Repository: UIHistories Project: Board of Trustees Minutes - 1982 [PAGE 420]

EXTRACTED TEXT FROM PAGE:

1981]

Date 9/17

UNIVERSITY OF ILLINOIS

409

Amount 500 000 00

Number Description Cost/Yield 500 000 Continental Bank 16!4 percent time deposit due 3/17/82 16.25 9/17 2 500 000 First National Bank of Chicago 16.40 percent certificate of deposit due 12/21/81 16.40 9/18 3 300 000 First National Bank of Chicago 153/4 percent certificate of deposit due 10/21/81 15.75 9/21 2 000 000 First National Bank of Chicago 15V5 percent certificate of deposit due 10/30/81 15.50 9/21 800 000 U.S. Treasury bills due 1 2 / 1 0 / 8 1 . . . 14.50 9/23 2 000 000 First National Bank of Chicago 15.40 percent certificate of deposit due 11/23/81 15.40 9/23 700 000 U.S. Treasury bills due 1 2 / 1 0 / 8 1 . . . 14.60 9/24 400 000 Continental Bank 16 percent time deposit due 4 / 1 4 / 8 2 16.00 9/24 500 000 Continental Bank 16 percent time deposit due 5/12/82 16.00 9/24 15 000 U.S. Treasury 14% percent notes due 8/15/91 15.28 9/24 560 000 U.S. Treasury 7% percent bonds due 2/15/07 11.55 9/25 1 200 000 First National Bank of Chicago 16 percent certificate of deposit due 12/16/81 16.00 O n m o t i o n of D r . D o n o g h u e , this r e p o r t w a s a p p r o v e d

2 500 000 00

3 300 000 00

2 000 000 00 775 022 22

2 000 000 00 678 539 17 400 000 00 500 000 00 14 655 00 333 200 00

1 200 000 00 as p r e s e n t e d .

Contract for Billing Services, University of Illinois Hospital, Medical Center

(23) In an effort to increase the collection of delinquent patient accounts at the University of Illinois Hospital and to allow the Patient Accounts Department to concentrate its billing and collection efforts on more current accounts, proposals have been sought from professional services firms for billing and follow-up of patient accounts over 180 days old. The chancellor at the Medical Center has recommended the award of such a contract for the period November 1, 1981 to June 30, 1982, to Accelerated Receivables Management of Chicago. This firm submitted the proposal judged most economically beneficial to the University. The firm will review all accounts more than 180 days old and bill or rebill all accounts, will monitor accounts through final disposition, and will make recommendations on the use of collection agencies or the writing-off of accounts. The firm will provide ten to fifteen persons based in the University Hospital for this task. T h e fee for these services is: 1. 12.5 percent of all collections under 3 million dollars. 2. 14.5 percent of all collections between 3 and 5 million dollars. 3. 16.5 percent of all collections exceeding 5 million dollars. In addition, the University will pay Accelerated Receivables Management a fee of 5 percent of the dollar value of accounts to the extent that they are uncollectable because of deficiencies in the University's records but on which services were received.