We’ve always used LTC Contracting for our licensure and provider setup, whenever a new facility was purchased. They know this process better than anyone, and are able to navigate us through each step. When our consultant was unable to get us a particular Managed Care contract, we figured LTC would be a good contact to reach out to see what our next step could be. They informed me that they actually had a very good contact at the Insurance corporate office and that they’ve set up a couple of contracts with them before. Needless to say we got the contract a short 3 weeks after, and have sent them many more requests since. It was a simple decision for us. They were more efficient, quicker, and most knowledgeable when it came to negotiating rates and contract terms.
We operate a large Non Profit SNF out of NYC, and have 6 veteran staff members on our financial team. Even though I staff a full office, we constantly encounter difficult claims that are deferred to a senior manager to handle. The time and difficulty of these cases cause a distraction from my staff’s day to day responsibilities. One of our board members suggested we reach out to LTC Collections. This was a big decision for us, and took time to consider all our options. At the start of this year we began sending these claims to LTC, and immediately saw results. They tackled our larger balances first and then moved on to the others. We estimate to have collected $1.2 million over the past few months just in collections. Between their team and our staff, our AR operations are running like a well-oiled machine. Thank you LTC, we are truly impressed.
At first, our reaction was that we can do this by ourselves and there’s no need for any outside interference to get the job done. After all billing is billing, and our business office is doing just fine. We met with LTC and they asked us if our cash flow is where we need it to be each month. They asked if we were on board with tightening a few areas of our admissions screenings and patient tracking in order to increase the facilities collections by 8-15%. I must say they hit the nail on the head, as lately we were struggling to get our payroll and vendor payments completed timely, and we did notice a dip in our collections. Well long story short, we are now 3 years in to our relationship with LTC and have not looked back since. Their reps are always courteous and responsive, and best of all our collections percentages have climbed from 88% to 99%, after our first year in.