Portfolio Assurance Group operates by a different standard. Our approach to “dead account” sales is unique: how can we benefit the medical facility wishing to sell the patient charge-offs and the patients who owe the debt.
Benefits to the patient:
- Patient has opportunity to discharge the debt for a small fraction of the amount owed.
- Soft collection techniques are mandated in most cases. Litigation to collect a debt strictly limited to a small percentage of accounts and this percentage is set by the hospital.
- Creates goodwill between hospital and patient by removing financial barriers.
Benefits to the medical facility:
- Special – and extensive – protection for medical facilities. Since medical files are our specialty, we provide rock solid guarantees regarding account control and HIPAA compliance.
- The hospital receives a lump sum payment up-front, regardless of how much or how little the buyer agency collects.
- The Purchase and Sale Agreement affirms the sale is “complete, “as is” and “without recourse”.
- Buyers must be members in good standing of an applicable governing ethics association: ACA International or the Debt Buyers Association.
- Medical buyers must be specialists in healthcare collections and all relevant employees must be trained in HIPAA compliance.
- The process requires little hospital time or resources. Portfolio Assurance Group works with hospital employees to complete the process in just a few hours.
- All Medicare, Medicaid, charity care, indigent care, deceased or bankrupt debtors are removed from the portfolio before the sale is completed.