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Standard Medical
 

Standard Medical

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How TSI can increase your Medical Practices\' bottom line.

How TSI can increase your Medical Practices\' bottom line.

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    Standard Medical Standard Medical Presentation Transcript

    • THE TOOLS TO HELP YOU MIND YOUR OWN BUSINESS ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • Transworld Systems Inc. Company Overview •  In business since 1970 •  63,000 Clients •  100+ Offices Nationwide •  Peer-Reviewed and accepted by HFMA •  $390 million recovered for MGMA clients for 2.7% cost •  Recovered $2.4 billion* in the last 5 years for companies across all industries including Fortune 500 & 100 Companies •  Success rate of more than 4 times that of the industry average** * Company Average **Based on ACA Statistics ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • Markets Served • Accounting •  Government •  Postal Services • Advertising & Marketing Firms •  Health & Fitness Clubs •  Print Shops • Ambulance Services •  Heating & Air Conditioning •  Private Schools • Attorneys •  Hospitals, Medical & Dental •  Professional Athletic Teams • Auto Dealers, Parts Stores & Practices •  Restaurants Suppliers •  Hotels •  Retailers • Banks & Credit Unions •  Industrial Manufacturers & •  Security Alarm Companies • Cellular Telephone Services Distributors •  Telephone/Communications • City, County & State •  Insurance Companies & •  Trade Schools Governments Agents •  Travel Agencies • CPAs •  Lawn Care •  TV Stations • Colleges & Universities •  Libraries •  Utility Companies • Construction Companies & •  Mail Order Houses •  Veterinarians Specialty Trades •  Medical Laboratories •  Video Stores • Convention Services •  Newspapers & Magazines •  Waste Management • Fuel Oil Companies •  Pest Control • Girl Scout Councils & YMCAs ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • Transworld and the Medical Industry: Professionals Working with Professionals •  Transworld has been a professional partner to the medical practice industry for more than 37 years. •  We have been Peer Reviewed by HFMA •  We are an MGMA AdminiServe Partner SM and have been serving MGMA members for more than eleven years. •  We are HIPAA-compliant. •  We currently work with over 25,000 medical facilities nationwide •  Recommended by industry experts You can be confident we know your business.
    • Start Early – Recover More According to the U.S. Department of Commerce, the older an account, the harder it is to collect. Fact: Companies wait to take action because they don’t want to pay a percentage and they don’t want to alienate their customer. Fact: GreenFlag is designed to take action early and diplomatically, recovering earlier and maintaining valuable customer relationships. ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • National Statistics Prove It Transworld Collected Since Transworld does not take a percentage or alienate customers, our clients: 56% (company •  Use us earlier average) •  Experience a 56% recovery rate •  At an average cost of 4 cents per Average Agency dollar collected Collected 14% (ACA Average) TSI Cost: According to the American Collectors Association, 4¢ per dollar Average the average collection agency collects less than Agency collected Cost: 14% of all debts assigned at an average cost of (company 33% 33 cents per dollar. average) (ACA Average) ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • Complete Online Account Management We offer an easy way to transmit or stop accounts! •  You will have 24/7 online account management from anywhere in the world. •  Complete control to stop, start & suspend accounts •  Upload spreadsheets with account information & submit large groups of accounts instantly •  Easy to learn with, great training tutorials •  Complete reporting •  Superior online support ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • First Demand, Courtesy Notice ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • Thank You Letter - Optional ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • Collection Status Reporting •  Transworld reports monthly, weekly, daily via our Online Client Portal •  TSI sends a written monthly status report to all of our customers •  We track the current balance, age of the debt, when the service started, date of last activity •  We give you full control to enter payments in full, partial payments, or to suspend an account ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • Athletico LTD – Real Results •  Last purchase date 9-02-09 – 6171 accounts at a cost of $52, 240.78 – 3613 accounts submitted for a total of $3.6 million dollars – PAID IN FULL (in 60 days) $1.1 million – Total Performance (in 60 days) $1.3 million – Collection cost to date 2.4% – ROI - $24:1 ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • Why It Works We recover more because we start earlier. •  Fixed fee, early third party intervention •  Minimizes internal efforts at less than $10* per account •  We work ALL of the accounts the same way, regardless of the size or the balance. •  Preserves your valued customer relationships •  Provides complete monthly reporting on all accounts •  Interactive, secure Online Client Portal (OCP) allows you to submit accounts instantly “GreenFlag has collected more than $600,000 for our office in delinquent insurance claims. The collection cost was a mere 1.1%!” Ruby Dust, Administrator Surgery, Inc. in Tulsa, Oklahoma *Company Average ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • GreenFlag Insurance Resolution   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.
    • 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
    • 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”
    • Claims you can submit: •  Commercial Insurance •  Managed Care Plans •  HMO’S •  PPO’S •  Medicare •  Workman's Compensation
    • 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.
    • 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.
    • Insurance Resolution Demand 12/9/09 Prima Financial 1
    • Phase II – Verbal Demands When intensive recovery efforts are required. Phase II - Verbal Demands employs a team of highly trained recovery specialists operating from nationwide call centers. Verbal Demands Phase: •  Professional, third party intervention •  A more intensive recovery program •  No collection, no charge •  Offers legal recourse for tough cases ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • Legal Options Making the difference in the toughest cases: GreenFlag Legal Options can make a difference where court action is warranted, and there are assets that can be recovered. Legal Options Phase: •  Cause suit to be filed •  Pay all court costs •  Pay attorney fees, service or process fees •  Pay any other fees necessary to satisfy a judgment •  An attorney will appear in court on your behalf Most Importantly: •  If no money or assets are collected, there is NO charge. ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022
    • Let’s Partner Together and Maximize Your Cash Flow! Your Systems Partner Account Manager Steven Wener I am here to support your success! Direct Line: (760) 300-9166 steven.wener@transworldsystems.com ® 2009 Transworld Systems Inc. (Rev 1/09) All rights reserved. The Transworld Systems and GreenFlag logos are registered service marks of Transworld Systems Inc. NYC License No. 1155022