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Collecting on slow paying insurance and patient balances.

Collecting on slow paying insurance and patient balances.

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Medical Presentation Medical Presentation Presentation Transcript

  • Insurance Claims Resolution and Self-Pay Recovery Spend more time with patients, and less time worrying about receivables.
  • Transworld Systems Inc.
    • In the past 5 years, we have recovered $2.4 billion for our clients
    • Over 30 years of experience recovering slow-paying and delinquent accounts.
    • More than 120 offices across the United States.
    • “ Transworld gets credit for the highest recovery rate in the industry.”
    • - Barron’s
    We’re in the business of profit recovery. We lead the industry in providing medical practices with better tools for recovering slow paying patient accounts and expediting reimbursement from insurance companies.
  • 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 Recovery is a revolutionary new tool to assist in the rapid recovery and resolution of these claims.
  • Symptom:Delay in claim resolution
    • Possible 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”
  • 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
  • Phase One Typical In House Procedures Internal Cost $20 - $27/claim
  • Two-Phase Approach
  • 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.
    • Our average fixed fee of less than $10.00 per claim allows you to utilize this unique service on claims as early as 30-45 days past-due.
  • Claims you can submit:
    • Commercial Insurance
    • Managed Care Plans
    • HMO’S
    • PPO’S
    • Medicare
    • Workman's Compensation
  • Remember:
    • It is not a matter of if insurance will pay, but when insurance will pay.
    • GreenFlag Profit Recovery reduces your internal costs and lowers response time, which works to reduce the age of your receivables.
  • The results speak for themselves
    • A surgical hospital submitted 265 claims totaling $622,000 to Transworld. In 60 days we recovered over $400,000 at a total cost of $2,120.
    • A large non-profit hospital assigned 120+ old day claims to Transworld totaling $584,000. We resolved and recovered over $385,000 in 75 days .
  • How do you benefit?
    • Using GreenFlag Profit Recovery at 30-45 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.