Your focus should be on the other parts of the job. NetClaimsNow offers invoicing and collection services which help you take your mind off of that side of the business. This clear division of responsibility means our sole focus is on getting you your money and nothing else. This gives you more time to focus on the restoration work, while we focus on getting you paid. When you expedite the process, such as with NCN, you are getting paid sooner and more accurately. This leaves you with services provided, but no income. If you work in restoration, there is no doubt you know that it takes a long time for insurance to pay out what they owe. We act as the collection agency to make sure your insurance claims get paid out appropriately and in a timely manner. Maintaining Invoices Due and Payments This is the core of your accounts receivable procedures. This is where NCN comes in for restoration companies. The sooner you get a collections agency involved, the more likely you are to get paid. The final step is to use a collections agency. In a normal accounts receivable process, this step includes withholding services/putting accounts on hold until the bill is paid. This is where you think through questions like, “How often will we send a letter?” And “How often will we call the clients to collect the money?” This stage is where you set up standard procedures for your collections process. This part can be unique to each business.
We take care of the invoicing for you, so you don’t have to worry about sending it out. The invoicing process is done in-house, or you outsource it to a company like NetClaimsNow. This means that your restoration company needs to send out an invoice at the completion of the work, and work closely with insurance to make sure what needs to be covered is covered. The thing about restoration work is the work is completed before money is exchanged. There are four steps to the typical accounts receivable process: invoicing for the money, setting up and following a process for collecting the money, putting accounts on hold and using a third-party collection agency. Expediting this process is helpful in reducing your headaches, and getting paid faster. The accounts receivable process is long and drawn out. This makes it difficult to collect on payments. You perform the service before the payment is ever exchanged.
Restoration, unfortunately, is not like that. When you go to the store, you pay before you get the product.
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