In today’s environment, hospitals are not able to address and keep up with many revenue cycle issues, such as:
- Technology system upgrade costs and restraints
- Overwhelmed collections department
- Under-performing attorney negotiation settlements
- Unorganized receivable tracking processes
MedBanker has built a master servicing management model which addresses each of the challenges through a proprietary software, which identifies and segments each case account into pre-defined recovery categories utilizing attributes pulled from public records and historical attorney data. Any account that is truly non-collectable is returned to the client as a bad debt write off, giving our in-house servicers the most efficient accounts to work, resulting in above average industry results. Once the accounts are categorized, they are assigned to one of our certified staff members who are experts in that specific category of servicing.
Servicing waterfall process:
- Obtain the most up to date attorney contact information utilizing a blend of web crawling automation and manual research
- Contact attorneys utilizing an automated mail merge to limit human error, increase efficiency, and create a powerful 5-touch drip case status aggregation campaign, including; Fax blasting status forms, Website contact form submissions, Formalized email including web based and fillable PDF status form, Formalized postal mail status letter & form, and Follow-up phone call
- Founded by personal injury attorneys, MedBanker leverages existing relationships with the leading PI attorneys to ensure lien negotiations are handled properly to maintain your attorney network and yield higher returns
Understanding your portfolio:
Approx. 90 days after servicing begins, you will receive:
- insight into the forecasted timing of received satisfied payments
- Insight into the Risk Adjusted Estimated Case Value for full or partial cash-out
- We will provide weekly and monthly recovery reports, follow-up and case status reports, along with client web access for immediate update on any account.
Our servicing product is designed to align our interests by assessing a servicing fee of 18% on only what is recovered. All other accounts will still receive:
- Updated attorney contact information (Law Firm, Attorney, Paralegal/ Case Manager, Phone, Fax, Email, Mailing address)
- Individual case research
- Organization of case status (settled, pending, case closed, in trial etc.)
- Enhanced attorney relationships and referrals from attorneys already existing in the ever expanding MedBanker network.