Method of collecting delinquent specialized debt

An internet-based system for collection of overdue accounts receivable held by a healthcare provider, the system comprising:

• first homepage software means for allowing at least one healthcare provider to log onto the system;
• second homepage software means for allowing debt recovery agencies to log onto the system;
• gathering software means for allowing the at least one healthcare provider to extract a set of overdue claims from a software-based revenue cycle management platform;
• submitting software for allowing the at least one health care provider to submit the set of overdue claims to the system;
• algorithmic software means for analyzing the set of claims and ranking the set of claims from most collectable claim to least collectable claim, thus providing a ranked set of claims;
• transferring software means for removing the ranked set of claims to an online bidding platform;
• scanning software means for allowing the debt recovery agencies to review the ranked set of claims on the online bidding platform;
• auctioning software means for allowing the debt recovery agencies to place bids on the ranked set of claims;
• reviewing software means for allowing the at least one healthcare provider to review bids placed on the ranked set of claims;
• communicating software means for allowing the at least one healthcare provider to contact the debt recovery agency that submitted a winning bid.

A method for the collection of overdue accounts receivable held by healthcare providers comprising:

• establishing an internet-based system for bidding on a collection of overdue accounts receivable;
• contacting at least one healthcare provider;
• contacting at least two debt collection agencies;
• and
• connecting both the at least one healthcare provider and the at least two debt collection agencies to the internet-based system, wherein the system comprises:
• 1. first homepage software means for allowing the at least one healthcare provider to log onto the system;
• 2. second homepage software means for allowing the at least two debt collection agencies to log onto the system;
• 3. gathering software means for allowing the at least one healthcare provider to extract a set of overdue claims from a software-based revenue cycle management platform;
• 4. submitting software means for allowing the at least one healthcare provider to submit the set of overdue claims to the system;
• 5. algorithmic software means for analyzing the set of claims and ranking the set of claims from most collectable claim to least collectable claim to obtain a ranked set of claims;
• 6. transferring software means for removing the ranked set of claims to an online bidding platform;
• 7. scanning software means for allowing the at least two debt collection agencies to review the ranked set of claims on the online bidding platform;
• 8. auctioning software means for allowing the at least two debt collection agencies to place bids on the ranked set of claims;
• 9. reviewing software means for allowing the at least one healthcare provider to review bids placed on the ranked set of claims;
• and
• 10. communicating software means for allowing the at least one healthcare provider to contact the debt recovery agency that submitted a winning bid;
• whereby the debt collection agency that submitted the winning bid collects the overdue accounts receivable held by the at least one healthcare provider.

An interactive internet-based system for conducting competitive bidding on overdue accounts receivable held by at least one healthcare provider, the system comprising:

• electronic input-output devices for communicating information, a computer database, and a communications network;
• wherein the computer database is linked to a website on the internet by means of a first electronic input-output device, whereby the website can be accessed by the at least one healthcare provider to send a portfolio of overdue accounts receivable from a software-based revenue cycle management platform to the computer database by means of a second electronic input-output device;
• whereby the computer database comprises a first software means for sorting the portfolio based on a set of pre-determined parameters, ranking the overdue accounts receivable from most collectable to least collectable, generating at least two subsets from the portfolio of overdue accounts receivable, and then generating a score for each of the at least two subsets of the portfolio of overdue accounts receivable, the score based on a collectability scale;
• and whereby the website can be accessed by one or more debt recovery agencies to review the scored portfolio;
• whereby the computer database is connected to the communications network by means of a third electronic input-output device, the communications network comprising a second software means for allowing the one or more debt recovery agencies to place bids on the portfolio.

A method of organizing delinquent specialized debt to obtain a portfolio of specialized debt, the method comprising:

• (1) providing a secure website on the internet for access by at least one holder of specialized debt;
• (2) obtaining over the website at least one segment of the delinquent specialized debt from the at least one holder, wherein the specialized debt is disorganized;
• and
• (3) organizing the at least one segment of delinquent specialized debt into a portfolio of specialized debt, wherein the portfolio of specialized debt has a value that is presentable to a community of selective buyers for bidding on said portfolio.

A method of conducting an auction of delinquent specialized debt over the internet, the method comprising:

• (a) providing a secure website for access by at least two selective buyers of said specialized debt;
• (b) obtaining over the website necessary information from the at least two selective buyers;
• wherein the necessary information comprises:
• (1) financial statement, (2) years in business, (3) experience with specialized debt, (4) industry affiliations, and (5) references;
• (c) rating the at least two selective buyers by use of a calculation that employs the necessary information to obtain a rating number for each of the two selective buyers;
• (d) contacting the at least two selective buyers over the website to advise them of their rating number;
• and (e) allowing the at least two selective buyers to access a portfolio of specialized debt, provided that their rating number is acceptable.