Hospitals, physician groups, labs, clinics, and other healthcare providers are seeing bad debts grow, due to the current economic environment and the climbing healthcare costs. Unemployment is relatively high, more foreclosures to come, no health insurance, and with less availability of credit, many patients are holding back on paying their medical bills to cover other expenses. Medical collectors are confronted with tight margins, HIPAA, Pinto’s Ruling, resource constraints, and developing cost-effective collection strategies. To overcome these challenges, healthcare providers and collectors such as Mount Carmel Health, Optima Recovery Services, and Duvera are utilizing PredictiveMetrics’ healthcare specific scores to focus resources on the most valuable patients in the most efficient manner. And no bureau data is required to produce accurate scores, helping you comply with HIPAA and Pinto’s ruling. The models leverage the predictive power of internal account performance data.MedicalCollectionScoreSM - Score patients from “day one” after treatment, late stage delinquency, charge-offs and accounts placed for collection through tertiary and beyond. This collection model uses payment behavior specific to medical debt, age, and balance among other features providing collectors with the unique ability to predict two outcomes. The first is the traditional probability that a debt will be paid in a given amount of time, while the second is a prediction of the amount that will be paid. Customers use the scores to develop prioritization strategies early stage collections to determine who will likely go severely delinquent and who will self cure; for late stage collections to determine which accounts to keep, sell, or outsource for agency management; and for agencies to determine who will pay and how much will be paid through tertiary and beyond. PriorityScore for CollectionsSM Powered by PredictiveMetrics – Suite of blended collection scoring models that combine Experian’s credit data with the client’s account level data on the debtor – segmented industry, age, and balance. Predicts expected payment amounts and probability of payment from consumers or businesses with the capacity to pay. Our customers use the scores for determining which accounts to keep, sell, or outsource for agency management.
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