Historically, the recovery and remittance process has been a very manual and time-consuming procedure for both vendor and client to understand where each stand in the subrogation management workflow. Traditionally, checks are received by a vendor, opened, applied, and forwarded on monthly to the client with the fee retained.
Occasional NSFs would occur, dealt with separately, and take weeks to return to the vendor indicating a lack of sufficient funds in the account. The recovery process was plagued with constant vendor/carrier confirmation of correct check amounts and the ability to accept check amounts.
This manual remittance process had many steps, mostly dealing with determining the claim number and confirming the proper log notes.
Once a remittance was made for the client, this workflow could start all over again for the client to review/confirm their’s or the vendor’s notes to determine if the correct amount was recovered and properly remitted.
Often the vendor’s notes lack the correct amount to be recovered and remitted, causing frustration in the vendor/client relationship. Acclaim Resource Partners appreciates all of our client’s concerns and realizes the need to be confident in knowing where our client’s recoveries are at in the recovery lifecycle at all times.
Acclaim takes seriously the issue of transparent data share when dealing with a client’s recoveries. Therefore, as part of the remittance process, Acclaim recently enhanced the checks and balances process to provide our clients with more effective details. Acclaim’s improved audit trail is a direct result of the industry concerns dealing with a number of subrogation recovery companies who are no longer in business.
With the help of Recclaim Software Solutions, Acclaim added an electronically captured view of each recovery check received onto the settlement forms.
This all-inclusive report provides our clients a simplified audit trail of each check Acclaim receives along with the remittance data. The ability for Acclaim to present inclusive client remittance information is due to our subrogation application, SubroProTM. This industry leading subrogation suite allows for the entire recovery life cycle to be electronically captured, reviewed and exported for transparent data share with our clients.
Through this industry advantage to capture, process and send electronic deposits to the bank, Acclaim utilizes a new electronic workflow to considerably change the client/vendor interaction through the remittance landscape. What is meant by this? Now carriers can have their money deposited directly to their accounts by their vendors through utilizing this new subrogation suite, SubroProTM.
Imagine, instead of hundreds of checks requiring issuance by the vendor and deposited by the carrier, this recovery lifecycle can now be effectively automated in the future.
