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Do Slow-pay Insurance Claims Make You See Red?. Let GreenFlag  resolve them!. GreenFlag  Insurance Resolution. FROM TRANSWORLD SYSTEMS INC.

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Presentation Transcript
slide1
Do Slow-pay Insurance Claims

Make You See Red?

Let GreenFlag resolve them!

greenflag insurance resolution
GreenFlagInsurance Resolution

FROM TRANSWORLD SYSTEMS INC.

  • Transworld Systems is the leader in providing medical practices with better tools for recovering slow paying accounts and expediting reimbursement from insurance companies.
    • $650 million recovered for our clients last year
    • More than 33 years experience recovering slow-pay and delinquent accounts
    • 150 offices throughout the U.S.
transworld and mgma
Transworld and MGMA:

Professionals Working with Professionals

  • Transworld has been a professional partner to the medical practice industry for more than 10 years.
  • We are proud to be an MGMA AdminiServeSM Partner and have been serving MGMA members for more than seven years.
  • We are a member of ACMPE.
  • We are HIPAA-compliant.

You can be confident we know your business.

time is not on your side
Time is not on your side…
  • 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 is a revolutionary new tool to assist in the rapid resolution of these claims.
symptom delay in claim resolution
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”
internal complications
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
typical in house procedure
Typical In-House Procedure:

Internal Cost $20 - $27/claim

greenflag procedure
GreenFlag Procedure:

Two-Phase Approach

why greenflag profit recovery
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
  • Low, fixed cost allows our service to be utilized on claimsas early as 30-45 days past due.
  • Insurance carriers will call your staff – effectively reversing the lines of communication
greenflag easy to use
GreenFlag: Easy to Use
  • GreenFlag standardizes the accounts receivable procedure:
    • We work the claims you choose, making A/R more predictable and cash flow steadier.
  • Insurance companies are contacted by your local Transworld office.
  • Claim information is submitted online and you have 24/7 access to all account information
remember
Remember…
  • It’s not a matter of whether insurance will pay, but when insurance will pay.
  • GreenFlag Insurance Resolution reduces your internal costs and lowers response time, which works to reduce the age of your receivables.
greenflag easy to use1
GreenFlag: Easy to Use

Claims you can submit:

  • Commercial Insurance
  • Managed Care Plans
  • HMO’s
  • PPO’s
  • Medicare
  • Worker’s Compensation
your practice will benefit
Your practice will benefit
  • Using GreenFlag Profit Recovery at 45-60 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.
  • Reduced internal costs
  • Happier staff.
in summary
In Summary:
  • Improved Cash Flow
  • Higher Recovery on Insurance Claims
  • Early Identification of Patient Obligations
  • Automated Program Reduces Costs
  • Effective National Presence
the results say it all
The Results Say It All…
  • “Since July 2001, Transworld has collected over $600,000 for our office in delinquent insurance claims with their Insurance Resolution program. The collection cost was a mere 1.1%! We’re now also using Transworld on our private pay accounts and getting 50% recovery at 2% collection cost!” ---Ruby Dust, Administrator, Surgery, Inc.
  • “Re-directing funds previously spent on in-house collection letters and efforts improved our bottom line by increasing revenue and decreasing overhead.” ---David Kirk, Administrator, Intermountain Orthopaedics
slide18

PATIENT SELF-PAY PROGRAM

DIPLOMATIC FIRST PATIENT CONTACT

  • Up to 5 demands will be sent on your behalf – start, stop and suspend activity online
  • Payment Voucher and Envelope are included
  • Identifies intent
  • Separates patients
  • from debtors
  • Allows patient to contact your office to

make payment arrangements

  • Activity reports refreshed every 24 hours
  • Keeps your staff in control at all times.
slide19

“Thank You!”

Sent to Patients when their accounts are paid in full to maintain relationship

(your option)

verbal demands
Verbal Demands
  • When intensive recovery efforts are required
  • GreenFlag Verbal Demands employs a team of highly trained recovery specialists operating from nationwide call centers.
    • Verbal Demands Phase:
      • Turns up the heat on overdue accounts
      • You pay only for what is recovered
      • Offers legal recourse for tough cases
      • Handles the types of accounts other agencies ignore as un-collectable.
      • Completely optional – you can cancel accounts online for any reason
a final word
A final word…

See for yourself why over 60,000 businesses choose TSI over extended in-house efforts and all other 3rd party alternatives combined

  • We recover three times the industry average for about one sixth the cost.
  • Flat-fee, no percentages – regardless of the balance. Average cost of only 7 cents per dollar collected.
  • Diplomatic approach – we recover your profits without offending your valued customers.
  • You stay in control – you decide how diplomatic to be and when to turn up the heat.
  • Recovered profit is paid directly to you. No more waiting 30-60 days for an agency to pay you your money.
  • Over 130 Offices Nationwide – provides unparalleled local impact.
  • Performance is guaranteed – Use TSI at no financial risk whatsoever.

Contact Information:

Tyler Williams – District Manager

Transworld Systems Inc.

1717 Dixie Highway Ste 490

Fort Wright, KY 41011

P. 859.331.1957

F. 859.331.0413

C. 614.208.8431

tyler.williams@TransworldSystems.com