Maxcollect Mcit


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  • Have a form ready to fill in. Check with your professional association for samples of what other people in your industry are using.
  • You’d be surprised at how many patients delay payment simply because they haven’t been reminded. Office staff gets busy and doesn’t always have time to follow up.
  • Tip #1 – Review accounts once a month and take appropriate action Tip #2 – Give patients the quality of service and merchandise to justify your prices and terms
  • Many times people have let an account age beyond the point of being collected because they felt that the patient would eventually pay. .If your terms are not net eventually, the truth is if you are being paid, someone else probably is. Yes, there may be an isolated case here and there. How do you know that? The person contacts you and works out an arrangement. If you are being ignored…then stick to your systematic follow-up plan.
  • Legal IQ Regarding Collections – Hot Water Collection Tactics That Can Get You Into Big Trouble -FDCPA
  • Attorney – very effective, but illegal if not Repeated Phone calls- calling over and over in same day – considered harassment 3 rd Party – No postcard notices – no 2 nd or 3 rd notice on outside of envelope Calling work – If client /patient says to no longer call at their work number, you must stop Odd hours – not before 8AM or after 9 PM in client’s timezone Threat of action not intended – litigate…credit reporting, etc
  • Outsourcing solution for accounts receivable and NSF checks Fees for client as little as 5% Far less than other options charging up to 50% Average three times more $$$ recovered than collection agencies Faster recovery of funds No alienation of patients or patients
  • Maxcollect Mcit

    1. 1. Action Blueprint 10 Ways To Prevent And Collect Past Due Accounts Cherie Brown Author, Speaker, Consultant
    2. 2. Past Due Account Strategy <ul><li>Fundamentals </li></ul><ul><li>Time Constraints </li></ul><ul><li>Know How </li></ul><ul><li>Prevent and Collect </li></ul>
    3. 3. #1 Credit & Collection Policy <ul><li>Name, Address, Phone </li></ul><ul><li>Employer </li></ul><ul><li>SS# and DOB </li></ul><ul><li>Terms of Payment </li></ul>
    4. 4. #2 Consider a Discount for EARLY/Cash Payment <ul><li>Reason Why </li></ul><ul><li>Flat Fee </li></ul><ul><li>5-10% for Service </li></ul>
    5. 5. #3 Invoice and Bill Promptly <ul><li>System </li></ul><ul><li>“ Tickler” File </li></ul><ul><li>Regular Day </li></ul><ul><li>Outsource </li></ul>
    6. 6. The “Magic Phrase” Address Service Requested
    7. 7. #4 Frequent Contact <ul><li>A Squeaky Door Gets Oiled </li></ul><ul><li>Shorter Intervals Between Contacts </li></ul><ul><li>10/14 vs. 30 Days </li></ul>
    8. 8. #5 Systematic Follow Up Plan Outsource for Follow Up* 105 3 rd Statement/Final Notice 90 Phone call/2 nd Letter 75 2 nd Statement 60 Phone call/send letter 45 1 st Statement 30 Pay when service rendered 1
    9. 9. #6 Review Your Aging Sheet <ul><li>Use your aging sheet.. Not your feelings </li></ul><ul><li>Terms: Net “Eventually” </li></ul><ul><li>New Automatic System </li></ul><ul><li>If not you…someone else </li></ul>
    10. 10. #7 Staff Training Skills <ul><li>Communication Skills </li></ul><ul><li>Legal Issues </li></ul><ul><li>Dealing With Difficult People </li></ul><ul><li>Asking Questions </li></ul><ul><li>Overcoming Stall Tactics </li></ul><ul><li>Conflict Resolution </li></ul>
