Evaluating your Collection Agency: - PowerPoint Presentation

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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.

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Evaluating your Collection Agency:






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 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