What Sets an Agency Apart from the Competition Presented By Bill Brown Sales Executive Credit Adjustments Inc What Constitutes a Good Collection Agency Superior Customer Service Performance ID: 150519
Download Presentation The PPT/PDF document "Evaluating your Collection Agency:" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Slide1
Evaluating your Collection Agency:
What Sets an Agency Apart from the Competition
Presented By:Bill BrownSales ExecutiveCredit Adjustments Inc.Slide2
What Constitutes a “Good” Collection Agency
Superior Customer ServicePerformance
Vast CapabilitiesHigh RecoveryIndustry KnowledgeCredentials, Training & ExperienceSlide3
Customer Service vs. Performance
More then just Choosing the Lowest BidderEqual Balance of the Traits
Quality of an agency can Increase Your Success in the FutureEvaluate an agency based on reports & recommendationsSlide4
Customer Service
Agency is a Representation of your Public Image
EthicsPatients = Repeat Customers
Some Hospitals are Paid in Quality Scores
http://www.youtube.com/watch?v=
phGzXh3z55c
Slide5
Performance
Percentage rate of commission may be less important then the agency’s percentage of return
Profit is greater in the second example because the recovery rate is higherCommission Rate =Meaningless
Net Return is Key
Information from www.acainternational.org
Account
Placement
Amount
Agency Commission Rate
Recovery
Profit
from
“Bad Debt”
$1,000
25%
$300
$225
$1,000
35%
$500
$325Slide6
Reporting & Evaluating the Agency’s Performance
Monitor accounts by monthly placements
What has been placedWhat has been collectedI.e. Recovery ReportCompare & Contrast Your Agencies
Complaint LogSlide7
Reporting & Evaluating the Agency’s Performance
(Cont’d.)
Random AuditingReconciliation Slide8
Industry Knowledge:
The Compelling Need for Understanding Your Industry & Changes in Law
Pressure on Hospitals to CollectMedicaid & Medicare Cutbacks
New Industry Developments & Government Regulations
Value Based Purchasing
New Collection LegislationSlide9
Value Based Purchasing
Starting October 1, 2012, hospitals will be penalized for failing to meet new value based purchasing standards established by
MedicareIncentive Based Payments for High Customer Service Performance Standardswww.valuebasedpurchasing.comSlide10
New Legislation
New Prohibited CommunicationNew Patient Notice RequirementsSlide11
Credentials, Training, & Experience
Complies with State Licensing & Bonding Laws
Members of organizations such as ACA International & HFMA ……(Obviously)Federal and State Laws & Regulations