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Want a Healthier Bottom Line? Let Me Show You How!
 

Want a Healthier Bottom Line? Let Me Show You How!

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  • “ Good afternoon, I have been looking forward to meeting with you. If its OK with you, I would like to spend a few minutes sharing some information on my company and then I will ask you some important questions that will help me understand how we may be able to help your business/practice. Is it OK if I get right to it? Great!”
  • 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, * show MGMA to medical prospects. TRANSITION: “Here are a few quotes from some TSI clients ..”
  • “ I want to take a few minutes and ask you some questions about your business/practice that will help me understand exactly where we can be of service …” TRANSITION: “If I can show you how TSI can make a real difference in your cash-flow, are you the person who could make a decision to implement our service?”
  • 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 uncollectable.”
  • “ 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?”
  • “ We recommend an optimized approach to collections that works in four stages” (Review stages by name) TRANSITION: “The most important thing we do for our clients is increase the urgency in the collection process ..”
  • “ As the accounts get older … and the risk of loss is greater for you, the intensity increases from us”. This is very different from what a business can do for themselves and can have a real impact on your cash-flow”. TRANSITION: Here are our four recommended stages:
  • 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. TRANSITION: “Let’s take a closer look…”
  • 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 : If the debtor has ignored five-plus requests from your office, is it time to take the delinquency more seriously?” That’s what we think as well …”
  • Slide content (sections from each quote). TRANSITION: “Here are a few of the large, national clients who trust their cash-flow to TSI”….
  • 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”
  • “ This is our enhanced report and you can access it 24/7 through your client portal. Here are some of the important details you will be able to see … (review report)” TRANSITION: “This is a sample report. Let’s look at a few in your industry so you can get an idea on how our services will work for you … (show locals and/or vertical)”
  • 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.”

Want a Healthier Bottom Line? Let Me Show You How! Want a Healthier Bottom Line? Let Me Show You How! Presentation Transcript

