Managing cash flow is a critical aspect of running a successful restoration company. However, the process of getting paid for your mitigation work can often be challenging and time-consuming, potentially affecting your ability to meet payroll and cover overhead costs. One Claim Solution is going to delve into the factors that can impact the time it takes to receive your first payment and provide actionable strategies to help you decrease delays and improve your cash flow.
Maintaining a healthy cash flow is vital for the success of any small business. Delays or inefficiencies in your billing process can have serious consequences, jeopardizing the financial stability and progress of your business.
According to Jeremy Traasdahl, Co-owner of One Claim Solution, having hiccups in terms of the timeliness of your billing can delay results up to a month or two later.
“What people don’t always consider when they’re falling behind due to being busy is that oftentimes, their expenses are going up,” Jeremy said. “But if you’re on top of your billing, you’ll know that your cash flow will be going down at the same time that you’re spending a lot of money.”
Streamline Documentation Processes:
Accurate and complete documentation is essential for efficient claims processing. Insurance carriers require detailed records that justify the work performed and the associated costs. By implementing streamlined documentation processes within your company, you can ensure that all necessary information is captured promptly and accurately. This includes documenting the scope of work, itemized expenses, photographs, and any additional supporting documents. Failing to implement clear, timely communication with adjusters when they reach out can result in your invoice moving to the bottom of the queue. By providing clear and well-organized documentation, you can expedite the claims review process and reduce payment delays.
According to Jeremy, having the paperwork and documentation process handled properly should not be an overwhelming task for individuals on a regular basis. However, if there’s a persistent lack of a streamlined process that calls for extensive coordination among multiple individuals to complete a job, it may be best to reconsider the current approach.
“First, look at your process to see how you can streamline it. It’s similar to when Ford adopted the assembly line approach to building cars,” Jeremy said. “We have to have an assembly line for processing claims so not one person is trying to pull all the documents together. It should just run through a system.”
Timely Submission of Invoices:
Prompt submission of invoices is crucial for minimizing delays in receiving payment. Establish a well-defined invoicing process within your company to ensure that invoices are generated and submitted promptly upon completion of the mitigation work. Set clear deadlines for internal documentation review, approval, and submission. By consistently adhering to a timeline, you increase the chances of your invoice being processed promptly, reducing the overall time to payment.
Finding The Right People For Your Team:
According to Jeremy, there are three pain points that contractors generally face: Cash flow, dealing with insurance adjusters and finding the right personnel.
“The first two pain points can be handled with an insurance billing specialist like One Claim Solution,” Jeremy said. “For the third, there’s a lot of staffing agencies that you can use.”
Jeremy also emphasizes the importance of continuously hiring, and investing in building a skilled and reliable team that can meet the demands of their projects. By addressing these pain points head-on and utilizing the available resources, contractors can enhance their efficiency, financial stability, and overall success.
While waiting for payment can be a challenge for restoration companies, there are proactive steps you can take to accelerate your days to the first payment and improve your cash flow. By implementing streamlined documentation processes and ensuring timely submission of invoices, you can significantly reduce payment delays. To learn more about strategies that empower you to maintain a healthy cash flow, be sure to subscribe to One Claim Solution’s newsletter.
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Hi there! I’m Connor, the Account Executive for One Claim. My goal is to guide our contractors through the sales process, ensuring you’re equipped with all the information you need to make your decision and hit the ground running once aboard. We view ourselves as an extension of your business and I strive to make the process an enlightening and consultative one.
My career has primarily been focused in software sales over a few different industries but the last few years were spent helping general contractors solve similar problems to what we’re doing here at OCS! Outside of work, I love spending time with my family, cooking and boating during the summer months.
Hello! I’m Nicole, and I’m here to champion for our employees, recruit for new talent, and impact culture at One Claim Solution. I find satisfaction in supporting a memorable employee experience and bring innovation, problem solving, and strategic view to the process. Nothing is more important than our people, and a healthy culture is my top priority! I have had the pleasure of building my career in various sectors, specializing in small to medium size firms focused on high-growth. My experience is centered around driving and implementing change, leading high-performing teams, and driving process improvements. I am excited to make an impact at One Claim. Outside of work, my family and I enjoy getting outdoors as much as possible to explore beautiful Colorado!
