understanding the greenflag advantage for dental
Post on 29-Jan-2016
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Understanding The GreenFlag Advantage
For Dental
Current
30 Days
60 Days
90 Days
120 Days
150 Days
Statement
StatementPhone Call
StatementPhone Call
StatementPhone CallLetter #1
StatementPhone CallLetter #2
StatementPhone CallLetter #3
Conventional Collection Approach
180 Days
Conventional Collection Agency or Legal Action
30-50% Contingency
According to the Dartnell Institute, the average cost of working patient accounts internally over a six month period is $31.60 per patient
account.
Phase 1:In-House Efforts
1
Phase 2:PercentageCollection
Agency
2
Most practices traditionally take a two-phase approach:
Current 30 Days 60 Days
StatementStatementPhone Call
StatementPhone Call
90 Days
100 Days
110 Days
120 Days
130 Days
145 Days
Conventional Collection Agency or Legal Action
30-50% Contingency
Fixed fee of typically less than $14 per account. You control the process.
Limit internal efforts to less than $10 per patient account
We contact the slow paying patient accounts every 10-14 days. Making up to 5 contacts, with each one getting progressively
stronger.
GreenFlag Three Phase Approach
Phase One:Optimize In-House Efforts
Phase Two:In-House Use
of Third Party
(GreenFlag)
Phase Three: Conventional
CollectionMethods
1
2
3
About Us
• Since 1970 We’ve Led The Industry In Profit Recovery
• Transworld’s recovery rate is consistently higher than the national collections industry average. (Approximately 4 times)
• Transworld’s Average Recovery Rate is: 56%
• Last year, we recovered in excess of $700 Million for more than 60,000 clients (over 60,000 in the Medical & Dental Industry), including many Fortune 500 companies.
• In the last 5 years, we have recovered in excess of $2.4 Billion Dollars at a collection cost of about 4%.
• Nationwide Presence:• 100+ Offices
What the Experts Say
“The numbers speak for themselves - recovery of over $230 million dollars with a 53% recovery rate and an ROI of almost 4,000% with a collection cost of 2.5%.”
-Steve Hellebush, VP of Business Development, MGMA - Medical Group Managers Association
“The company has a collection rate of well over 50%. The typical collection firm gets only 20% and keeps 25% to 50% of recovered funds.”
-Fortune Magazine
“Transworld gets credit for the highest recovery rate in the industry.” -Barron’s
Some Of Our Satisfied Clients
• Apple Family Dental• Dental Innovations
• Family Dental Center of West Point
• Legacy Dental• Liebentritt Family Dental• J Bryan Hohenstein DDS
• J Brian Wessling DDS• Dregalla Family Dentistry
Patient Account Depreciation
Start Early - Recover More
National Statistics Prove It
According to the American Collectors Association, the average agency collects less than 14% of all debts assigned at an average
cost of 33 cents per dollar collected.
Transworld Collected
56%(company average)
TSI Cost:
Average Agency
Collected 14%
(ACA Average)
Average Agency Cost:
33%
(ACA Average)
• Experience a 56% recovery rate.
• At an average cost of 4 cents per dollar collected.
4% (company avg.)
Our clients are experiencing 4 times the recovery rate at 1/6th
the cost!
Start Early - Recover More!
Online Client Portal (OCP)
• Accounts submitted via secure web portal
• User friendly
• 24/7 access
• Client controls when accounts are started, stopped or suspended
• Provides complete reporting on all accounts
The GreenFlag Advantage
• Standardizes the A/R process for slow paying patients• Our service Guarantees Results! • All patient accounts are worked the same way. (No Skimming)• 1 of 3 things will happen in less than 60 days
1. You will get paid in full!2. Reverse lines of communication!3. They identify themselves as a hard core patient account!
• Gives your practice the advantage of a third party, diplomatic voice
• Preserves patient relationships
• Reduces internal collection costs and staff overload
Questions?
Kent ChristensenDistrict Manager
Central Plains DistrictOmaha, NE
Phone: (402) 884-4292kent.christensen@transworldsystems.com
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