MedicalCollectionScore™
PredictiveMetrics (PMI) recognized the demand to have an industry-specific medical collection model to quickly and accurately prioritize medical collections for hospitals, clinics, Doctors, labs etc... - MedicalCollectionScore.
MedicalCollectionScore provides collectors with an advantage of predicting two outcomes - the traditional probability that a debt will be paid in a given amount of time, while the second is unique in predicting the amount that will be paid. This combination of receiving a payer score and dollar score as well as the extensive reporting PMI provides gives a collector a superior tool for ranking debt, while expending collection resources and personnel most effectively.
MedicalCollectionScore is an empirically derived, multivariate statistical model that was developed by using payment behavior specific to charged-off medical debt. PMI applied proprietary statistical techniques to more than 5 million observations and blended it with socio-economic and demographic data supplied by PMI. No bureau data is required to produce these accurate scores.
Your own internal placement data is applied, resulting in several advantages:
- The data is readily available and it’s free
- Proven to be a much more powerful predictor of collection success than scores based merely on bureau data
- The information is specific to the type of medical debt, age and balance
- Ability to predict expected dollar value and payers
The output of the model is a score that is used to rank order accounts allowing you to base your collection strategies based upon cost, effort and impact. MedicalCollectionScore is implemented on PMI’s system and file transfer occurs through encrypted FTP Internet.
Benefits of MedicalCollectionScore
- Maximize liquidation rates by using a dollar and payer score to rank order collections
- Prioritize and segment collections based on cost, effort and expected
- Reduce collection costs and collection time
- Streamline operations, making better use of your internal resources
- Increase collections by using a score that reflects your debt type
PMI offers a FREE VALIDATION ANALYSIS of MedicalCollectionScore to provide mathematical proof that the score determines the probability of payment and amount to be collected.
For more information contact Consumer Sales
