Evaluating your Collection Agency:

Evaluating your Collection Agency: - Description

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

92K - views

Evaluating your Collection Agency:

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.

Similar presentations


Download Presentation

Evaluating your Collection Agency:




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.



Presentation on theme: "Evaluating your Collection Agency:"— Presentation transcript:

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 ServicePerformanceVast CapabilitiesHigh RecoveryIndustry KnowledgeCredentials, Training & Experience

Slide3

Customer Service vs. Performance

More then just Choosing the Lowest BidderEqual Balance of the TraitsQuality of an agency can Increase Your Success in the FutureEvaluate an agency based on reports & recommendations

Slide4

Customer Service

Agency is a Representation of your Public Image

EthicsPatients = Repeat CustomersSome 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 =MeaninglessNet Return is KeyInformation from www.acainternational.org

Account

Placement

Amount

Agency Commission Rate

Recovery

Profit

from

“Bad Debt”

$1,000

25%

$300

$225

$1,000

35%

$500

$325

Slide6

Reporting & Evaluating the Agency’s Performance

Monitor accounts by monthly placements

What has been placed

What has been collected

I.e. Recovery Report

Compare & Contrast Your Agencies

Complaint Log

Slide7

Reporting & Evaluating the Agency’s Performance

(Cont’d.)

Random Auditing

Reconciliation

Slide8

Industry Knowledge:The Compelling Need for Understanding Your Industry & Changes in Law

Pressure on Hospitals to Collect

Medicaid & Medicare Cutbacks

New Industry Developments & Government Regulations

Value Based Purchasing

New Collection Legislation

Slide9

Value Based Purchasing

Starting October 1, 2012, hospitals will be penalized for failing to meet new value based purchasing standards established by

Medicare

Incentive Based

P

ayments for High Customer Service Performance Standards

www.valuebasedpurchasing.com

Slide10

New Legislation

New Prohibited CommunicationNew Patient Notice Requirements

Slide11

Credentials, Training, & Experience

Complies with State Licensing & Bonding Laws

Members of organizations such as ACA International & HFMA

……(Obviously)

Federal and State Laws & Regulations