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#2 - Establish Your Vendor and Service Provider Oversight Team

By: Rozanne Andersen | July 29, 2014

Effective oversight, across any function, is a group effort – not the work of a single executive or manager. That’s why it’s best to establish a group tasked specifically with overseeing their activities. Ongoing monitoring is an essential component of your Service Provider Oversight Program, and extends throughout the duration of the business relationship. After entering into a contract with a service provider, senior management should dedicate sufficient staff with the necessary expertise, authority and accountability to oversee and monitor your service providers. As you select members of your staff to oversee your service provider management program, make sure you select individuals whose experience and authority is commensurate with the risk and complexity of the service provided by the third party.
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#1 - Start With the Basics: Definitions

By: Rozanne Andersen | July 22, 2014

Let’s start your path to effective vendor and service provider oversight with perhaps the toughest step: getting everyone on the same page. Compliance relies on consistent communication across your entire enterprise. Never interesting - but always important to the foundation of any project - is a thorough understanding of terms. Many projects have been thwarted by misaligned team members speaking different languages. A solid vendor and service provider management program must be built using consistent definitions, common themes, and well-articulated goals. Third-Party Service Provider [general]: Understanding who must be managed is the first order of business. The CFPB and the OCC use the term service provider to describe a business with which your organization has an established business relationship by contract or other agreement. Sometimes the term vendor is used interchangeably with the term service provider. However, be aware the CFPB does not expect you to manage all of your business relationships with the same degree of oversight.
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What Does a Provider Seek from Their EBO? 7 Key Benefits

By: Steve Scibetta | July 17, 2014

At this point we’ve covered what a successful EBO looks like, the problems it solves, and the outcomes it delivers. But what benefits come from those outcomes? That’s really what you’re offering new clients – After all, if they can’t hang a picture, what good is the nail you put in the wall? Let’s take it one last level deeper – By addressing the problems a provider can’t tend to every day, and by creating satisfactory resolutions to those problems, EBO partners provide seven key benefits for their clients:
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Beyond $1 Trillion: The Top 5 Market-Driving Student Loan Trends

By: Chris Beebe | July 16, 2014

$1 trillion is a big number. And when it comes to student loan debt, it’s one that continues to grow – 13.7% compounded annually since 2004. That kind of expansion has caught a lot of agencies handling the debt off guard, exhibiting a number of issues specific to the market that many others don’t. A better understanding of the trends driving student loan levels can give ARM executives, managers, and users the information they need to plan for growth, compliance, and clientele. Five in particular show us why and how balances have grown for consumers, and how the volume has evolved for agencies:
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Compliance Involves the Company you Keep: 10 Steps to Effective Vendor Oversight

By: Rozanne Andersen | July 15, 2014

Compliance across ARM and healthcare receivables is an entirely new discipline. With the advent of the CFPB and the influence it is having on the receivables industry generally, organizations are working hard to build an effective compliance management system.
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What Outcomes Does a Successful EBO Deliver? Focus on These 6 Results

By: Steve Scibetta | July 10, 2014

We have an idea what a successful EBO looks like, and the problems it solves for healthcare providers, but what results do they look for? ARM executives should know the outcomes they must deliver are less comprehensive than one might expect. That’s because it isn’t up to you to run an entire receivables operation for the health system – Just the less-specialized tasks that eat up time and effort. What some fail to understand when it comes to successful EBO operations is that providers and their business offices are looking for skilled professionals to help shoulder the burden. The key word there is “help”: Providers aren’t looking to pass off every receivables operation to a third party, but rather parts of a much larger process. Of course, in addressing the nine challenges listed in last week's blog post, providers are really looking for a series of relatively high-level outcomes: Increased coverage on unworked accounts Improved morale of business office staff as goals are met More hours devoted to specialized focus Improved metrics, including cash collection, days in AR, and bad debt write-offs Heightened business intelligence and automation, with higher yields and lower costs Improved transparency
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Are Your Customers Leading You Down the Right Path? Ask These 4 Questions First

By: Jay Moorman | July 8, 2014

Many in the tech sector like to cite a famous quote from Steve Jobs, who said “You can’t just ask customers what they want and then try to give that to them.” But most tend to take it out of context. The truth is Jobs listened to customers. Always. When he was first getting Apple back on its feet in the late ‘90s, he even went on camera and dropped the following, massively underreported quote:
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What Provider Problems Should the EBO Solve? Address These 9 Business Office Challenges

By: Steve Scibetta | July 3, 2014

We know a bit now about what a successful EBO looks like – But what are the underlying business office challenges that prompt the provider to seek assistance from an EBO partner? Consolidation, regulation, reimbursement, and patient satisfaction are all real challenges facing today’s healthcare leaders. Each create their own set of headaches, but all must be addressed to ensure the provider’s survival. There are nine business office challenges providers frequently bring to an EBO for resolution: Days in AR is trending upward, or not meeting goals Timely follow-up on insurance claims is lacking Credit balance accounts are increasing Claim denials are increasing or excessive Self-pay portfolio is growing and more risky Analytics and business intelligence are underused Aged receivables and charged-off accounts are increasing Customer service and quality metrics have been missed Staff is overwhelmed, turning over, or inexperienced
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Capitalizing on the Next Generation of Talent

By: Jill Lehman | June 30, 2014

On any given day, when I pick up my tablet, my newsfeed tends to highlight rapid growth in technology, healthcare and services, welcoming new start-up companies, or promoting corporate expansions, mergers and acquisitions. Many of these announcements mention job openings, and note steep corporate competition to find the right talent. With the job market on the rebound and unemployment rates continuing on a downward trend, how do employers find enough people to fill all of their available positions?
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What Does a Successful EBO Look Like? 5 Essential Functions

By: Steve Scibetta | June 26, 2014

Considering the state of healthcare financial management and its business challenges, 2014 is shaping up to be a busy year for receivables management leaders. Hospitals and providers are struggling to respond to the many business and IT options before them, making many of them open to extended business office (EBO) strategies as a way to generate much needed cash for their operation.

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