Could your hospital use this?
$255,000+ For Mid Size Hospital in Arkansas
A 240 bed hospital in Arkansas with an experienced, professional revenue cycle team asked us to act as their agent to sell a $45 million dollar portfolio of very old, thoroughly exhausted patient bad debt paper. These accounts had already been worked internally by the hospital and had then been through two consecutive collection agencies. At our first meeting with the executive team, the CEO of the facility remarked that “if we can get $10,000 for these accounts, that’s more than we will get ourselves.”
Portfolio Assurance Group coordinated an auction with our select network of the largest and most experienced healthcare specialty agencies in the United States. PAG did all the work, the time required from the hospital amounted to only a few hours. The winning bid far exceeded all expectations, resulting in over a quarter of a million dollars in “found money”. Needless to say, Unity Health was happy with the result.
UPDATE: Two years later, Unity Health/White County Medical Center asked Portfolio Assurance Group to sell a $8.6 million dollar portfolio. Less than 60 days after signing the Agency Agreement, Portfolio Assurance Group sent the hospital a check for almost $60,000. The VP – Treasurer said it “went off like a charm”.
Hospital In Bankruptcy Asks PAG For Help
Craig General Hospital, a small 62 bed facility in Oklahoma, filed for bankruptcy. Some of the assets, including the patient accounts receivable were transferred to a trust authorized to liquidate the receivables. After several unsuccessful attempts at selling the accounts themselves, they reached out to Portfolio Assurance Group. The receivables were poor quality and knowing that time degrades the value of these accounts, PAG quickly coordinated the sale process, providing specific guidance at every step.
Since PAG employs a flexible model and the top buyers in the country are members of our network, we can accommodate hospitals in a wide variety of situations, including financial distress. These factors add up to one thing: Portfolio Assurance Group can get you significantly more for your receivables than you can on your own.
Even though patient accounts from a bankrupt facility are generally worth significantly less than equivalent accounts from a operating hospital, we were able to obtain a surprisingly large lump sum for the hospital trust of $75,132.74. And the hospital trust received this amount 60 days after they provided us with the necessary information to conduct the sale.
Rather than stumbling through the sale, tying up alot of executive time and attention only to end up with less overall, let PAG handle the sale, guiding you every step of the way. It’s what we do.
123 Bed Hospital Receives $150,000
Huntsville Memorial Hospital, a 123 bed facility located 70 miles north of Houston, TX, asked Portfolio Assurance Group for help selling a portfolio of charged-off patient accounts with a face value of $23 million dollars. They were looking for a safe, efficient way to quickly supplement their revenues.
In what they called, “an easier than expected process”, PAG sent Huntsville a check for $149,560 dollars only 45 days from the date the Agency Agreement was signed. Overall, they described our engagement as an “excellent experience” and highly recommend our program.
How Much “Found Money” Is Available For Your Hospital?
Contact Portfolio Assurance Group at 405-250-9959 and find out.