Are you looking for a new recorded statement transcription provider for your company? While there are a multitude of different factors to consider when finding an ideal firm to work with, one of the most important is how long it takes for them to return files after you submit an order.
Most companies offering quality insurance transcription services promise a specific turnaround time for transcription orders. Be wary of any vendor who won’t guarantee a specific turnaround time. Three to five days is considered a relatively standard order processing window in the insurance transcription industry. Most also offer quicker turnaround options if you’re willing to pay more (Allegis offers 3 turnaround options, for example). The key here is that both parties should have a clear understanding of the amount of time necessary for order processing. This will set the stage for a smooth and successful working relationship.
So, why is quick and reliable turnaround important? Here are four times when transcription speed matters.
#1: When It is Important That You Get the Job Done Hassle-Free
If there had to be a single reason for why speed matters when hiring a verbatim transcription provider, it would be how important it is to get the job done without a hassle. As a claims department, you have enough going on during the course of business. You don’t need the added aggravation of having to wait for a sub-par company to convert your audio to text.
Consider this scenario for a moment to get a clearer picture. There’s an important transcript that affects how a claim proceeds, and it is taking weeks to get it back (I’ve actually talked to several insurers where they’re waiting 2-3 weeks for transcripts. No joke). Your adjuster has to spend time on the phone or via email every week, trying to figure out when the file will be returned. Not only does this stop the smooth flow of the file process, it eats up valuable time that this adjuster should be spending on other, more vital tasks. This is where working with a provider who has a clear picture of how long it should take to complete a transcription is most important.
#2: When You Are Trying to Work a File Through to Completion
As many claims managers, supervisors, and adjusters already know, trying to work a file through to completion within a reasonable amount of time is essential. In fact, most companies have targets for how many claims they want closed each month and work incessantly to meet and exceed these goals.
If a claim gets stuck open because a transcription provider isn’t moving as quickly as needed, this can cause a major problem (not to mention incredibly frustrating). Before working with a vendor, always gain a clear understanding of what turnaround times are available, how often the vendor meets these standards (Allegis typically meets 99.9% of our promised turnaround times, for example), and what happens if turnarounds are missed (are there any repercussions?).
#3: When Your Arbitration Deadline is Looming
Another reason why insurance transcription speed matters is for times when your arbitration deadline is looming. Whether you are filing the claim or simply responding, the ability to have a quick turnaround time on a verbatim transcription file is crucial to preparing a complete claim file that will maximize your chance of winning in arbitration.
Arbitration Forums does not accept audio recordings, so if you want to be able to use an insured or claimant’s exact recorded statement as evidence for your side, you have to have it converted to text. If this isn’t available or the amount of time it takes to get the transcript exceeds your timeframe, the information may not be included in the arbitrator’s review.
#4: When the Information Being Translated is Important to Your Investigation
One more reason why speed matters when it comes to insurance transcription and translation is that the information could make a difference to your investigation. This is especially true in instances where a party speaks Spanish and you are trying to decipher what they said happened in the incident. Having to wait to get a file back only drags out the amount of time it takes for an adjuster to make a liability decision or otherwise proceed. Ask vendors how they handle translation. It’s not uncommon for vendors to outsource this function, adding additional complexity to the process and introducing further potential for delays.
Keeping all of these factors in mind, it is easy to see why working with a transcription and translation partner who values speed is important. At Allegis, we know that getting your insurance transcription files back to you on time, every time, is crucial. This is why we offer our clients three different methods of return—standard four-day, two-day, and four-hour rush. Please contact us today for more information.