    11. 11. Hot Water Collection Tactics <ul><li>Pretending to be an Attorney </li></ul><ul><li>Repeated phone calls in same day </li></ul><ul><li>No disclosure to 3 rd Party </li></ul><ul><li>Calling work when patient objects </li></ul><ul><li>Odd hours </li></ul><ul><li>Threat of action not intended </li></ul>
    12. 12. #8 Admit & Correct Mistakes <ul><li>Listen </li></ul><ul><li>Respond </li></ul><ul><li>Continue </li></ul><ul><li>Diffuse the Situation </li></ul><ul><li>Ask for Payment </li></ul>
    13. 13. #9 Winning Most Of The Time <ul><li>Exhaust All Options </li></ul><ul><li>Follow the Plan </li></ul><ul><li>Recover the Maximum </li></ul><ul><li>Reduce Write Offs </li></ul>The Few NOBODY Gets PIF Right Away More Follow Up Expert Help
    14. 14. #10 Utilize An Expert <ul><li>ONE area of Expertise </li></ul><ul><li>“ Motivator” </li></ul><ul><li>Collection Super Assistant -365 24/7 </li></ul>
    15. 15. Presents MaxCollect TM The Outsourcing Solution For Accounts Receivable
    16. 16. The MoneyQuest Corporation: A Better Way <ul><li>Now you can collect more of your unrecovered dollars, in less time, and at little or no cost. </li></ul><ul><li>MoneyQuest is not a collection agency . It is a National Service Bureau offering outsourcing and integration of your collection process with attorneys and credit bureaus . </li></ul><ul><li>We offer a new and unique system, which enhances your in-house efforts and eliminates the need for a collection agency. </li></ul><ul><li>MaxCollect: More money, faster, and at a dramatically lower cost. </li></ul>
    17. 17. MaxCollect Service Automated Low Fee Higher Recovery Faster Recovery Patient Retention MaxCollect – More Money – Faster – Dramatically Lower Cost Your Outsourcing Solution
    18. 18. Understanding Past Due Accounts Like Fish…Past Due Accounts Do Not Improve With Age!
    19. 19. How Your Money Depreciates Account Aging in Days Recovery Percentage Based on U.S. Dept. of Commerce Statistics
    20. 20. Status Reports
    21. 21. 29% Recovery Rate Average Age 302 Days
    22. 22. 54% Recovery Rate Average Age 105 Days
    23. 23. What Are Your Alternatives? In House Legal Action Write Off Collection Agency
    24. 24. Option 1 - Continued In House Effort <ul><li>Time Consuming </li></ul><ul><li>Inconsistent Follow-Up </li></ul><ul><li>Lack of Impact </li></ul><ul><li>Increasingly Costly </li></ul><ul><li>Steep Decline In Results </li></ul>
    25. 25. Option 2 - Legal Action Hire An Attorney <ul><li>Costly… $75 plus per letter </li></ul><ul><li>Court Costs… </li></ul><ul><li>Legal Fees </li></ul><ul><li>Judgment Does Not Mean Dollars </li></ul>
    26. 26. Option 3 - Write Off <ul><li>No More Internal Costs </li></ul><ul><li>Barring Miracles - No More Recovery </li></ul><ul><li>“ Easy” Reputation </li></ul>
    27. 27. Option 4 - Collection Agency <ul><li>Lost patients </li></ul><ul><li>ACA Statistics </li></ul><ul><li>Limited Recovery...14% </li></ul><ul><li>Expensive...33% - 50% </li></ul>
    28. 28. Option 5 MaxCollect
    29. 29. What is MaxCollect? MaxCollect provides the most effective recovery methods available ... <ul><li>A series of increasingly demanding collection letters directing all payments to you. </li></ul><ul><li>Automated phone calls </li></ul><ul><li>The motivation of … </li></ul><ul><li>-credit bureau reporting, </li></ul><ul><li>-collection agency effort, </li></ul><ul><li>-or intensive attorney intervention. </li></ul><ul><li>The impact of an attorney, writing a series of highly effective collection letters and making calls on your behalf. </li></ul>
    30. 30. How Does MaxCollect Work? <ul><ul><li>Submit Delinquent Accounts Via Password Protected MoneyQuest Website </li></ul></ul>
