An Ambulance client based out of Ohio decided to migrate to a new system while they were worried about the high volume of AR that was sitting uncollected in their legacy system, fearing a high volume of adjustments and denials.
Expectation was to clear the old AR to collect whatever was possible so that they can focus only on the new system.
iMagnum successfully onboarded the client, got access to all Receivables outstanding. Our in-house technology application helped us to quickly de-clutter the vast AR that was uncollected. The overall AR was $5.2Mn with > 180 contributing to 70% of overall AR.
iMagnum platform intelligence is in its ability to predict the collections; in less than 48 hrs the system was able to provide the following:
1. Collectible & Non-Collectible
2. Collectibles with a probability mix %
3. Non-Collectible: Categorize it based on actions taken
We presented to the client; they were super impressed with the speed of execution.
Outcome: In less than 120 days, the iMagnum collected $1.4Mn, which is 30% collection, just like a new AR collection model iMagnum was able to collect. The $1.2Mn collections resolved 60% of the AR > 180 days.
The clients and the board were euphoric with such professional, organized, intelligent delivery.
Price Quote of iMagnum for this Service
We charged an unbelievable price of just 5% of the total collections.
ROI for IMagnum
We won the contract for their current AR and End-End Service for 3 yrs.