There has never been a more exciting time in our industry. Technology is allowing for extraordinary advances in care and in business. The government has recognized and acted upon the cry for change in healthcare and the need for a solid foundation in standards, technology, and quality outcomes.
In an effort to focus on the core business of providing health care, physician groups, large and small, are finding that partnerships with revenue cycle management companies that are set to keep the pace with innovations, other partnerships and effective financial strategies are actually helping them increase their cash flow while complying with all the complex legal and business requirements. These companies are providing web-based practice management software, coding rules engines, contract monitoring tools, full-scope claims management and back-office services.
Most of the larger companies have joined forces with Transworld Systems, a cash flow management agency, which offers unique products and services for medical practices. Transworld Systems’ Accelerator and Profit Recovery programs are credited with the highest recovery rate in the industry. Their focus is on delivering the most progressive and effective cash flow tools available for their clients. Established 40 years ago, they have recovered over $5 billion for their medical clients in just the past 5 years.
Old Song, New Tune
The technology that has been used by Credit Unions and the Banking Industry for years to immediately notify late mortgage holders of their obligations is now being successfully employed by Transworld Systems to remind patients that they have outstanding balances. Practices now can outsource first party reminders. That means that practices can send out a series of letters and reminder phone calls to slow paying patients in a systematic, diplomatic and thorough fashion with the push of a button. Practices are finding this system is reducing Accounts Receivables more quickly and fewer accounts are requiring more intensive collection measures.
The state-of-the-art technology makes maximizing medical profits even easier! Practices will certainly appreciate maintaining control of their accounts and the 24/7 access to their information. The result of outsourcing patient account follow-up has dramatically reduced medical practices’ internal costs by minimizing staff efforts. The system allows staff to concentrate on growing the core business rather than chasing after unresolved delinquent accounts. Furthermore, streamlining the collection process allows medical practices to submit large groups of accounts instantly by uploading accounts in seconds using any standard transfer format or Transworld’s interactive software integration modules.
MDeverywhere Announces Partnership with Transworld Systems
MDeverywhere has offered Transworld Systems’ GreenFlagSM services as part of its cloud based practice management and revenue cycle services since 2006. They formally announced their partnership January 2012.
This integrated solution has streamlined the patient collections process for those medical practices and helped increase their revenue. With one mouse-click, practices can identify and select delinquent patient accounts and electronically transfer those accounts to Transworld Systems to start the recovery process.
“Over the past few years our clients have had great results using the integrated solution. Their patient payment recovery rates are now between 40% and 60% which is much higher than traditional collection agency recovery rates,” said Ann Bilyew, MDeverywhere’s CEO. “This is an exciting opportunity for our companies to work together to offer a very effective solution to the market. Our combined suite ensures maximum collections from third-party payers and increases the collectability of the patient portion of the bill.”
“MDeverywhere offers a great service that can really benefit medical practices. Their automated revenue cycle systems and services combine into a powerful tool to maximize a practice’s revenue. We believe MDeverywhere is a great solution for our clients,” said Tom Lee, Transworld Systems’ Regional Sales Vice President.