Get paid like the big guys, with respect.
It’s like having your own AR department, without the payroll expense.
When you go to the store, you pay before you get the product. In fact, many places work like this. Restoration, unfortunately, is not like that. You perform the service before the payment is ever exchanged. This makes it difficult to collect on payments. The accounts receivable process is long and drawn out. Expediting this process is helpful in reducing your headaches, and getting paid faster.
There are four steps to the typical accounts receivable process: invoicing for the money, setting up and following a process for collecting the money, putting accounts on hold and using a third-party collection agency.
The thing about restoration work is the work is completed before money is exchanged. This means that your restoration company needs to send out an invoice at the completion of the work, and work closely with insurance to make sure what needs to be covered is covered.
The invoicing process is done in-house, or you outsource it to a company like NetClaimsNow. We take care of the invoicing for you, so you don’t have to worry about sending it out.
This part can be unique to each business. This is where you think through questions like, “How often will we send a letter?” And “How often will we call the clients to collect the money?” This stage is where you set up standard procedures for your collections process.
In a normal accounts receivable process, this step includes withholding services/putting accounts on hold until the bill is paid.
The final step is to use a collections agency. The sooner you get a collections agency involved, the more likely you are to get paid. This is where NCN comes in for restoration companies. We act as the collection agency to make sure your insurance claims get paid out appropriately and in a timely manner.
If you work in restoration, there is no doubt you know that it takes a long time for insurance to pay out what they owe. It also comes back incorrect sometimes. This leaves you with services provided, but no income. When you expedite the process, such as with NCN, you are getting paid sooner and more accurately. This gives you more time to focus on the restoration work, while we focus on getting you paid. This clear division of responsibility means our sole focus is on getting you your money and nothing else.
NetClaimsNow offers invoicing and collection services which help you take your mind off of that side of the business. Your focus should be on the other parts of the job. We take care of the entire claims process from invoicing to collecting to make sure you get your money fast.
Expediting the accounts receivable process gets you the money you’ve already earned faster and more accurately. NCN makes this process easy for you. Give us a call if you have any questions about our Xactimate tool and our process!