maxcollect mcit
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Action BlueprintAction Blueprint10 Ways To Prevent And Collect 10 Ways To Prevent And Collect Past Due AccountsPast Due Accounts
Cherie BrownAuthor, Speaker, Consultant
Past Due Account StrategyPast Due Account Strategy
Fundamentals
Time Constraints
Know How
Prevent and Collect
#1 Credit & Collection Policy#1 Credit & Collection Policy
Name, Address, Phone
Employer
SS# and DOB
Terms of Payment
#2 Consider a Discount for #2 Consider a Discount for EARLY/Cash PaymentEARLY/Cash Payment
Reason Why
Flat Fee
5-10% for Service
#3 Invoice and Bill Promptly#3 Invoice and Bill Promptly
System
“Tickler” File
Regular Day
Outsource
The “Magic Phrase”The “Magic Phrase”
Address Service Requested
#4 Frequent Contact#4 Frequent Contact
A Squeaky Door Gets Oiled
Shorter Intervals Between Contacts
10/14 vs. 30 Days
#5 Systematic Follow Up Plan#5 Systematic Follow Up Plan
1 Pay when service rendered
30 1st Statement
45 Phone call/send letter
60 2nd Statement
75 Phone call/2nd Letter
90 3rd Statement/Final Notice
105 Outsource for Follow Up*
#6 Review Your Aging Sheet#6 Review Your Aging Sheet
Use your aging sheet.. Not your feelings
Terms: Net “Eventually”
New Automatic System
If not you…someone else
#7 Staff Training Skills#7 Staff Training Skills
Communication Skills Legal Issues Dealing With Difficult People Asking Questions Overcoming Stall Tactics Conflict Resolution
Hot Water Collection TacticsHot Water Collection Tactics
Pretending to be an Attorney Repeated phone calls in same day No disclosure to 3rd Party Calling work when patient
objects Odd hours Threat of action not intended
#8 Admit & Correct Mistakes#8 Admit & Correct Mistakes
Listen Respond Continue
Diffuse the Situation
Ask for Payment
#9 Winning Most Of The Time#9 Winning Most Of The Time
Exhaust All Options Follow the Plan Recover the Maximum Reduce Write Offs
The Few NOBODY Gets PIF Right Away
More Follow UpExpert
Help
#10 Utilize An Expert#10 Utilize An Expert
ONE area of Expertise
“Motivator”
Collection Super Assistant -365 24/7
Presents MaxCollectTM
The Outsourcing Solution For Accounts Receivable
The MoneyQuest Corporation:A Better Way
• Now you can collect more of your unrecovered dollars, in less time, and at little or no cost.
• MoneyQuest is not a collection agency. It is a National Service Bureau offering outsourcing and integration of your collection process with attorneys and credit bureaus.
• We offer a new and unique system, which enhances your in-house efforts and eliminates the need for a collection agency.
MaxCollect: More money, faster, and at a dramatically lower cost.
• Now you can collect more of your unrecovered dollars, in less time, and at little or no cost.
• MoneyQuest is not a collection agency. It is a National Service Bureau offering outsourcing and integration of your collection process with attorneys and credit bureaus.
• We offer a new and unique system, which enhances your in-house efforts and eliminates the need for a collection agency.
MaxCollect: More money, faster, and at a dramatically lower cost.
MaxCollect Service
Automated
Low Fee
Higher Recovery
Faster Recovery
Patient Retention
MaxCollect – More Money – Faster – Dramatically Lower Cost
Your Outsourcing
Solution
Understanding Past Due Accounts
Like Fish…Past Due Accounts Do Not Improve With Age!
How Your Money Depreciates
0
10
20
30
40
50
60
70
80
90
30 90 150 210 270 330
0
10
20
30
40
50
60
70
80
90
30 90 150 210 270 330Account Aging in Days
Rec
over
y P
erce
nta
ge
Based on U.S. Dept. of Commerce StatisticsBased on U.S. Dept. of Commerce Statistics
Status Reports
29% Recovery
Rate
Average Age
302 Days
54% Recovery
Rate
Average Age
105 Days
What Are Your Alternatives?
