few months accounts become much harder to collect … after 90 days 1 of 4 will never be collected, after six months 70% of the value of receivables is gone, and after a year 90% of the accounts are uncollectible.”
- “ If you run a business, you know how tough managing cash-flow can be, here is what some experts have had to say about collecting accounts …” TRANSITION: “Most business have a two-stage approach to managing their A-R >>.
- Slide content. TRANSITION: So how does TSI help businesses deal with these challenges?”
- Slide content. TRANSITION: “Let’s review the accelerator service …”
- Slide content, then “does that seem simple enough?” TRANSITION: “Let’s imagine that we are placing accounts today, and go through the sequence so you can see what you debtors would see …”
- Slide content then Play reminder message. “What do you think?” TRANSITION: If they ignore this message from you, we take the next step ..”
- Describe contacts (* playing second reminder is not usually necessary unless the prospect wants to hear it) TRANSITION: “The slow-payer has now heard from your office (through TSI) four times. We will give them a last opportunity to respond to your office …”
- Review contact. “I have a question for you: do you think that asking for your money five-plus times gives the customer/patient a fair opportunity to pay?” TRANSITION: “How do you keep track of collection progress through the accelerator?”
- Review report. “If you look at the call time notes, you can see that 8 calls were made by this client (through the accelerator) in less than one minute. Would being able to contact 8 delinquent customers within a minute help your office efficiency? TRANSITION: I want to share a some opinions from a few of our clients …
- Slide content. TRANSITION: “Let’s review the accelerator service …”
- Slide Content. TRANSITION: “We have been collecting successfully as a collection agency for over 40 years ..”
- Review Courtesy Notice: “would you agree that most reasonable would not be offended from this kind of collection demand?” At this point, the debtor has a few options: 1. pay the balance in full, in which case the money would come directly to you, then you would simply log on to your client portal and report the payment. 2. The debtor could make payment arrangements. If you are happy with the arrangements, you can suspend our service. 3. The debtor ignores our demand, in which case we would automatically contact them again, ten days later …”
- Review Courtesy Notice: “would you agree that most reasonable would not be offended from this kind of collection demand?” At this point, the debtor has a few options: 1. pay the balance in full, in which case the money would come directly to you, then you would simply log on to your client portal and report the payment. 2. The debtor could make payment arrangements. If you are happy with the arrangements, you can suspend our service. 3. The debtor ignores our demand, in which case we would automatically contact them again, ten days later …”
- “ you have the choice of how you want to us to make our 2 nd demand, either through an written collection agency demand or with an automated collection agency voice message. Do you want to hear the message? Which do you think you would prefer for your debtors?” TRANSITION : “If your debtor ignores us again, we will contact them again ten days later with a higher-intensity collection demand …”
- Review demand. “Another important aspect I want to show you is the address at the top of our written demand. Even though all of the collected money will be paid directly to you, the address that appears here will be the TSI office nearest to your debtor, further influencing the urgency of the situation”. TRANSITION: “What if they continue to ignore the efforts of a licensed collection agency to resolve the debt owed?”
- “ We now know that this is a legitimate debt, and it is no longer disputable by your debtor. For this fourth attempt we can contact them with either the written demand or agency reminder, your choice. Most agencies charge between 30-50% and do not make this many attempts to collect for their clients. This is a key point because a high percentage of debtors require very persistent contact from an agency to resolve their debt … in most cases you are not the only one they owe money to, if you want to be paid first you need frequent & urgent agency contact with your debtor. TRANSITION: “If the debtor ignores us again they are telling us something very important. They are telling us that they may require legal efforts to pay the money you are due.”
- “ When we know we have a high-risk debtor, we make one last attempt to allow them to pay voluntarily. Here is what we say: (read demand). We have tens of thousands of debts placed with us every single day, and most are resolved before they would reach this stage. When the time comes that one of your accounts reaches this stage, we will have legal & high-intensity options to pursue these kinds of high-risk debts. The five-demand system I have just shown you collects more than double the industry collection average on a fixed-fee basis that averages around $10 per account. Most of the collections we effect with our Profit Recovery service pay early in the cycle. Once they have, you will have the option of having us send a thank-you letter on your behalf. Here it is …”
- Review TY letter, then “have you ever heard of a collection agency sending a collection letter to debtors once they have paid? Do you think you would want us to do so with your debtors?” TRANSITION: “Let me show you how you can keep track of your collections progress”
- Go back to ARA for system set-up. Steps: 1. “Most clients send their initial statement and place accounts in Accelerator when accounts are not resolved in 30 days, is that the approach you would use?” Review 30-day numbers – “this month it looks like you had X accounts go past 30 days, has this been a typical month for you?” “ Our systems are good for 24 months, I am going to project your X per month over the 24 months and should you the best per-account price you can qualify for …” “ You qualify for a X account system @ $X per account. This would last you around two years. I will also recommend a test of our services for six months if that is how you would prefer to start … it would be a X account system, and would be $X per account. Which would make more sense for you?” “ OK. We will always have collected money sent directly to you … do you prefer to use your street address or PO Box?” “ Let’s review all of your information … does that look right? Great, please approve here” TRANSITION: “I have one last service I want to share with you … “
- Slide content. TRANSITION: “Let’s review the accelerator service …”
- Slide content, then “for the option to use our team of intensive and legal collectors on a case-by-case basis, please approve here” TRANSITION: “I want to make sure we get off to the quickest start possible in accelerating your cash flow, here’s what we will need to get organized right away (describe install prep). I am really looking forward to working with you, thank you for your confidence.”