Cash flow is the life blood of businesses and there are many businesses and practices that have cash flow problems. Since 1970 Transworld Systems has been working with small and medium sized businesses and practices to improve their accounts receivable and increase their cash flow!
Transworld Systems can improve your accounts receivable and increase cash flow with Accelerator by recovering your money faster! Contact me today to learn more about how we can help you!
HIPAA compliance is getting more complicated, and more essential. Is your A/R management or collection agency doing anything to protect you from violations of HIPAA, FDCPA, HITECH, and TCPA? If not, you may be liable for drastic penalties.
HIPAA: How to protect yourself and your practice | Medical Economics.
Medical practice executives cite financial management issues as most challenging – MGMA.
As an MGMA Admini-Serve partner for over 13 years, the tools provided by Transworld Systems are THE best answer to the concerns that medical practices are facing in an ever increasing way.
In 22 minutes, I can help you determine if the tools I can provide will help alleviate these concerns for you and your practice. I will conduct a brief A/R strategy session at no cost or obligation via phone to help you determine if our tools are a good fit for your practice.
Isn’t it worth a 22 minute investment of time?
Here is a good article that I read regarding cost management. One of the most critical cost management strategies not contained in the article is to control the expense of following up slow-pay insurance claims and patient balances.
Patient responsibility is growing, due to the economy and High Deductible Health Plans. Follow-up is both costly and challenging for a practice that is trying to keep its labor and overhead costs down, while staring down a growing A/R aging report.
I can show you tools to help you control, and even decrease, your cost of following up insurance and patient balances, while increasing your revenue and profitability.
It only takes an investment of 22 minutes in a free personalized A/R strategy meeting via phone to determine just how much these tools can increase cash flow, reduce costs, and increase revenue to your practice. If so, you can see results almost immediately. Isn’t it worth the investment of 22 minutes to find out?
Effective Cost Management for Your Medical Practice | Physicians Practice.
To schedule your free, no-obligations, personalized A/R strategy meeting with me via telephone, respond to me via the form below.
Friends,
I cannot emphasize enough how important it is to your practice to know beyond a shadow of a doubt that your collection agency is committed to 100% compliance to all Federal, State and Local regulations concerning first and third party collections.
You may be liable if your agency is not compliant.
Judge Upholds TCPA Class Action Status Against Medical Debt Collector.
To learn more about keeping your practice, and your receivables compliant and safe, send me your information using the form below and I will be happy to help.
ACA (American Collectors Association) International seeks to dispel commonly held myths about the credit and collections industry. Today more than 30 million consumers have delinquent or defaulted accounts under collection, averaging $1,400 each.
“Repayment of consumer debt is the lifeblood of America’s credit-based system and vitally important to the national and state economies,” ACA International Chief Executive Officer Pat Morris said. “It helps ensure that affordable credit is available, goods and services remain affordable, sustains jobs and supports keeping taxes low.”
As an industry, third-party debt collectors help employ more than 300,000 people, pay nearly $2 billion in federal, state and local taxes, donate $85 million and volunteer 650,000 hours to charitable organizations in local communities. “Whether a small town hospital, business or a city struggling to recover taxpayer owed dollars, organizations large and small rely on the recovery of rightfully owed consumer debt,” Morris said.
Myth 1: Avoiding a Debt Collector Makes the Debt Go Away. Consumers who ask debt collectors to stop contact or choose not to respond to calls or letters often mistakenly believe it means their debt has been eliminated. Avoiding contact will not erase a debt. Instead, consumers should communicate with collectors to discuss the account, verify its accuracy and work on a plan for resolution. If consumers don’t owe the debt, communicating with collectors can help put a stop to calls or letters.
Myth 2: Consumers Don’t Have Rights in the Recovery of Past Due Accounts. The collection of consumer debt is one of the most heavily regulated industries in the United States. Consumers have important rights under a number of federal and state laws. For more information about what to do if contacted by a debt collector please visit http://www.askdoctordebt.org.
Myth 3: All Debt Collectors are Bad. Just as “all consumers” aren’t the same, neither are all debt collectors. Most are committed to professionalism, training and customer service. When it comes to the “bad guys,” we want to put them out of business just as consumers do. ACA International and its members continue to work with state and federal policymakers, regulators, courts and attorneys general to comply with the law and hold accountable those who do not.
Myth 4: It is Boom Time for Debt Collectors. It’s no secret that consumers have struggled financially in the current economy. Despite an increase in defaults and delinquency, the inability of consumers to repay rightfully owed debts trickles down to those charged with their recovery.
© 2012 ACA International. All Rights Reserved. Reprinted with the express written permission of ACA International
Practice profitability outlook negative | Healthcare Finance News.
I have tools for medical and dental practices that can prevent this from happening. I would love to review them with you and discover if they can help your practice maintain a healthy profitability, even in the face of major challenges. Just respond to me via the form below, and I will be in touch.
It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all. While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.
Accounts not paid promptly can severely impact the cash flow of a business or practice. A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.
Tip #9
USE A THIRD PARTY EARLIER IN THE PROCESS
Most businesses/practices have trouble keeping up with laws regarding contacting customers/patients regarding their accounts. Even if they can stay informed enough to ensure their compliance, the additional challenges that the regulations cause means that tactics must change. In order to collect the accounts, more frequent contacts are necessary (see tip #4). In a difficult economy, most businesses/practices can not afford to hire the additional staff necessary to effectively and systematically collect before accounts age to oblivion.
Services are available that will accomplish the “in-house” follow up necessary to collect accounts early, while ensuring complete compliance to privacy and collection laws. These services, like Transworld Systems Accelerator, can actually save the business/practice the internal expenses of doing their own follow-up at avery reasonable price, and without alienating customers/patients.
By the time an account reaches 60-90 days past due, the customer/patient is sending a message. They either do not intend to pay, or are waiting to see what the business/practice will do to demonstrate their commitment to getting the account paid. At that point, a third party can motivate a customer/patient to pay in ways that the business/practice cannot, simply because the demand for payment is coming for someone other than your business/practice. Avoid paying a percentage to a contingency collection agency, using small claims court or hiring an attorney by using a flat-fee collection service such as Transworld Systems Profit Recovery. Using Transworld Systems Profit Recovery can save your business/practice both time and money, without having to pay a high percentage of any money collected.
For more information on the suite of services that Transworld Systems has available to make businesses and medical practices more profitable, while maintaining good customer/patient relationships, please contact me through the form below or follow this blog for regular updates.
Transworld Systems has announced a special offer for AMA member physicians. As a sponsored program of the AMA, Transworld will offer FREE collections on 10 accounts with every new customer who signs up with Transworld Systems for A/R follow-up and collections through June 2013.
Free collections from the nation’s #1 collector of medical debt. Our performance is well documented by the AMA. Let Transworld show you how to cut your internal expenses, speed your cash flow, and increase profits with a special deal through June.
For more information on this special offer, contact me.
A video montage of current Transworld Systems clients filmed at the national MGMA (Medical Group Management Association) meeting.
Transworld Systems has a 14 year relationship as an “Adminiserve Partner” with the MGMA, and offers MGMA member practices special rates for their services.
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