    31. 31. At your option, we then add a delinquent billing fee, and mail up to four letters on your letterhead, directing all payments to you. Neither MoneyQuest Nor MaxCollect is mentioned in your letters
    32. 36. Automated Telephone Call Then…If the debt remains unpaid, it is transferred to Your Collection Attorney
    33. 37. Your Attorney Writes Up to 3 Letters
    34. 39. Why A Thank You? It’s Cheaper To Keep A Patient Than To Get A New One <ul><li>If you turn accounts over to a collection agency, you may or may not get paid, but one thing is guaranteed: you will never see those patients again! </li></ul><ul><li>If, however, you use MaxCollect, where the first four letters are from you... </li></ul><ul><li>And if you use it early in the aging cycle, when accounts are more easily collectable... </li></ul><ul><li>And if we send the patient a “Thank You” letter when you get paid... </li></ul><ul><li>You will probably see them again. </li></ul><ul><li>Isn’t that much better? </li></ul>
    35. 40. Attorney Telephone Contact <ul><li>Final AT- Demand </li></ul><ul><li>Call Placed </li></ul><ul><li>Caller ID </li></ul><ul><li>“ Attorney at Law” </li></ul>
    36. 41. Final Action <ul><li>If you wish to litigate, and the unpaid balance justifies suit, you may arrange with your retained attorney to file suit on a contingency fee basis, plus court costs. </li></ul><ul><li>If the account remains unpaid, MoneyQuest will, at your option, transmit your debtor information to a National Credit Bureau, and maintain an interface for updating accounts on your behalf. </li></ul>Credit Bureau Reporting Litigation
    37. 42. <ul><li>Detailed Reporting </li></ul><ul><li>Continuous Access To Account Activity and Overall Performance On Your Personal Website </li></ul><ul><li>365/24/7 </li></ul>
    38. 43. What are Your Results? Collection Agency MaxCollect 14% 34% 9% 41% 10% 37% Based on average recovery and age placed for each alternative ...
    39. 44. Why Is MaxCollect Your Best Option? <ul><ul><li>It gives health care providers more tools than a collection agency offers - consequence of harm to credit and possibility of litigation. </li></ul></ul><ul><ul><li>patients are contacted earlier in the aging cycle, when they are innately more likely to pay - </li></ul></ul><ul><ul><li>It HAS to collect more . </li></ul></ul>MORE TOOLS
    40. 45. Why Does MaxCollect Collect Faster? <ul><ul><li>Greater impact on patients </li></ul></ul><ul><ul><li>More Frequent Contact </li></ul></ul><ul><ul><li>All the money goes directly to you </li></ul></ul><ul><ul><li>It HAS to collect faster . </li></ul></ul>TIME FACTOR
    41. 46. Why Does MaxCollect Cost Less? <ul><ul><li>Because, with automation and high volume, we are able to perform our services for less. </li></ul></ul><ul><ul><li>Because we are willing to charge less . </li></ul></ul>
    42. 47. What Is Your Cost For MaxCollect? <ul><li>One-Time/Lifetime Setup Fee of $495. No annual dues, charges, or fees. </li></ul><ul><li>The month following receipt of account data, your are billed $12.95 per account processed. (Typically offset by optional delinquent billing fee) </li></ul><ul><li>When you receive your money, you notify us to stop action. </li></ul><ul><li>The month following your notification, you are billed a Servicing Fee based upon our “time driven” fee schedule. </li></ul><ul><ul><li>Retains Your Collection Attorney </li></ul></ul><ul><ul><li>Web based input and reporting system </li></ul></ul><ul><ul><li>Credit Bureau Reporting </li></ul></ul><ul><ul><li>Staff Training </li></ul></ul><ul><ul><li>Customer Support </li></ul></ul>