Great to meet you! I’m Elizabeth, and I’m the one behind all the emails and advertisements you’ve been seeing. As the Demand Generation Manager at One Claim Solution, my mission is to connect with contractors like you who need our services. I’m passionate about having an impact on others and I bring a wealth of experience in demand generation and marketing strategy to create moments of delight, curiosity, and education for you.
Prior to One Claim Solution, I had the privilege of building marketing departments from the ground up at companies in a variety of industries, including IT consulting, first protection, and healthcare. Personally, I love being outdoors, playing Dungeons and Dragons and board games, singing, and traveling.
Welcome! I’m Alisha, and I’m here to champion your success as the Director of Contractor Success at One Claim. With a passion for helping contractors thrive, I bring a wealth of experience in onboarding, customer service, and account management to ensure your journey with us is nothing short of exceptional.
Prior to joining One Claim, I had the privilege of scaling SMB and Enterprise Customer Success teams at fast-growing SaaS startups. With over six years of experience at companies like Mavenlink, Teamwork, and ServiceTitan, I honed my expertise in building high-performing teams and fostering proactive, consultative relationships. This background has equipped me with a deep understanding of the challenges faced by businesses like yours, and I’m dedicated to helping you overcome them.
Hi there, my name is Eric! I am the Chief Technology Officer here at OCS, spearheading our technical strategy. I have a background in computer science, graduating cum laude from BYU-Idaho with a Bachelor’s degree in Computer Information Technology.
Before coming to One Claim, I served as the Director of Engineering at Slingshot Technology, Inc., a company later acquired by WorkWave in 2021. My professional journey has spanned both emerging startups and established corporations, with a steadfast focus on cultivating high-trust, low bureaucracy teams and innovating technology using agile methodologies.
In my free time, you can find me flying drones, enjoying the outdoors, and spending time with my family.
Hello, my name is Cam, I’m the COO of One Claim Solution! I come from a management consulting background (Bain & Company) and hold an MBA from the University of Michigan. I have worked at a wide variety of organizations, from Fortune 500 to small-cap, in an equally wide variety of industries. I have over 15 years of experience in operations and strategic growth, and I have spent much of my career focused on developing high-performing tech-enabled service organizations through early stage and high growth phases.
Outside of work, my wife Brittny and I have four kids, ages 13 to 6. As residents of Mesa, Arizona, we love to ski and explore the national parks of the southwest!
Hello, my name is Dan, and I am the CEO of One Claim Solution. I am super excited by everything we are doing at OCS to be the market leading insurance billing specialist that advocates on behalf of our restoration contractors.
My professional experiences are predominantly corporate in nature. My career started at General Electric in finance and accounting. Immediately prior to joining OCS, I spent time as an investor at Bondcliff Partners and management consultant with Bain & Company. I also hold an MBA from the Kellogg School of Management at Northwestern University and got my BS in finance and accounting from Northeastern University.
Outside of the office, I enjoy spending time with my wife, two young children, and our family dog, Whiskey. We live in Charleston, SC and take advantage of the beautiful weather by spending as much time as possible outside at the beach or adventuring around town
Hi, I’m Josh! In 2016, I co-founded One Claim Solution with my partner Jeremy Traasdahl, and I serve as General Counsel of One Claim Solution. Working in the restoration industry, Jeremy and I saw contractors struggling to get paid quickly and fairly and we knew there was a need for change. We founded One Claim Solution to be this change and it’s been my privilege to see our company grow and to advocate for our clients as general counsel.
Outside of my passion for helping the restoration industry, I enjoy spending time outdoors, fly-fishing, hunting, skiing, and coaching my kids’ baseball teams. I’ve been married to my amazing wife for 20 years and we have a beautiful family of 5 children.
Hey, I’m Jeremy! In 2016, I co-founded One Claim Solution with my partner Josh Ehmke. Working in the restoration industry, Josh and I saw contractors struggling to get paid quickly and fairly and we knew there was a need for change. We founded One Claim Solution to be this change and it’s been my privilege to lead our amazing team.
Prior to One Claim Solution, I started my career as an inside sales rep for Avnet, then moved to Pepsico as a district sales manager. Outside of work, I love spending time with my wife and four children, two boys and two girls!
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