  • Transworld Systems Inc. Making Cash Flow ® Elizabeth Houser 501.765.0569 [email_address]
  • Leading Our Industry
    • Transworld Systems has been in the business of Making Cash Flow for businesses and organizations of all sizes since 1970
    • We have assisted over 200,000 clients in resolving $6 billion in the past decade
    • We provide local customer service and support with 100 offices and over 700 Account Representatives
    • Our Commitment:
    • “ To deliver the most progressive and effective
    • cash flow tools available to our clients”
    Making Cash Flow ®
  • Opinions from Experts Making Cash Flow ®
    • “ In addition to the superior collection rate and speed of recovery, Transworld’s low fees provide the client with a 30% - 70% savings.” - Forbes Magazine
    • “ Transworld gets credit for the highest recovery rate in the industry.” - Barron’s
    • “ This company has a collection rate of well over 50%. The typical collection firm only gets 20% and keeps 25%-50% of recovered funds.” - Fortune Magazine
    • “ Transworld has been an MGMA AdminiServe ® Partner for over 12 years. In that time, they have collected $430 million for our members.” – Medical Group Management Association (MGMA)
  • We Can Provide You Solutions Making Cash Flow ®
  • Let’s Agree on a Few Things
    • The older an account gets, the harder it is to collect
    • There is a difference between a casual delinquency and a high-risk debt
    • Consistent and effective follow-up can be challenging & expensive
    • Most businesses would prefer to never have to use a collection agency
    Making Cash Flow ®
  • Challenges & Costs: Internal Follow-Up Making Cash Flow ®
    • “ The faster you mail an invoice, the faster you will be paid. If your service does not automatically trigger an invoice and statements, establish a set billing schedule, preferably weekly. ” - The Journal of Accountancy
    • “ Most businesses have their accounts receivable in shambles because they cannot manage their sales and billing on a daily basis.” – SmallBusinessZone.com
    • “ It costs businesses approximately $31.60 to recover a past due account.” – Dartnell’s Institute of Business
    • “ 53% of surveyed small business owners said they are experiencing cash flow problems.” – Discover Small Business Watch
  • Optimize Your A/R Process
    • Most businesses have a two step approach to collections:
    • Challenges with a Traditional, Two Step Approach:
    • Debtors know they owe, but don’t care
    • Debtors are less likely to respond as attempts continue
    • No cap on time or money spent on follow-up
    • Businesses spend too much time chasing accounts internally due to high cost of agencies and fear of alienating customers
    • Takes too long to establish the casual delinquency vs. intentional delinquency
    In-House Efforts Collections Making Cash Flow ® Day 30 Day 60 Day 90 Day 120 Day 150 Statement ($1.10) Statement ($1.10) Statement ($1.10) Letter #1 ($1.10) Phone Calls ($2.96) Statement ($1.10) Letter #2 ($1.10) Phone Calls ($2.96) Statement ($1.10) Letter #3 ($1.10) Phone Calls ($2.96) Day 180 (approx) Intensive telephone contact and/or legal action at a cost of 25-50% of recovered amounts.
  • Our 4 Stage Optimized Approach Making Cash Flow ®
  • We Create a Sense of Urgency Making Cash Flow ®
  • Our 4 Stage Optimized Approach Making Cash Flow ® Your Initial Invoice Collections
  • Placing Accounts is Easy
    • It’s easy to submit accounts to us:
      • Log on to our secure Online Client Portal (OCP) and submit accounts for any of our services, 24/7
      • Upload accounts one by one or in a batch upload format
      • View accounts, stop accounts, report payments and pull performance reports all from one easy to use portal
      • You remain in complete control
    Making Cash Flow ®
  • GreenFlag Accelerator
      • A cost effective, diplomatic and systematic service that resolves past due accounts
      • A way to contact your customer or patients easily and quickly about their statement with little effort
      • We make the contacts in your name with the goal of getting you paid faster and improving your cash flow
    Making Cash Flow ®
  • Mixed Media Create Urgency Contact 1: Diplomatic Reminder Letter Contact 2: Diplomatic Reminder Call Automated Reminder Call #1: 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. Click here to hear a sample of this message. Making Cash Flow ®
  • Technology Makes a Difference Contact 3: Diplomatic Reminder Letter Contact 4: Diplomatic Reminder Call Automated Reminder Call #2: Hello. This is not a telemarketing call. This is <TSI Client Name> calling for the second time 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 Click here to hear a sample of this message. Making Cash Flow ®
  • Contact 5: Final Warning Letter Making Cash Flow ®
  • You Will be Informed of Progress Making Cash Flow ®
  • Opinions from Clients Making Cash Flow ®
    • “ The beauty of this service is that all demands for payment look and sound as if they are actually coming from us. Transworld is not acting as a collection agency with the GreenFlag Accelerator service. They are enhancing our in-house efforts and the money that is collected.” – BMA Tax Service
    • “ Transworld Systems has saved us time and money on chasing past due customers who are not yet seriously delinquent and has given my staff the time to do all the other things they have to do on a daily basis.” – Mail Services of Houston
    • “ GreenFlag Accelerator takes the place of our business office having to make time-consuming phone calls, and send costly collection letters. We send one bill to our patient, and at 30 days transfer it to Transworld and they do all the work for us.” – Delta/ Medix
  • GreenFlag Profit Recovery
    • For accounts that aren’t collected in GreenFlag Accelerator, our GreenFlag Profit Recovery service includes:
    • Early collections intervention from a third party at a controlled cost
    • Series of demands from Transworld Systems with increasing intensity in each demand
    • Instructs party to pay you directly
    • You choose the approach – diplomatic or firm
    • You stay in control through the entire process
    • Local third party impact from one of our 100 offices
    Making Cash Flow ®
  • 40 Years of Proven Success Making Cash Flow ® Demand 1 – Diplomatic, Intensive or Bad Check Options
  • Making Cash Flow ® Demand 1 – Diplomatic, Intensive or Bad Check Options 40 Years of Proven Success
  • Making Cash Flow ® Demand 2 Or Choose A Call Automated Call: 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. Thank you. Click here to hear a sample of this message.
  • Making Cash Flow ® Demand 3 Driving Urgency
  • Making Cash Flow ® Demand 4 Or Choose A Call Automated Call: 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. Thank you. Click here to hear a sample of this message.
  • Making Cash Flow ® Demand 5 40 Years of Proven Success
  • Making Cash Flow ® Thank You Letter Optional Thank You Letter
  • We Keep You Informed Making Cash Flow ®
  • Transworld Collections
    • For the very few high risk accounts that go un-collected:
      • We have a nationwide team of collection experts who will work these overdue accounts
      • The Transworld Systems Collections service is contingency based
      • You pay only for what is recovered on these high-risk accounts
      • You can submit the accounts and pull reporting directly from the Online Client Portal
    Making Cash Flow ® Collections
  • Transworld Systems Inc. Making Cash Flow ® Contact me for a free Cash Flow Analysis. Elizabeth Houser 501.765.0569 [email_address]