Claims and collections data can tell you a lot about your restoration business’s strengths, weaknesses, and overall health. Familiarizing yourself with the critical financial analytics of your restoration insurance billing gives you the knowledge you need to approach business decisions with confidence.
At One Claim Solution, we help restoration contractors master their claims and collections. We’ve seen firsthand how being armed with data can empower restorers to grow and improve their businesses. Today, we’re going to discuss what data you need to know about your restoration business’s collections and how this information prepares you to make important decisions.
Being well-acquainted with your business’s claims and collection data can be the difference between stagnation and growth. Here are some questions you can ask yourself to determine if you have a good understanding of your restoration business claims and collections:
Can you answer all these questions about your company’s restoration insurance billing and finances? If not, it’s time to dig further into the data behind your company’s collections.
The data behind your collections can reveal a lot about your company. Once you’re familiar with this data, you can make informed business decisions. Here are some examples of how your company’s collections data can help you innovate and grow as a business:
Staying informed about your restoration insurance billing and collections analytics is an ongoing process. Let’s talk about strategies for ensuring your business stays on top of its collections finances:
In-depth financial analysis can easily get overlooked when restorers are managing multiple roles within their company. One effective strategy many restoration companies use is creating an accounts receivable position to stay on top of collections. By assigning claims and collections analysis to a dedicated financial role, you gain better oversight and financial expertise to manage this critical part of your business.
Another way to improve your insight into your business’s collections is to outsource. At One Claim Solutions, we handle restoration insurance billing for a wide range of companies. “We have a lot of in-depth reporting, based on all of the data that we have in our system,” Director of Customer Success Alisha Yartzoff says. All of OCS’s contractors get access to our Contractor Portal where they can track their claims progress and access analytics based on their company’s restoration insurance billing data. “We tried to make [the portal] accessible and very easily digestible so they can have more self-serve access to their performance,” Alisha explains.
If you’re ready for a new approach to your restoration insurance billing, reach out to OCS today. We provide transparency into your claims trends so that you are armed with the information you need to steer your business forward.