4 Times Insurance Transcription Speed Matters

/0 Comments/in , /by Karla Ellison

Are you looking for a new recorded statement transcription provider for your company? While there are a multitude of different factors to consider when finding an ideal firm to work with, one of the most important is how long it takes for them to return files after you submit an order.

Most companies offering quality insurance transcription services promise a specific turnaround time for transcription orders. Be wary of any vendor who won’t guarantee a specific turnaround time. Three to five days is considered a relatively standard order processing window in the insurance transcription industry. Most also offer quicker turnaround options if you’re willing to pay more (Allegis offers 3 turnaround options, for example). The key here is that both parties should have a clear understanding of the amount of time necessary for order processing. This will set the stage for a smooth and successful working relationship.

So, why is quick and reliable turnaround important? Here are four times when transcription speed matters.

#1: When It is Important That You Get the Job Done Hassle-Free

If there had to be a single reason for why speed matters when hiring a verbatim transcription provider, it would be how important it is to get the job done without a hassle. As a claims department, you have enough going on during the course of business. You don’t need the added aggravation of having to wait for a sub-par company to convert your audio to text.

Consider this scenario for a moment to get a clearer picture. There’s an important transcript that affects how a claim proceeds, and it is taking weeks to get it back (I’ve actually talked to several insurers where they’re waiting 2-3 weeks for transcripts. No joke). Your adjuster has to spend time on the phone or via email every week, trying to figure out when the file will be returned. Not only does this stop the smooth flow of the file process, it eats up valuable time that this adjuster should be spending on other, more vital tasks. This is where working with a provider who has a clear picture of how long it should take to complete a transcription is most important.

#2: When You Are Trying to Work a File Through to Completion

As many claims managers, supervisors, and adjusters already know, trying to work a file through to completion within a reasonable amount of time is essential. In fact, most companies have targets for how many claims they want closed each month and work incessantly to meet and exceed these goals.

If a claim gets stuck open because a transcription provider isn’t moving as quickly as needed, this can cause a major problem (not to mention incredibly frustrating). Before working with a vendor, always gain a clear understanding of what turnaround times are available, how often the vendor meets these standards (Allegis typically meets 99.9% of our promised turnaround times, for example), and what happens if turnarounds are missed (are there any repercussions?).

#3: When Your Arbitration Deadline is Looming

Another reason why insurance transcription speed matters is for times when your arbitration deadline is looming. Whether you are filing the claim or simply responding, the ability to have a quick turnaround time on a verbatim transcription file is crucial to preparing a complete claim file that will maximize your chance of winning in arbitration.

Arbitration Forums does not accept audio recordings, so if you want to be able to use an insured or claimant’s exact recorded statement as evidence for your side, you have to have it converted to text. If this isn’t available or the amount of time it takes to get the transcript exceeds your timeframe, the information may not be included in the arbitrator’s review.

#4: When the Information Being Translated is Important to Your Investigation

One more reason why speed matters when it comes to insurance transcription and translation is that the information could make a difference to your investigation. This is especially true in instances where a party speaks Spanish and you are trying to decipher what they said happened in the incident. Having to wait to get a file back only drags out the amount of time it takes for an adjuster to make a liability decision or otherwise proceed. Ask vendors how they handle translation. It’s not uncommon for vendors to outsource this function, adding additional complexity to the process and introducing further potential for delays.

Keeping all of these factors in mind, it is easy to see why working with a transcription and translation partner who values speed is important. At Allegis, we know that getting your insurance transcription files back to you on time, every time, is crucial. This is why we offer our clients three different methods of return—standard four-day, two-day, and four-hour rush. Please contact us today for more information.

4 Reasons Insurance Transcription Speed Matters

/0 Comments/in /by Tyler Marshall

There are many different factors that go into hiring a new insurance transcription firm—security, industry knowledge, and the capacity they can handle. However, one of the most important ones to consider is how timely a company can return files back to you.

Here are four reasons why insurance transcription speed matters when hiring a new provider.

#1: The Claims Process Moves Quickly and So Should Your Transcription Files

“Life moves pretty fast. If you don’t stop to look around once in a while, you could miss it.” – Ferris Bueller’s Day Off

Whether you’re a fan of 1980s movies or not, this quote probably resonates in some way or another when talking about your claims department. As much as claimants and insureds like to complain about things taking too long, the process actually moves very quickly if everything is in order.

Most major carriers have different protocols in place to keep a file flowing smoothly through the different stages of settlement—and yours probably does, too. If there’s a hang up because a recorded statement isn’t being transcribed in a timely fashion, it can really cause problems for the overall process.

This is why it is vital for you to have an understanding of a transcription company’s guaranteed turnaround time. Make sure you understand any specifics that might factor into the calculation on this turnaround time. Does it include only business days and exclude weekends? Do you have to submit an order by a certain time for turnaround time to begin calculating the same day (for Allegis, files received after 2 p.m. PST, the clock doesn’t start until 8 a.m. PST the next day)?

Promising a specific turnaround window is one thing, but you’ll also want to ask what percentage of orders are late. No matter how good a vendor is, every vendor will occasionally deliver a late file. Finding out this information really is a quite straightforward process. You simply need to know what questions to ask.

#2: Your Company’s Time is Valuable and Your Transcription Partner Should Understand This

“Time is more valuable than money. You can get more money, but you can’t get more time.” – Jim Rohn

Another wise quote when it comes to discussing business. Your company can always make more money, but you can’t get back all hours spent waiting for a third-party vendor to complete transcription requests.

In addition, a transcription provider that takes more than a reasonable amount of time could be a signal that there are greater problems with their overall process. How fast a company can complete tasks without sacrificing quality is directly related to how efficiently that firm can conduct operations. If there’s a problem getting insurance transcription files back in a timely fashion, this often signifies a greater issue in their process that could eventually cost your company valuable employee hours.

#3: Adjusters Shouldn’t Have to Spend Valuable Time Checking the Progress of Transcription Files

“Time is a scarce resource. Don’t waste it.” – Unknown

Most large businesses understand that employees are a vital resource. However, it is important to remember that their time is scarce and should always be filled with tasks that work towards the greater benefit of the company and department. After all, there are only forty hours in a week to get things done, right?

Claims adjusters shouldn’t have to spend their valuable time checking the progress of transcription files. Working with a company that values transcription speed and has a clear plan for when files should be returned is a great way to ensure your employees have the ability to focus on bigger tasks—like settling files and assigning appropriate liability.

#4: Last Minute Deadlines Sometimes Happen

“Ever notice that there are more last minute details than minutes?” – Unknown

This is one of those quotes that many claims adjusters understand wholeheartedly. Let’s face it… We’re all human. Sometimes we get busy and miss things in files or simply run into a tight deadline. Or, while reviewing a file the day before an arbitration filing, the realization hits that a recorded statement hasn’t been transcribed.

Things happen and finding yourself in a situation when you need a quality transcription done in a flash shouldn’t be a stressful issue. Having a recorded statement transcription provider who understands this is important in case of last minute situations. (In fact, this can sometimes mean the difference between winning an arbitration with an included transcription or going without a transcript, losing, and having to pay out thousands of dollars.)

So, how can you be sure you’re working with the right firm? Ask about their standard insurance transcription speed. If they don’t give you a straight answer or the timeframe is much longer than reasonable, consider working with someone else.

At Allegis Transcription, we understand that your time is valuable. Thus, we offer more turnaround options than a vast majority of our competitors. Select from four day, two day, or even four hour returns depending on your exact needs.