AR Part 2: Managing Your Accounts Receivable With Proprietary Software
Maintaining an accurate and up-to-date accounts receivable is vital to successfully managing a restoration business. At One Claim Solution, we’ve developed a proprietary software that manages accounts receivable by helping our claim advocates stay on track and manage invoices through a carrier’s claim process.
Accounts receivable are the accumulation of the invoices a contractor is waiting for payment on. A contractor can have anywhere from tens of thousands to millions of dollars in accounts receivables depending on their size. Our software helps keep track of every cent until it makes it back into the pockets of our clients.
Jeremy Traasdahl is a Co-founder of One Claim and the mastermind behind the software. According to him, the software is the backbone of the claims management process.
“We originally created it to store claim documents, capture adjuster communication, and give our claim advocates something to track their work with,” Traasdahl said. “Over the last six years, we’ve built in automation, robust data capture technology, and nuanced sequencing that reflects our deep experience with insurance billing.”
Here are some of the many benefits that our software provides in the insurance billing process:
Documentation Storing
Documentation is a critical part of every restoration job. When done properly, it provides adjusters with all the information they need to ensure the billing process goes smoothly and efficiently. As a result, this means less downtime to a business and less stress for its technicians. At OCS, our proprietary software keeps track of every photo, video, invoice, etc. that pertains to a job.
“We have a portal that allows contractors to submit their files so a claim can be created with all the supporting documents attached,” Traasdahl said. “The claims process can be long and cumbersome. The good news is, the organizational feature of our software helps shorten and simplify the process.”
Accelerated Claims Process
Our software not only stores documentation and communication, but it provides a checklist for our advocates to keep track of action items. This helps them stay on top of invoices and ultimately accelerate cash flow.
“As a standard rule, a claim is looked at every three to five days. The frequency of check-ins increases as the claim ages and payments are not yet made,” Traasdahl said. “This check-in process is made possible through our software which tracks communication and progress with adjusters.”
Improved Communication
A critical part of following the progress of a claim is always being available to take a call from an adjuster at a moment’s notice. 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 software helps us keep track of all communication forms so nothing is looked over.
“We won’t miss a call from an adjuster ever. If a contractor misses a call, their invoice gets pushed all the way to the bottom of the pile,” Traasdahl said. “Availability is another thing that sets us apart in terms of the process.”
The software also has an automated email system that keeps contractors involved and up-to-date with what’s going on in the claims process. They never have to wonder what the status of their invoices are.
A Team You Can Trust
“Our rigorous claims management process has been built out over the last six years and is continually being improved upon,” Traasdahl said. “The roles and responsibilities of our claim advocates and technologies are well mapped and in sync with one another throughout the billing and collection process.”
When you team up with us at OCS, we guarantee to get the most out of your claim in a timely manner. Connect with us today so you can start focusing on managing your business rather than worrying about insurance billing.
