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Up for Bid

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Through several online services such as TriCap Technology Group's ARxChange platform and Medipent LLC's Medipent.com, collection agencies and debt buyers can bid on hospitals' portfolios or contingency-oriented transactions based on the capability of the site. Buyers and collection agencies can eliminate a lot of the costs inherent in identifying and winning new hospital accounts and the legwork involved in responding to the all-too-common Request for Proposal (RFP) process. Hospitals benefit as well because they maintain control throughout the entire process and have the ability to make an expeditious decision in identifying and choosing an agency to collect their debt.If hospitals are wary of the online sites, how do companies like TriCap and Medipent find sellers? According to [Joseph LaManna], TriCap has a sales staff dedicated to identifying buyer and seller candidates for its site, but most business comes to the company by word of mouth. Additionally, TriCap uses a "blue chip" board to aid in the process of attracting many of the largest health systems in the nation to the platform. TriCap's board includes the former vice chairman of Tenet, a former dean at NYU Medical, and the former CEO of President Clinton's Healthcare Summit Alliance. These seasoned veterans are able to add credibility to TriCap's market penetration efforts and bring with them C-level contacts established over decades spent in the healthcare business.Medipent positions itself as an experienced advisor to attract hospitals to the site. "Many hospitals are looking for someone to advise them on selecting and negotiating with debt buyers," said [Jason Priest]. "Most CFOs have never done this, and they have very well-founded concerns about how patients will be treated. That's where Medipent comes in. We've negotiated these deals, and we're on the hospital's side in these transactions."

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