    43. 48. SCHEDULE A MoneyQuest ACCOUNTS RECEIVABLE SYSTEM TIME DRIVEN FEE SCHEDULE Aging in Days Aging in Months Total of Fees For each new account submitted (one-time) Account Processing Fee: $12.95 Service Resolution Fee based on the aging shown Plus: 1 - 60 1 - 2 5% 61 - 120 2 - 4 10% 121 - 180 4 - 6 15% 181 - 365 6 - 12 20% 366 - 730 12 - 24 25% 731 plus Over 24 50% *Attorney Recovery Fees-Personal Contact or Phone Calls Litigation Only 25% 35% Notes: 1. All accounts with a value of less than $100.00 will be charged a minimum of 10%. 2. Any account you wish to submit OVER two (2) years old will be at a 50% rate. 3. Do Not submit balances under $25.00 as the Law Firms do not feel it is appropriate. 4. Aging is the difference from the last activity (service/last payment) to the submission date. 5. No service fee to MoneyQuest in the event of attorney phone calls or litigation.*
    44. 49. Why Are We Willing to Charge So Little? <ul><li>Because we wanted to make it impossible , on the basis of logic and economics, for anyone to fail to take advantage of MaxCollect. </li></ul><ul><li>If we really can collect more , and WE CAN ; if we really can collect it faster , and WE CAN ; and if we really can collect it for little or nothing , and WE CAN ; </li></ul><ul><li>Can you think of any reason not to take advantage of it? </li></ul>
    45. 50. Collection Agencies vs. MaxCollect <ul><li>Collection Agencies </li></ul><ul><ul><li>High Cost – from 30% to 50% </li></ul></ul><ul><ul><li>Accounts skimmed, based on balances </li></ul></ul><ul><ul><li>Loss of Control – agency receives payment </li></ul></ul><ul><ul><li>Lack of detailed reporting to doctor’s office </li></ul></ul><ul><ul><li>Limited recovery due to lack of impact – no implied harm to credit </li></ul></ul><ul><ul><li>Loss of patients – most are offended </li></ul></ul><ul><li>MaxCollect </li></ul><ul><ul><li>Much Lower Cost – As low as 5% </li></ul></ul><ul><ul><li>All accounts worked equally, regardless of amount </li></ul></ul><ul><ul><li>All money paid directly to the doctor’s office </li></ul></ul><ul><ul><li>Detailed monthly reports; access 24/7 on website </li></ul></ul><ul><ul><li>Increased recovery with credit bureau, attorney letters, phone calls, litigation </li></ul></ul><ul><ul><li>Maintain patient relations by sending “Thank You” letter </li></ul></ul>
    46. 51. Features that Benefit Health Care Providers <ul><li>Website – Secure Password Protected 24/7 </li></ul><ul><li>No Software Needed </li></ul><ul><li>Detailed Reporting and Sorting </li></ul><ul><li>Easy Submission and Easy Reporting Payments …“Paperless” </li></ul>
    47. 52. Customer Service <ul><li>Web Based 24/7 Access </li></ul><ul><li>Initial Call to Review </li></ul><ul><li>Periodic Contact </li></ul><ul><li>Printed and Online Help </li></ul>Just One Phone Call Away
    48. 53. Features that Benefit Health Care Providers <ul><li>Settle an Account – No % Penalty </li></ul><ul><li>Short Hold an Account…Automated – No Tickler File Necessary </li></ul><ul><li>Additional Debt While in Process – </li></ul><ul><li>No Additional Cost </li></ul>
    49. 54. Features that Benefit Health Care Providers <ul><li>Aging based on Last Financial Activity </li></ul><ul><li>Maintaining Relationships – 30-60-90 days </li></ul><ul><li>Thank You Letter – Maintain Patient </li></ul>
    50. 65. Moving Forward <ul><li>Start recovering past due accounts </li></ul><ul><li>Answer any questions by contacting </li></ul><ul><li>Marie Cascio 908-834-1355 </li></ul>