Outsource Insurance Billing and Accounts Receivable Services
We have developed a robust and reliable payment process to help insurance companies gain complete control over insurance billing and accounts receivable services.
Insurance Back Office Pro offers end-to-end insurance billing and accounts receivable services to insurance agents and brokers. Our solutions are designed not just to streamline your billing operations, but also to leverage it to help you have a cleaner balance sheet, build a happy client base, and give your reputation the polish it needs.
We have 8+ years of experience in invoicing, sending insurance payment reminders, receiving and recording payments, maintaining and cataloging accounts receivable invoices, and reporting on account activity. These payment processes are driven by some best market practices to arm you with the competitive differentiation needed to deliver a one-of-a-kind experience to your customers
With a huge clientele in the U.S., we are one of the most trusted insurance billing partners for practices small and large alike. We have won this trust by designing customized billing solutions for each of our clients based on their specific needs.
Our End-to-End Insurance Billing and Accounts Receivable Services
Billing Services
We take complete charge of your payment collections process and insurance premium accounting functions. Our team of insurance experts is trained to record and maintain a consolidated database of the bills accrued by the claimants who avail of your insurance services. They handle all business-critical functions like determining reimbursement, keeping track of bill details, accumulating insurance information, and adding them to prospective customer profiles. Our streamlined services help you to optimize your billing service and make it more strong and reliable.
We leverage the use of modern-age cutting-edge software tools to record customer data, prepare claims and submit them to the appropriate party. Our timely evaluation of the details of a claimant’s insurance coverage helps you dispatch accurate billing forms to them, with accurate data included.
Accounts Receivable Services
We are an organization that has a substantial amount of experience in providing back-office support for insurance accounts receivable services. We record and maintain receipts, applications, and invoices from all verticals of your accounts receivables department. We integrate the goodness and convenience of automation techniques to improve communication and flexibility across the whole department.
We work closely with our clients to keep them informed about receivables through well-established communication channels. This holistic approach has consistently helped our clients achieve faster turnaround times.
Reports Generation and Maintenance
We leverage the use of technology to create, complete and well-furnished reports that help drive excellence in your insurance claims process. We generate categorized invoices on a monthly, quarterly, or yearly basis to provide comprehensive billing reports to agencies and brokers. We maintain and manage detailed insurance reports which ensure that your clients/customers have all the information that they need, to access their claims.
We employ our diverse experience as a top billing and accounts receivable services company to instate optimized billing and accounts receivables reports generation and maintenance processes. We generate these reports in real time, eliminating the need for you to invest your time and resource in them.
Insurance Billing and Accounts Receivable Services - An Overview
As an experienced insurance billing and accounts receivable services company, we take complete control of your payment collections, insurance premium accounting, and expense ratios.
Our service-range covers the following:
- Calculate charges TRIA premiums and numerous government and internal charges against insurance premiums.
- Generate insurance premium invoices in PDF format, Excel or through an internal accounting system as per policy rule.
- Generate monthly, quarterly semi-annually, or annually categorized invoices, and provide exhaustive billing reports (breakup of tax details and commission) to agencies/brokers.
- Maintain/Update records of insurance premium bookings, prepare account receivable reports, and track accounts receivable on behalf of agents/brokers
- Enter account receivable transactions into the system, and deliver periodic statements to policyholders
- Maintain subsidiary receivables ledgers, transferred received cash to individual customer accounts, and resolve issues regarding short pays
Our Insurance Billing and Accounts Receivable Process
- Dispatch of Reminders:- We reach out to customers with details of the insurance premium amount payable. Further details like date and mode of payment are included as well.
- Effective follow up:- We follow up with calls and email reminders to ensure timely collection of payments. Our insurance experts establish an efficient channel of communication between you and your customers.
- Record and receive payments:- The payable amount is received and recorded. Accompanying documents are created and dispatched for evaluation.
- Synchronization of accounts receivable and reports:- Based on the reports generated, the accounts receivables and reports of insurance policies are reconciled. At this stage high level of data accuracy is ensured.
- Data archival and maintenance:- All round details of the insurance policy and claim status are recorded and archived. Information is recollected as and when customers request them.
How Our Insurance Billing and Accounts Receivable Services Give Your Business a Competitive Edge
Our insurance billing model plays a significant role in ensuring seamless insurance servicing. We plan our billing services to help you derive maximized benefits and better competitive footing all while generating higher sales. For instance, we help you overcome the multifarious requirements of diverse insurance providers by devising different templates for each provider and in the process, take complete control of your expense ratios, payment collections and insurance premium accounting. By availing our services, you can determine the best mix of insurance servicing and payment collection design for your business and leverage it to build outstanding service competency and operational efficiency.
The other big advantage we provide is quick turnaround time. With delivery centers at 8 global locations, our solutions are tailored to deliver services from the geographic location that maximizes your business goals – or even use a combination of offshore and onshore services to deliver your business the strategic advantage of time. This can particularly help you to adapt to fluctuating market conditions.
To increase your ease of doing business, we use a range of leading-edge finance and accounting software. This includes:
Intuit QuickBooks, M.Y.O.B, Sage, CheckMark MultiLedger
The software can be integrated with major global financial systems such as SAP, Oracle, JD Edwards etc. to facilitate workflow further. We also have incorporated some robust measures to protect the privacy of your client's data.
When you outsource insurance billing and accounts receivable services to Insurance Back Office Pro, you are making the decision to embrace excellence.
Our Case Studies
Achieving 400% Business Growth in just 5 Years: Our Role in the Success Story
Our client, a commercial insurance provider listed on Inc.5000, experienced an exceptional growth spree under our guidance, becoming one of the fastest-growing companies in the US.
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