South Florida Hospital News
Wednesday October 18, 2017
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September 2011 - Volume 8 - Issue 3

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Angst With Your Bank? Try TD Bank

Reality TV brides say “Yes to the Dress” but Colleen Mullaney, Senior Vice President for Healthcare Financial Services at TD Bank leads a team determined to help you drop your bank angst and instead say “Thanks to Your Bank.”
 
TD Bank is one of the 10 largest banks in the United States with a 150 year history of service. The Healthcare Banking Group is dedicated to meeting specialized needs of not-for-profit organizations, specifically in health care.
 
With a stable of products and services designed for healthcare clients Mullaney points to some new products designed to better assist financial planners and administrators in treasury management.
 
“Our newest product AR Direct Healthcare, streamlines a hospital’s receivables by converting paper EOB’s to fully electronic files from insurers for automated posting to appropriate accounts. Online tools manage secondary billing opportunities and claim denials and alert users by flagging missed or incorrect payments. By reducing the manual input and speeding the identification of outliers, hospital personnel can focus on a speedier resolution to full compensation,” she explained.
 
Hospitals were alarmed at the dollars and efforts allotted to manually translate and sift through insurance paperwork in order to decipher the fine print in payor contracts which provide the guidelines to get paid for services delivered.
 
AR Direct evolved from the personal involvement of TD Bankers in meeting ambitious business goals to thoroughly address healthcare clients’ woes with a client driven product.
 
According to Mullaney, like many of their newer products, AR Direct is derived from the most up-to-date technological advancements which only larger banks can provide. It converts manual paperwork to electronic claims management and frees the AR staff to use a dashboard overview of the entire revenue cycle. This allows staff to pass over the mundane traffic and more efficiently track and appropriately collect revenues that previously may have been lost or collected only by depleting limited manpower budgets and resources.
 
Another new service created in response to customer request is a local electronic lock box located in West Palm Beach. The accelerated cash flow is enabled by the daily reconcilement of the local lockbox, charge and payment data. Typically, lock boxes are centralized and that may add another day or two to the data reconciliation which can translate into a significant amount of money based on the hospitals volume.
 
Overall, the sophistication of TD’s treasury management platform allows hospital clients to list and review accounts payable in a user friendly online format and results in a more efficient use of time and talent to collect and fund payables in the same fashion. The ease and immediacy of the sophisticated and integrated platform provides for a more efficient finance operating system.
 
Size Plus Personal Attention
TD Bank has demonstrated its loyalty to healthcare customers even with impending healthcare reform’s complex changes in reimbursement. Currently the bank is hiring two additional team leaders to accommodate the growing base of healthcare clients.
 
“Our service model includes more than 160 Florida hands-on stores with 24/7 service through our U.S. based call centers. We aggressively seek to earn a hospital’s trust by empowering our team to “WOW” our customers at every level, not just the CFO,” Mullaney explained.
 
According to Mullaney, TD Bank goes the extra mile to form a true partnership with clients. With on-going communication and sharing of industry knowledge they insure that the hospital’s goals coincide with available financial resources to improve their bottom line.
 
For example, when a hospital decides to finance debt via a public bond issue, TD Bank’s strong Moody’s Aa2 and S&P AA- ratings provide an excellent platform to enhance bond issues with letter of credit financing. Or, when hospitals venture into purchasing new medical equipment or EMR/EHR technology, a Master Lease Agreement works like a pre-approved capex line of credit. In other words, the bank qualifies the hospital purchases in advance. Our customized lease structures include both operating and capital leases, along with tax-exempt financing, tailored to deliver the lowest cost while meeting the hospital’s accounting, tax and cash flow objectives.
 
Mullaney advises CFOs to align with a strong institution, like TD Bank, whose financial reputation and ranking can provide the best resources. However, she is quick to note that TD Bank boasts deep community roots which support long-term client relationships, a customer service philosophy, and a proud local environmental stewardship.
 
TD Bank has received a Green Power Partner Leadership Award from the U.S. Environmental Protection Agency and opened the nation’s first net-zero energy bank location in Fort Lauderdale, which produces more electricity on-site than it consumes. TD Bank also is the largest U.S.-based bank to go carbon neutral; the first company to participate in a North American-wide closed loop recycling system; and purchases enough renewable energy credits to offset 100 percent of the bank's electricity needs.
 
 

 

For more information, e-mail colleen.mullaney@yesbank.com or call (561) 352-2086.
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