Collecting Debts From Insurance Companies

Many businesses struggle with the lengthy and cumbersome process of claiming of money from insurance companies in Florida due to many of Florida’s legal requirements. We’d like to share the three practices that are helpful for greater success in claiming your hard-earned money:

  • Understanding the industry
  • Persistence and consistent follow up
  • Direct communication

Understanding the Industry
Developing a greater understanding of the industry and the laborious procedures involved with the collection of money is very important to be effective. The industry’s role is to represent and facilitate the payment to their members once a service has been provided by the healthcare facility, etc. Yet, the industry factors in that, just as with most other large businesses, the longer they retain your funds, the greater their financial advantage. It’s not uncommon therefore for claims to be ‘lost’ or frequent requests for ‘more documentation’ asked of the claimant. This can be potentially frustrating, and can lengthen the process, so must be met with understanding and determination.

Persistence and Consistency
It’s essential that once you’ve contacted the insurance provider, your efforts remain consistent and your communications provide the necessary pressure for them to process your collection. Numerous calls and even visits made to their premises will let them know that you are serious and prevent claims from falling by the wayside. Also, keeping accurate and concise notes of each contact is very important and helps increase your chance of a more effective collection.

Direct Communication and Training
Employees trained in billing and hence, comfortable being direct with insurance representatives when requesting the claims, are an excellent asset. Provide training from time to time assisting them with this expertise and once they have the skills, let them request payment on behalf of your company. The ability to be concise and direct in follow up will increase your chances of collecting from insurance companies.
We understand the significance of receiving your hard-earned money from insurance companies in a timely manner is not something to be taken lightly. However, without the techniques suggested above, it is often a challenge to collect from the insurance company due to their lengthy and laborious procedures.

COLLECTING FROM INSURANCE COMPANIES IN FLORIDA
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