Senex Services Corp. Selected to Provide Bad Debt Purchasing Services to University HealthSystem Consortium (UHC) Membership.
SENEX Services Corp. has signed a three year agreement with University HealthSystem Consortium (UHC), Oak Brook, IL, to provide bad debt purchasing services to UHC member hospitals and health centers. The agreement is effective December 30, 2003.
Indianapolis, IN (PRWEB) January 10, 2004
SENEX Services Corp. has signed a three year agreement with University HealthSystem Consortium (UHC), Oak Brook, IL, to provide bad debt purchasing services to UHC member hospitals and health centers. The agreement is effective December 30, 2003.
SENEX is the nationÂ’s leading purchaser of charged-off healthcare receivables. SENEX purchases the receivables for cash, without recourse, allowing the provider to book an immediate gain, while shifting all risk and cost of collection to SENEX. A typical 250-bed hospital will carry $25 Million or more of aged accounts receivable that have been charged-off and deemed worthless.
“We are pleased that UHC has chosen to partner with SENEX to assist its members with the growing problem of bad debt,” said Kyle Lanham, President of SENEX. “Healthcare financial professionals are looking for innovative ways to increase margins in a manner that is consistent with their mission. By purchasing assets that have been charged-off, SENEX can provide an immediate gain, and an infusion of cash, while reducing the hospital’s risk profile. Sales of bad debt have been used by financial institutions for years as a way to better manage their cash flow. UHC members can now capitalize on a similar strategy, while maintaining good patient relations.”
“Senex will provide our UHC membership with a very specialized service that will increase cash flow by purchasing, on a non-recourse basis, charged-off patient accounts (bad debt),” stated Don Zak, UHC’s Director of Contract Services. “Senex also will agree to buy bad debt as it is created in the future, at pre-agreed times and prices. The services provided by Senex will increase cash flow in an area that was otherwise non-collectable and after traditional collection attempts by an agent have failed or bad debt has been written off.”
About UHC
Founded in 1984, the University HealthSystem Consortium (UHC) is an alliance of the clinical enterprises of 91 academic health centers. While focusing on the clinical mission, UHC is mindful of and supports the research and education missions. As an idea-generating and information-disseminating enterprise, UHC helps members pool resources, create economies of scale, improve clinical and operating efficiencies, and influence the direction and delivery of health care. For more information on UHC, go to www. uhc. edu.
About Senex Services Corp.
SENEX Services Corp. is the nationÂ’s leading purchaser of distressed healthcare receivables. Founded in 1998, the company has purchased more than $250 Million in hospital bad debt accounts. For more information on SENEX visit www. senexco. com.
