March 2010 – Great Time for Closed File Audits
Now is a good time of the year to clear out all the old claims files and get them checked over for possible recovery opportunities. Closed File Audits are a specialist service provided by DRA. Through closed file reviews money is recovered on behalf of a client from insurance claims that have previously been closed. One of the greatest internal expenses experienced by a lot of insurance organisations is claims leakage. Claims leakage can occur for a number of reasons including:
- Overlooked information
- Miscoded claims
- Data Entry Errors
- Non-economical pursuits
- Judgments with no recovery
- Un-locatable third parties
- Other overlooked recovery opportunities
We assist many clients in identifying and reducing claim leakage through conducting periodic closed file audits. A member of DRA’s recovery team conducts an onsite visit periodically as agreed, reviewing each closed file and actioning those files that have a potential for recovery. DRA is responsible for all expenses involved. We can audit paper files or conduct an audit of your paperless files online. A paperless review can be done remotely or on-site.
Closed file audits result in many of DRA’s clients experiencing increased recovery rates while reducing their claims costs.