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Evaluating your Collection Agency:

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 Vast Capabilities High Recovery Industry Knowledge

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Evaluating your Collection Agency:

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  1. Evaluating your Collection Agency: What Sets an Agency Apart from the Competition Presented By: Bill Brown Sales Executive Credit Adjustments Inc.

  2. What Constitutes a “Good” Collection Agency • Superior Customer Service • Performance • Vast Capabilities • High Recovery • Industry Knowledge • Credentials, Training & Experience

  3. Customer Service vs. Performance • More then just Choosing the Lowest Bidder • Equal Balance of the Traits • Quality of an agency can Increase Your Success in the Future • Evaluate an agency based on reports & recommendations

  4. Customer Service • Agency is a Representation of your Public Image • Ethics • Patients = Repeat Customers • Some Hospitals are Paid in Quality Scores http://www.youtube.com/watch?v=phGzXh3z55c

  5. 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 higher • Commission Rate =Meaningless • Net Return is Key Information from www.acainternational.org

  6. 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

  7. Reporting & Evaluating the Agency’s Performance (Cont’d.) • Random Auditing • Reconciliation

  8. 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

  9. 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 Payments for High Customer Service Performance Standards www.valuebasedpurchasing.com

  10. New Legislation • New Prohibited Communication • New Patient Notice Requirements

  11. Credentials, Training, & Experience • Complies with State Licensing & Bonding Laws • Members of organizations such as ACA International & HFMA ……(Obviously) • Federal and State Laws & Regulations

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