MedicalRecovery Score
How much time and resources, not to mention money, do you spend on an account that doesn’t pay or pays very little? Your margins are slim as it is, and collections are becoming increasingly difficult. PredictiveMetrics (PMI) understands that your time, money, and collection success are important to your liquidation rates. For many agencies medical recovery is a substantial portion of their portfolio, if not all, and that is why PMI developed MedicalRecovery Score. We recognized the demand to have an industry-specific recovery model to quickly and accurately rank medical collections whether they are for hospitals, clinics, Doctors, labs etc...
One of the advantages of MedicalRecovery Score is that it provides two scores on your debtors – predictions of two outcomes. The first is the traditional probability that a debt will be paid in a given amount of time, while the second predicts 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 an agency a superior tool for prioritizing debt, while expending collection resources and personnel most effectively.
MedicalRecovery Score 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 two 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 two advantages.
First, is that the data is readily available and it’s free. Second, it is proven that internal performance data is a much more powerful predictor of successful recovery than scores based merely on external bureau data. The information is specific to medical debt, age and balance, as well as the prior performance of the agency involved. To ensure ongoing model predictiveness, MedicalRecovery Score is continuously validated ensuring superior collection results.
The output of the model is a score that is used to rank order accounts allowing you to base your collection strategies upon cost and/or impact. MedicalRecovery Score is implemented on PMI’s system and file transfer occurs through encrypted FTP Internet.
Benefits of MedicalRecovery Score
- Maximize liquidation rates by using a dollar and payer score to prioritize collections
- Reduce collection costs and collection time
- Optimize the use of valuable resources
- Increase recoveries by using a score that reflects your debt type
PMI offers a FREE VALIDATION ANALYSIS of MedicalRecovery Score to provide mathematical proof that the score determines the probability of payment and amount to be collected.
