Back to Basics - Score Model Utilization
A lot can be said for the development and utilization of scoring models in the receivables industry over the past few decades. Numerous models have been built and refined by a host of companies in the industry. Along the way creditors and agencies have built those scoring models into their workflows to varying degrees and with varying desired outcomes and success rates.
At State Collection Service, we work with several scoring models common in the healthcare space along with internal data to maximize recoveries as well as assisting in driving patients towards a presumptive charity resolution when needed. Having worked with numerous scoring companies, we have gained unique insight to the varying approaches taken in generating the score models as well as customized methods to apply those models into the workflows. We then apply these workflows to the accounts placed with us for resolution. As I’ve written in the past, based on 501r requirements, there is still work to be done on each account we receive for self-pay follow up work. However, applying extra work effort on accounts with higher scores does yield higher recoveries while seeking out some sort of financial assistance for the patients scoring in the lowest tiers also helps reduce bad debt charge offs.
Over the lifecycle of an account, regular review of the outcomes of applied work effort is needed to make sure recoveries remain maximized. We regularly report performance based on scores to show the impact of the applied workflow. The goal of this review is to ensure maximized recoveries for our clients while monitoring changes in the ability of patients to pay over time. While monitoring for changing trends in a patient’s ability to repay their obligations from one month to the next, we can modify our work strategy to accommodate for changes in your patient base over time. this regular review and adjustment is the critical component in maximizing the value of the scoring tool(s) applied.
When it comes down to it, utilizing scoring models and consistently reviewing our strategies have proven to be two of the factors that continually lead us to success. Like so many other things in life, it’s important to always remember the basics.
About State Collection Service, Inc.
Since 1949, State Collection Service has provided quality collection service to countless healthcare organizations.
Through experience and innovation, State Collection Service has grown to become a tremendously credible and nationally-recognized collection agency offering services from pre-registration to bad debt. It is upon the basis of ethical behavior and a dedication to integrity that each State Collection Service employee works to uphold the company’s vision – Partnerships for a Lifetime.
*This article first appeared in “A State Collection Service, Inc. Newsletter Volume 23, Issue 3, First Quarter 2017”