In HouseIn HouseLegal ActionLegal Action
Write OffWrite Off Collection Collection AgencyAgency
Option 1 - Continued In House Effort
• Time Consuming
• Inconsistent Follow-Up
• Lack of Impact
• Increasingly Costly
• Steep Decline In Results
Option 2 - Legal ActionHire An Attorney
• Costly… $75 plus per letter
• Court Costs… Legal Fees
• Judgment Does Not Mean Dollars
Option 3 - Write Off
• No More Internal Costs
• Barring Miracles - No More Recovery
• “Easy” Reputation
Option 4 - Collection Agency
• Lost patients
ACA Statistics
• Limited Recovery...14%
• Expensive...33% - 50%
Option 5
MaxCollect
What is MaxCollect?MaxCollect provides the most effective
recovery methods available ...
• A series of increasingly demanding collection letters directing all payments to you.
• Automated phone calls• The motivation of … -credit bureau reporting, -collection agency effort, -or intensive attorney intervention.• The impact of an attorney, writing a series of highly
effective collection letters and making calls on your behalf.
• A series of increasingly demanding collection letters directing all payments to you.
• Automated phone calls• The motivation of … -credit bureau reporting, -collection agency effort, -or intensive attorney intervention.• The impact of an attorney, writing a series of highly
effective collection letters and making calls on your behalf.
How Does MaxCollect Work?
Submit Delinquent Accounts Via Password Protected MoneyQuest Website
At your option, we then add a delinquent billing fee, and mail up to four letters on your letterhead, directing all payments to you.
Neither MoneyQuestNor MaxCollect is
mentioned in your letters
Automated Telephone Call
Then…If the debt remains unpaid, it is transferred to Your Collection Attorney
Your Attorney Writes Up to 3 Letters
Why A Thank You?It’s Cheaper To Keep A Patient
Than To Get A New One
• If you turn accounts over to a collection agency, you may or may not get paid, but one thing is guaranteed: you will never see those patients again!
• If, however, you use MaxCollect, where the first four letters are from you...
• And if you use it early in the aging cycle, when accounts are more easily collectable...
• And if we send the patient a “Thank You” letter when you get paid...
• You will probably see them again.Isn’t that much better?
• If you turn accounts over to a collection agency, you may or may not get paid, but one thing is guaranteed: you will never see those patients again!
• If, however, you use MaxCollect, where the first four letters are from you...
• And if you use it early in the aging cycle, when accounts are more easily collectable...
• And if we send the patient a “Thank You” letter when you get paid...
• You will probably see them again.Isn’t that much better?
Attorney Telephone Contact
• Final AT- Demand
• Call Placed
• Caller ID
“Attorney at Law”
Final Action
• If you wish to litigate, and the unpaid balance justifies suit, you may arrange with your retained attorney to file suit on a contingency fee basis, plus court costs.
• If the account remains unpaid, MoneyQuest will, at your option, transmit your debtor information to a National Credit Bureau, and maintain an interface for updating accounts on your behalf.
Credit Bureau Reporting
Litigation
Detailed Reporting
•Continuous Access To Account Activity and Overall Performance On Your Personal Website
•365/24/7
What are Your Results?
0
10
20
30
40
50
60
Gross RecoveryCollection CostNet Recovery
Collection Agency MaxCollect
14%
34%
9%
41%
10%
37%
Based on average recovery and age placed for each alternative ...
Why Is MaxCollect Your Best Option?
– It gives health care providers more tools than a collection agency offers - consequence of harm to credit and possibility of litigation.
– patients are contacted earlier in the aging cycle, when they are innately more likely to pay -
It HAS to collect more.
MORE TOOLS
Why Does MaxCollect Collect Faster?
