Insurance carriers are continually looking for ways to streamline processes to increase revenues and control costs, all while ensuring their customers have a favorable customer experience. Brown & Joseph consistently delivers the highest results and innovative solutions to address these issues.
Insurance Industry Revenue Cycle Subject Matter Experts
The insurance industry is a complex maze of calculations and regulations. Our staff is fully trained through experienced staff premium auditors, long and short term disability case managers, overpayment calculation specialists, insurance debt collection attorneys and seasoned insurance collection veterans. Working together, their years of knowledge and course curriculum develop team members that are trained to deliver the best performance results. Brown & Joseph’s insurance recovery team collects on average 27% on accounts that were returned by the 1st placement agency as uncollectible. Our Second Placement Agency Auditing Program provides the assurance that premium recoveries are maximized and that 1st placement agencies are fulfilling their obligations to meet performance expectations.
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EARP was designed by certified premium insurance auditors and subject matter experts responding to our clients’ growing challenge for converting non-compliant and estimated audits into a continuous revenue stream based on a contingency performance fee for recoveries versus fixed or hourly rates. EARP delivers efficiencies that reduce re-audit costs, internal soft costs and reduces your overall Days Premium Outstanding (DPO). For complete information about the EARP advantage, click here to learn more.
No other collection firm performs at a consistently high level as does Brown & Joseph. This is best demonstrated by the carriers we service.
Innovative Four Phase Approach for Commercial Debt Collections
When it comes to Commercial Debt Collections, Brown and Joseph goes beyond the “status quo” by providing B2B debt collections through our innovative four phase debt collection law firm. Statistics have proven that contingency law firm collections collect the most difficult account recovery situations faster, without debt recovery litigation and costly judgment enforcement compared to using a typical debt collection agency
In this new economy that surrounds business collections (B2B debt collections), companies are experiencing high trends in debt recovery litigation and elevated costs when employing debt collection firms. The rising costs of debt recovery litigation demands a change of tactics and business debt recovery solutions.
A commercial collection agency, Brown & Joseph has taken the status quo of main stream commercial collections and developed an innovative four phase approach that increases recovery percentages, reduces the need for debt recovery litigation, and, the rising costs of litigation normally charged by litigation law firms.
Our four phase approach combines the best of all the best practices employed by commercial credit risk analysis companies, commercial collection agencies, debt collection law firms and litigation law firms for the same contingency business debt collection fee you pay to your agency for B2B debt collections.
Phase One- Commercial Credit Scoring and Commercial Credit Risk Analysis
Upon receipt of B2B debt collection assignments, all cases placed for collections are credit scored and a commercial credit risk analysis is reformed. This business credit intelligence is attached to the debtor information file and provides factual and critical commercial credit risk information and payment pattern trends during the collection process.
We obtain factual information about the debtor’s ability to pay and payment trends based on the past six quarters before we start the collection process.
The information contains payment history trends, state and federal tax lien information, pending laws suits, unsatisfied judgments, UCC filings, secured creditors, collection agency action, the legal business owner’s information, trending information showing whether or not the company’s payment trends are increasing or decreasing, and, their current risk factor.
Armed with this information, conversations are based on fact and not disinformation typically provided by debtor companies during the collections process to collections agencies that do not use credit and payment history information.
The benefit is faster payment of debt, higher settlements, and less litigation because we can determine whether or not a company will default during the legal process. It does not make sense to sue a company in financial distress with unsatisfied judgments already recorded.
Knowing this we will provide you with factual information so you can make the best settlement or litigation decisions when needed.
Phase Two – Initial Commercial Credit Risk Analysis and B2B Debt Collections
Using the commercial credit score and commercial credit risk analysis, files are segmented and prioritized by their predictive payment trend and balance. This segmentation rapidly identifies companies that have the financial resources available for rapid resolution and bad debt recovery. These cases are assigned to our experienced B2B debt collections specialists for the initial phase of collections through Brown & Joseph’s commercial collection agency. Companies with medium to low scores, meaning high credit risk, have a tendency to delay recovery with unsubstantiated disputes. Most commercial collection agencies will refer these more difficult cases to outside council for debt recovery litigation, which increases contingency fees and causes their client to incur court costs.
With Brown & Joseph, these more difficult cases are diverted to our in-house collection attorney law office for pre-litigation collection calls without increasing contingency fees or charging fixed attorney fees and court costs.
The result is these more difficult cases will reallocate their payment priority, pay your debt due and delay payment to other collections agencies or vendors pursuing debt to other companies.
After all, if the debtors owe you money, chances are they also owe others and are being pursued by several collection agencies at the same time.
Ask yourself this question: Who would you pay first if you owed a debt to a company? A commercial collection agency or a collection attorney?
Phase Three – Internal Law Office Collection Attorney
Combining our internal debt collection law firm with our B2B debt collections reduces litigation for our clients to less than 1% of the files assigned. The results of utilizing our debt collection law firm during the initial phases of the collection process, increases bad debt recovery percentages, obtains higher settlements, reduces litigation costs and time spent in resolving the more difficult assignments, which reduces or eliminates costly judgment enforcement
The good news is that you receive the impact of an law office collection attorney for the same contingency fee you now pay your collection agency.
Phase Four – Debt Recovery Litigation
(As a member of the Commercial Collection Agency Association section of the Commercial Law League of America, Brown & Joseph maintains a national network of experienced litigation law firms. When a debt is not paid, our internal collection law firm management team will review and recommend suit when needed based on factual commercial credit scores and the commercial credit risk analysis obtained in our initial phase.
The use of this B2B intelligence information and process greatly reduces the amount of non-profitable suits, judgments that cannot be enforced, litigation costs and costly judgment enforcements.
The four phase approach will increase bad debt collection percentages and reduce back-end legal costs which results in a positive effect on your bottom-line profits.
To receive a free copy of “Collection Agency vs Collection Attorney – who would win the fight” and to receive a no cost commercial credit risk analysis on your bad debt collections portfolio, click on the box below.
Ready to develop a strategy with our insurance collection specialists? Request a consultation now.