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Record Retrieval Blog

How Does Record Retrieval Impact your Productivity?

Posted by Gary LaFond on Oct 4, 2016 5:21:47 PM
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 A thorough assessment of where your time is going is the first step in improving your overall productivity. Unfortunately, the vast majority of insurers do not track the amount of time that their adjusters spend retrieving records during the claims process. And more often than not, the claims require some sort of protected records retrieval as part of the adjudication process.

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Improving Productivity with Efficient Record Retrieval

Within the insurance industry, it is commonly accepted that 7-9 records per claim file will need to be retrieved, but this number is growing rapidly and demanding more time as it grows. Adjusters typically spend somewhere in the range of 10-15% of their time retrieving records, which adds up to over 200 hours annually of the adjuster’s time spent on this important clerical task.

What will you do with 200 hours?

Assuming that your claims adjuster puts in an eight-hour day, 200 hours calculates to about 25 business days in total. That’s just over a month of extra productivity.

The demands of a claims adjuster are constantly increasing, with many other activities occupying their daily agenda. As this trend continues, it becomes more and more difficult to make obtaining records a priority, and the claims cycle becomes substantially lengthened.

When the claims cycle is lengthened in this way, it leads to negative customer experiences and detracts from the insurer’s efficiency at large — due to these potential outcomes, it is vital that insurers find a solution to combat this growing challenge.

Shifting the productivity paradigm

Due to their limited resources, many insurers have few options to address this challenge with their own internal team. Fortunately, there is a solution through outsourcing the task of record retrieval.

By outsourcing records retrieval to a third-party company that specializes and excels in records retrieval, you are able to retrieve records substantially faster, thus shortening the claims cycle time and freeing up your team to handle the other important tasks set forth.

 

Why T-Scan?

Freeing up your time isn’t the only advantage that comes along with outsourcing your record retrieval to T-Scan. You’ll see the following improvements come about within your organization as well:

  • Reduced duplicate effort in retrieving records when a case goes into litigation.
  • Adjusters are better able to focus on determining liability and damages rather than burning up their time with the tedious clerical task of retrieving records.
  • Enjoying a better organization of records which makes it simple to find the information you need quickly.
  • Substantial improvements on having the complete set of records upfront in the claims cycle.
  • Much faster closing time in claims, which results in higher customer satisfaction and lower severity costs.

As the claims industry grows and evolves, it’s essential that the insurance company’s internal processes follow the same trend. Joining forces with T-Scan enables you to cease fretting over time-consuming record retrieval and focus more on what needs to be done in a claim.

Let us help put you back in power. If you’d like to discuss how we can help you manage records for your cases, contact our team today! 

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Topics: Record Retrieval