How Much Does This Little Black Notebook Cost Your Claims Organization?
Compex Legal Services
September 10, 2021
If your organization is tracking custodian contact information in a notebook or file, it could be costing you millions.
Over the years, we have come across countless paralegals, adjusters, and attorneys who keep paper or electronic notebooks for tracking medical providers and record location information. These clients are trying to keep a list of names of who to contact for records, along with their phone numbers, email and mailing addresses, and preferred contact methods.
This is not an easy task. Physicians and other medical providers frequently update their contact information, business hours, and locations, and for many custodians, the COVID-19 pandemic has accelerated the shift toward preferring electronic communication.
Sending requests by mail, following up by phone, submitting payment, and receiving records is a time-consuming process when retrieving records yourself. The process requires not only diligence but also multiple follow-ups to move files along quickly. Not all record locations are created equally either; having a one-on-one relationship with each custodian gives you a significant advantage if you’re trying to obtain records as quickly as possible. To further complicate things, keeping track of how and when each custodian prefers to be contacted goes a long way toward reducing turnaround time, but with millions of record locations around the country, it’s virtually impossible for any one claims or legal organization to keep track of them all.
As the nation’s leading record retrieval partner, Compex offers an integrated, technology-enabled solution for record retrieval, powered by industry-leading automation capabilities and a state-of-the-art operating platform that stores and tracks over three million record locations nationally. We keep track of all of the important details that many try to capture in their notebooks, plus we automatically adjust our process to align with the best practices for communicating with each record location in order to retrieve records as quickly as possible. When you order records through Compex, you can rest assured that you will achieve the industry’s best turnaround time by using a service that aligns with each custodian’s workflow to create the best possible outcome.
So what is that little black notebook costing your organization?
A recent Compex study of claims organizations found that on average, national insurers are paying $1M-3M more for in-house record retrieval than they would by leveraging Compex’s solution.
In-house record retrieval is costing you time
By not achieving the fastest possible turnaround time on record files, your cases are dragging on longer than they should be...and as the old adage goes, time is money.
In-house record retrieval is costing you productivity
By relying on adjusters and paralegals to track and follow up on record requests, your organization is losing thousands of hours of productivity per year--time that could be reallocated to higher-value activities.
In-house record retrieval is costing you money
By incurring the costs of lost productivity as well as overhead and “soft costs” associated with in-house record retrieval, medium to large organizations may be incurring hundreds of thousands-- or even millions--of dollars of avoidable expenses.
Additionally, while Compex automatically ensures that all records are released according to the latest statutory fee schedules for each state, the in-house record retrieval processes driven by many claims and legal organizations do not, leading many organizations to overpay record fees by up to 5%.
To help claims and legal organizations assess what in-house record retrieval is costing them, we’ve created a Record Retrieval ROI Calculator. Using our ROI Calculator, you’ll be able to see how you can save up to 50% vs your in-house record retrieval process.