Medical practices having problems with slow-paying customers or insurance collections might be advised to try a new solution that promises to speed up the process.
Transworld Systems, Inc., a provider of profit recovery solutions, is teaming up with LeonardoMD, a San Diego-based provider of Web-based practice management and clinical software solutions, to create a program to improve collections. Transworld's GreenFlag Profit Recovery service will now be offered to LeonardoMD clients at preferred pricing.
The new interface being offered in the collaboration allows medical clinics to flag delinquent accounts, thereby sending them immediately to Transworld Systems, which handles the collections. As an option, clinics can also set up parameters for collections, establishing dates and even amounts, before sending the accounts on to Transworld.
"As insurance carriers continue to cut reimbursement and make it increasingly difficult for medical practices to thrive, forward-thinking practices are turning to new solutions to fight back," said Kyle Palla, vice president of business development for LeonardoMD. "The collaboration between LeonardoMD and Transworld Systems enables practices to streamline their collections efforts at a critical time in the revenue cycle. The LeonardoMD Web-based practice management software and EMR (electronic medical records) eliminates the IT hassles typically associated with medical collections."
"LeonardoMD's interface with our GreenFlag service provides mutual clients with an easy-to-use technology that will streamline their operations as well as allow them to focus on what they do best – providing quality medical care," added Ken Eissing, senior vice president and general manager of Transworld Systems.
One mutual client, the Gastroenterology Diagnostic Clinic in Pasadena, Texas, reported good results in using the new interface, according to a press release provided by the two companies.
"The software interface was easy to set up," said Becky Frias, a clinic employee. "Now that it's up and running, I don't have to spend hours entering the data. To be honest, I'm surprised at the vast improvement in both patient and insurance collections."
Transworld Systems, a wholly owned subsidiary of Outsourcing Solutions, Inc., is based in Santa Rosa, Calif. and reports collections of $2.4 billion from more than 60,000 clients over the past five years. LeonardoMD was founded in 2000 and lists thousands of clients across the United States.