LRR's products and services are explicitly designed to identify incremental value embedded in fully-reserved bad debt after the client's entire collection cycle has been completed. Recoveries are generated through the utilization of analytically-based treatment optimization models that direct effort to only those accounts that demonstrate an ability to satisfy their financial obligation to your hospitals. All of LRR’s specialized discretionary recovery strategies follow a defined process workflow methodology.
Since the biggest percentage of recoveries has come from payer reimbursement, recovering self-pay balances has traditionally been a low priority for healthcare organizations. As the industry shifts toward high-deductible health insurance, self-pay balances are becoming larger, which results in a more significant source of revenue for the organization. Many healthcare organizations do not have the necessary resources to manage and pursue the appropriate recovery efforts on these accounts. This results in an increase number of self-pay accounts deemed as uncollectible.
LRR’s approach to discretionary recoveries ensures alignment with the client’s core values and positions the healthcare provider in a positive community light. The LRR Program begins after your current cycle reaches completion. LRR utilizes a proprietary suite of analytical and statistical modeling consisting of machine learning algorithms and microsegmentation processes. A strong focus is placed on data security certification and robust training programs specific to healthcare. Following our internal analytical processes, accounts are outsourced to a diverse agency network. This agency network consists of agencies across the nation with varying specialties and recovery strategies. The main objective is to outsource the right account to the right agency. This process maximizes liquidation while minimizing patient complaints. The process for screening and boarding an agency to our network is outlined here.
LRR’s Bad Debt Recoveries Program provides several benefits to outsourcing bad debt receivables:
• New incremental, continuous revenue stream
• Standardization of inventory management across complete collection cycle
• Vendor management
• Enhancement of internal process accountability
Although LRR receives a percentage of the amounts collected, these fees are offset by the increase in recoveries on accounts that were previously deemed as uncollectible. Every dollar recovered provides incremental cash for the organization.
We provide proven solutions to optimize cash for
fully-reserved healthcare receivables.
4891 Ronson Ct., Suite E, San Diego, CA 92111
Monday - Friday: 8:00 am - 5:00 pm (PST)
Saturday & Sunday: Closed