– Greater impact on patients
– More Frequent Contact
– All the money goes directly to you
It HAS to collect faster.
TIME FACTOR
Why Does MaxCollect Cost Less?
– Because, with automation and high volume, we are able to perform our services for less.
– Because we are willing to charge less.
What Is Your Cost For MaxCollect?
• One-Time/Lifetime Setup Fee of $495. No annual dues, charges, or fees.
• The month following receipt of account data, your are billed $12.95 per account processed. (Typically offset by optional delinquent billing fee)
• When you receive your money, you notify us to stop action.
• The month following your notification, you are billed a Servicing Fee based upon our “time driven” fee schedule.
• Retains Your Collection Attorney• Web based input and reporting system• Credit Bureau Reporting• Staff Training• Customer Support
SCHEDULE AMoneyQuest ACCOUNTS RECEIVABLE SYSTEM
TIME DRIVEN FEE SCHEDULE
Aging in Days Aging in Months Total of Fees
For each new account submitted (one-time)Account Processing Fee: $12.95
Service Resolution Fee based on the aging shown Plus:
1 - 60 1 - 2 5%61 - 120 2 - 4 10%121 - 180 4 - 6 15%181 - 365 6 - 12 20%366 - 730 12 - 24 25%731 plus Over 24 50%
*Attorney Recovery Fees-Personal Contact or Phone Calls
Litigation Only
25%35%
Notes: 1. All accounts with a value of less than $100.00 will be charged a minimum of 10%.2. Any account you wish to submit OVER two (2) years old will be at a 50% rate.3. Do Not submit balances under $25.00 as the Law Firms do not feel it is appropriate.4. Aging is the difference from the last activity (service/last payment) to the submission date.5. No service fee to MoneyQuest in the event of attorney phone calls or litigation.*
Why Are We Willing to Charge So Little?
• Because we wanted to make it impossible, on the basis of logic and economics, for anyone to fail to take advantage of MaxCollect.
• If we really can collect more, and WE CAN; if we really can collect it faster, and WE CAN; and if we really can collect it for little or nothing, and WE CAN;
• Can you think of any reason not to take advantage of it?
• Because we wanted to make it impossible, on the basis of logic and economics, for anyone to fail to take advantage of MaxCollect.
• If we really can collect more, and WE CAN; if we really can collect it faster, and WE CAN; and if we really can collect it for little or nothing, and WE CAN;
• Can you think of any reason not to take advantage of it?
Collection Agencies vs. MaxCollect
Collection Agencies
1. High Cost – from 30% to 50%
2. Accounts skimmed, based on balances
3. Loss of Control – agency receives payment
4. Lack of detailed reporting to doctor’s office
5. Limited recovery due to lack of impact – no implied harm to credit
6. Loss of patients – most are offended
MaxCollect
1. Much Lower Cost – As low as 5%
2. All accounts worked equally, regardless of amount
3. All money paid directly to the doctor’s office
4. Detailed monthly reports; access 24/7 on website
5. Increased recovery with credit bureau, attorney letters, phone calls, litigation
6. Maintain patient relations by sending “Thank You” letter
Features that BenefitHealth Care Providers
• Website – Secure Password Protected 24/7
• No Software Needed
• Detailed Reporting and Sorting
• Easy Submission and Easy Reporting Payments …“Paperless”
Customer Service
• Web Based 24/7 Access
• Initial Call to Review
• Periodic Contact
• Printed and Online Help
Just One Phone Call Away
Features that BenefitHealth Care Providers
• Settle an Account – No % Penalty
• Short Hold an Account…Automated – No Tickler File Necessary
• Additional Debt While in Process –
No Additional Cost
Features that Benefit Health Care Providers
• Aging based on Last Financial Activity
• Maintaining Relationships – 30-60-90 days
• Thank You Letter – Maintain Patient
Moving Forward
• Start recovering past due accounts
• Answer any questions by contacting
Marie Cascio 908-834-1355