Turning Red to Black Blog

Turning Red to Black Blog

Turning Red to Black Blog: Discussing Topics Related to Revenue Cycle Management, Debt Collection, Debt Recovery, Debt Management, Billing Operations and Billing Procedures

Trickle Down Charity in the Healthcare Industry


 

The healthcare industry has seen its share of mergers and acquisitions over the last few years which has affected in large scale the way the medical field looks and conducts business.  Likewise, the changing landscape of the collection industry is producing larger regional and national companies that have survived an industry-wide M&A wave as well as the tightening of rules and regulations by increasing their investments in compliance, infrastructure, technology, analytics, training of staff and process improvement.  As this process continues, smaller, localized “mom and pops,” and even some medium-sized regional agencies, have had trouble competing with these leaner, more diversified operations.  

Statistical Analysis is Changing the Game for Collection Agencies

Some of you may remember the “good ol’ days” when files were kept in file cabinets that contained handwritten records and notes.  When files were hand-delivered to collection agencies by courier and then filed into a queue cabinet and each time a call was made the file would be pulled out of the cabinet and a scribble of a note would be hastily written onto a card to record what occurred during the call. Once complete, it would be refiled to call again or manage as a payment arrangement.

RCM WEbinar Recap

This week saw the completion of our summer webinar series on Revenue Cycle Management. We have included links below to each of the webinars as they are now available on our brand new YouTube channel for on-demand viewing. These videos explore a variety of subjects but concentrate on ideas that have worked for Simon's over the years and which organizations can use to help improve their own revenue cycles each month. We hope you enjoy them and find them useful!

Tipping Point #3 - Our Clients' Tool Belt

In our last Tipping Point we examined some of the tools we use at Simon’s to do that thing we do best – collect money for our clients. This time around we want to take a closer look at the tools we offer our clients to ensure that their files are placed in an accurate and timely fashion and that they have the ability to track our progress and understand the remittance that they receive.

Tipping Point #2 - How Big is Your Toolbox

“I’ll show you mine if you show me yours.”  At Simon’s Agency, we always tell our clients:  “The sooner you get your placements to us, the more money we’ll remit to you.” While we encourage our clients to take their very best swing at collecting on their delinquent accounts, we also realize there is only so much they can do before they are out of tools.  So why not take your swing but then get those over to us sooner rather than later instead of striking out.  90 days is good.  But 60 days is better.  And at 30 days… well we’re going to do some pretty incredible things to your bottom line.  You know the whole “Red to Black” thing we’ve got going on here?

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The Simon's Method of Debt Collection

Simon’s utilizes an advanced information system and employs a fully trained and experienced staff of collectors operating in a state-of-the-art call center. But there is much more that goes into our collection philosophy.

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