Accounts Receivable: What it is and How to Manage it
Properly managing accounts receivable and the billing process is vital to successfully running your restoration business. You may have the systems in place to keep taking on more jobs, hiring employees and finding new clients, but it’s important to make sure your billing process leads to timely, accurate payments.
Accounts receivable are the accumulation of the invoices a contractor is waiting for payment on. Depending on the size of the contractor, they can have anywhere from tens of thousands to millions of dollars in accounts receivables.
At One Claim Solution (OCS) we specialize in managing the billing and accounts receivable on behalf of restoration contractors who are waiting to receive payment from insurance companies. Not only do we communicate with adjusters, but we justify your invoices to make sure you’re paid faster and in full. You can expect to see the payments hitting your account in an average of 32 days. Here are some of the ways we can help your business to maintain optimal cash flow with our insurance billing services.
Financial Clarity
Having a seamless AR management process helps by providing an organizational structure for tracking payments until they hit your bank account. When you have multiple invoices to keep track of, you need a system to make sure documents are submitted, claims are justified, and payments are made on time.
If your business struggles to receive accurate payments in a timely manner, you may face a cash flow issue. Consequently, this may make it difficult to pay your employees and vendors on time. OCS can help you manage your invoices so you get paid faster, maintain cash flow, and make decisions that further the growth of your business.
Positive Relationships With Adjusters
When your insurance billing and accounts receivable processes are organized and clear, it not only helps you manage your business finances, but it can also strengthen relationships with adjusters.
A solid billing and AR management process will ensure that communication is consistent between your company and an adjuster. Regular communication will get the adjuster’s questions answered so they have all the information needed to process your invoices. Adjusters take note of what it’s like to work with certain contractors. They will recognize and appreciate if you maintain quick and clear communication throughout the claims negotiation process. They may also recognize and take advantage of any disorganization or inconsistency in how you provide them with information.
OCS Provides a Billing and AR Management System You Can Trust
We know that as a restoration contractor, you may not have the time or availability to respond to the frequent requests of or track all open items created by an adjuster. Our advocates are on call to answer to the needs of an adjuster, and will follow up with them every couple of days until you get the optimal amount of money in your pockets. Connect with us today so you can start focusing on the growth of your business rather than worrying about insurance billing.
