If you’re a restoration contractor, you know how crucial it is to get paid promptly for your hard work. However, dealing with insurance companies can be a major headache, often involving delays, denials, and frustrating negotiations. That’s where restoration insurance billing services come in. By outsourcing your billing to experts, you can streamline operations, improve cash flow, and focus on what you do best: restoring properties.
What are Restoration Insurance Billing Services?
Restoration insurance billing services are specialized companies that handle the invoicing and collection of claim payments from insurance carriers on behalf of restoration contractors. They possess the knowledge, experience, and technology to navigate the complexities of the insurance industry, ensuring you receive fair and timely compensation.
BENEFITS – of Using a Restoration Billing Service:
- Accelerated Payments: Reduce wait times and receive payments faster.
- Increased Revenue: Maximize reimbursements and minimize write-offs.
- Reduced Administrative Burden: Free up your team to focus on core business activities.
- Improved Cash Flow: Consistent and timely payments ensure a stable financial foundation.
- Reduced Stress: Eliminate the frustration of dealing with insurance companies directly.
Choosing the Right Billing Partner
Not all restoration insurance billing services are created equal.
When selecting a partner, consider these key factors:
You need to find a reliable and reputable partner that can meet your specific needs and expectations – WITH full transparency.
Also, hired project estimators – often throw everything and the kitchen sink into your estimates because it benefits them, and their personal paycheck. However, being able to get those bills paid accurately, and quickly is the issue. Anyone can write an estimate, but can you get it paid. Part of the reason why restoration billing is still a top frustration for contractors in 2024.
Claims specialists, or billers are not created equal either!
You do not want simplistic billing tactics.
Billers who just invoice, follow up, and take what’s issued is a soft approach. You want to get paid maximum, fair and reasonable amounts for the work that you do in often dangerous emergency situations. You want the best, experienced restoration negotiators who are knowledgeable in various scopes of work details and nuances. You want billers with skilled justification experience against adjusters that will get you industry best results – consistently, day after day, year after year.
Factors to Consider When Choosing a Restoration Billing Service:
- Experience: How long have they been in business? How many restoration contractors do they serve nationwide? What types of projects do they handle? Do they demonstrate a deep understanding of the restoration industry that will make your resto-company better? Specifically, how will their billing services affect your long-term, restoration billing success? Do they catch double billing errors and omissions that could hurt you in the long run?
- Expertise: Are their staff certified and trained in industry best practices? Do they have access to the most current and relevant data sources, such as Xactimate, actionable insights, and analytics? Are they well informed on the different software services to record, and document scope of work? Do they stay updated on the latest insurance regulations, industry trends, costs of doing business in restoration services? Where will it impact your estimates and claims departments?
- Technology: Do they utilize modern software and systems to manage your billing data? Do they offer online access and reporting tools for easy performance monitoring? Can they integrate with your existing accounting and management software?
- Service: Do they provide personalized and responsive customer service? Do they communicate with you regularly and transparently? Do they handle issues promptly and efficiency? Do they live up to stated company core-values? Do they keep their verbal and written commitments?
- Transparency: Billing numbers behind each project of your restoration business are critical. Do they provide you with clear and concise reports on your billing performance? Are fees transparent and competitive? Do they offer valuable insights to help you optimize your business for growth? What are the claims analytics that will give you actual, relevant–live data to make informed decisions? Are there any outliers removed from data sets? Why? Wouldn’t you include those to get current three month rolling averages? Transparent, truthful restoration billing insights into your collections performance will help you make data-driven, informed decisions.
Avoid Simplistic Billing Tactics
Don’t settle for a restoration billing service that simply invoices and collects payments. Look for a partner with a proven track record of:
- Negotiating accurate settlements with insurance companies.
- Identifying and resolving claim disputes effectively.
- Maximizing reimbursements for your EMS work.
- Providing transparent insights into your collection performance that will help you make data-driven, informed decisions.
Ready to streamline your restoration billing and get paid better? Contact Restoration Insurance Billing today to get started, with a Complete Satisfaction Guarantee. Visit RiBilling.com or call (888) 426-3421.
By Jason D. Myers
Co-Owner, Restoration Insurance Billing, LLC – RiB: “We Get Your Invoices Paid”
IICRC Certified WRT, TCST
Jason grew up as a contractor’s son remodeling floors, kitchens and bathrooms, and more. His Dad is 70 years old today, and still swinging the hammer! Jason is passionate about helping hard-working contractors get paid better and have more time with their families. Jason worked seven years selling alarms door-to-door. He earned a bachelor’s degree in business from Northern Iowa University. He grew up in Oregon, has been a soccer player his whole life, collegiate NCAA athlete, rec coach, and is blessed with three children and an amazing wife. They live in Arizona with their golden retriever Mikey.
