There are many different factors that go into hiring a new insurance transcription firm—security, industry knowledge, and the capacity they can handle. However, one of the most important ones to consider is how timely a company can return files back to you.
Here are four reasons why insurance transcription speed matters when hiring a new provider.
#1: The Claims Process Moves Quickly and So Should Your Transcription Files
“Life moves pretty fast. If you don’t stop to look around once in a while, you could miss it.” – Ferris Bueller’s Day Off
Whether you’re a fan of 1980s movies or not, this quote probably resonates in some way or another when talking about your claims department. As much as claimants and insureds like to complain about things taking too long, the process actually moves very quickly if everything is in order.
Most major carriers have different protocols in place to keep a file flowing smoothly through the different stages of settlement—and yours probably does, too. If there’s a hang up because a recorded statement isn’t being transcribed in a timely fashion, it can really cause problems for the overall process.
This is why it is vital for you to have an understanding of a transcription company’s guaranteed turnaround time. Make sure you understand any specifics that might factor into the calculation on this turnaround time. Does it include only business days and exclude weekends? Do you have to submit an order by a certain time for turnaround time to begin calculating the same day (for Allegis, files received after 2 p.m. PST, the clock doesn’t start until 8 a.m. PST the next day)?
Promising a specific turnaround window is one thing, but you’ll also want to ask what percentage of orders are late. No matter how good a vendor is, every vendor will occasionally deliver a late file. Finding out this information really is a quite straightforward process. You simply need to know what questions to ask.
#2: Your Company’s Time is Valuable and Your Transcription Partner Should Understand This
“Time is more valuable than money. You can get more money, but you can’t get more time.” – Jim Rohn
Another wise quote when it comes to discussing business. Your company can always make more money, but you can’t get back all hours spent waiting for a third-party vendor to complete transcription requests.
In addition, a transcription provider that takes more than a reasonable amount of time could be a signal that there are greater problems with their overall process. How fast a company can complete tasks without sacrificing quality is directly related to how efficiently that firm can conduct operations. If there’s a problem getting insurance transcription files back in a timely fashion, this often signifies a greater issue in their process that could eventually cost your company valuable employee hours.
#3: Adjusters Shouldn’t Have to Spend Valuable Time Checking the Progress of Transcription Files
“Time is a scarce resource. Don’t waste it.” – Unknown
Most large businesses understand that employees are a vital resource. However, it is important to remember that their time is scarce and should always be filled with tasks that work towards the greater benefit of the company and department. After all, there are only forty hours in a week to get things done, right?
Claims adjusters shouldn’t have to spend their valuable time checking the progress of transcription files. Working with a company that values transcription speed and has a clear plan for when files should be returned is a great way to ensure your employees have the ability to focus on bigger tasks—like settling files and assigning appropriate liability.
#4: Last Minute Deadlines Sometimes Happen
“Ever notice that there are more last minute details than minutes?” – Unknown
This is one of those quotes that many claims adjusters understand wholeheartedly. Let’s face it… We’re all human. Sometimes we get busy and miss things in files or simply run into a tight deadline. Or, while reviewing a file the day before an arbitration filing, the realization hits that a recorded statement hasn’t been transcribed.
Things happen and finding yourself in a situation when you need a quality transcription done in a flash shouldn’t be a stressful issue. Having a recorded statement transcription provider who understands this is important in case of last minute situations. (In fact, this can sometimes mean the difference between winning an arbitration with an included transcription or going without a transcript, losing, and having to pay out thousands of dollars.)
So, how can you be sure you’re working with the right firm? Ask about their standard insurance transcription speed. If they don’t give you a straight answer or the timeframe is much longer than reasonable, consider working with someone else.
At Allegis Transcription, we understand that your time is valuable. Thus, we offer more turnaround options than a vast majority of our competitors. Select from four day, two day, or even four hour returns depending on your exact needs.