Transworld Systems focuses on healthcare industry
In the last decade, Transworld Systems has recovered more than $6 billion for 60,000-plus clients. One-third of those clients represent the medical industry. By the end of 2012, with national clients like Walgreen’s, the healthcare sector should represent nearly 40 percent Transworld’s business.
But don’t call the Santa Rosa, Calif.-based company a collection agency. With more than 700 representatives and 100 offices in the United States and Puerto Rico, Transworld Systems manages cash flow via billing and profit recovery. In addition to sales offices, Transworld has more than two dozen call centers located within the United States, staffed with managers and billers, in addition to professionally trained collectors.
“We streamline prospects in billing before it becomes a collection problem,” said Dewayne Callaway, an MGMA-certified Transworld district sales manager based in Austin, Texas. “However, when it comes to collections, we recover well over 50 percent of the dollars assigned to us. That’s where consistency and persistence falls into play … maintaining the highest recovery in the marketplace.”
Established in 1970, Transworld has redefined itself in the collection agency industry by providing healthcare organizations with better tools for accounts receivable, debt recovery and past due accounts through inventive products such as the GreenFlagSM Accelerator and GreenFlagSM Profit Recovery System.
“Most collection agencies charge a percentage,” Calloway pointed out. “Our cost is a flat fee, an average of $10 or less per transaction. That separates us in the marketplace. We want to do more for less while at the same time, we expect to gain more for less because of the types of recoveries we’re able to get.”
Calloway admitted that a significant marketplace challenge is syncing with businesses and practices that use a host of varied software systems.
“Businesses are using more than 15,000 different software systems,” said Calloway. “Many medical practices spend $60,000 to $200,000 on systems they don’t know how to use to the fullest. Then within three to five years, they become obsolete. We’re setting up partnerships with major medical software companies to make it more user-friendly for our medical clients.”
Five blocks of offices, in San Francisco, house Transworld’s mailing system, dispatching millions of statements into the marketplace daily. The company also performs background checks and pre-employment screenings for clients.
“This request came from MGMA a few years ago,” said Calloway. “They wanted someone to rely on to handle this service, and we were happy to comply.”
Transworld partnered with MGMA in 2011 for the thirteenth annual conference, with regional sales vice president Tracy Spears presenting an extended-learning session on personal and team development to more than 400 attendees.
“We’ve also been peer-reviewed by Healthcare Financial Management Association (HFMA) for four years now,” said Loring. “A year ago, we began a sponsorship with the American Medical Association (AMA). We consider working with all three major national associations representing doctors, practice managers and financial managers as a grand trifecta.”
Gary E. Loring, an MGMA-certified Account Executive based in Mobile, Ala., said it “doesn’t matter to us if a client’s collectibles are $50, $500 or $5,000.”
“We take the same approach working those accounts,” he said. “We want to start in the early stage. We prefer not to work six, seven or eight months out because we believe the longer the money stays out there, the more it depreciates in value and time.”