Subrogation Outsourcing
Companies that outsource subrogation efforts, either in part or completely, begin to realize solutions to immediate problems, such as too much fixed overhead. We can unearth hidden revenue streams to help push the company forward. By outsourcing, you can redirect your energy and resources into your core business, and enjoy other benefits such as:
- Reduce headcount and training expenses.
- Feedback to help improve frontline claim operation.
- Preservation of evidence and collection of police reports.
- Converting fixed expenses to a variable cost structure.
- Transfer ULAE from expense cost to loss cost.
Closed File Review
Companies seeking to increase their net income turn to Praxis to uncover overlooked subrogation potential in their closed files. We have built our reputation on finding and recovering this lost revenue through our “Subrogation Closed File Reviews.” Our clients' adjusters have many responsibilities during the claims cycle — from determining coverage levels to calculating damages — often leaving subrogation opportunities overlooked. In addition, when other initiatives are more highly emphasized, subrogation activity suffers. Since we specialize in subrogation, let us review your closed files as a "safety net" to find and recover those missed opportunities.
Subrogation Funding
Many companies fall behind in achieving their annual internal claims recovery goals. Trying to catch up often leaves subrogation opportunities unworked even when they may have been identified. By selling these unworked subrogation claims to Praxis, our clients realize revenue immediately where there once was none. Purchase prices are negotiated and these payments from Praxis increase net income and improve cash flow. This process typically takes less than 30 days. Without the burden of working these subrogation files, our clients also reduce their administrative burdens and associated expenses. Whether these are property claims, workers’ compensation claims, collision damage claims, no-fault claims, or any combination, Praxis Subrogation Funding can add cash to your balance sheet and improve your bottom line.
Arbitration
Praxis generates millions of dollars each year through arbitration management. We have the experience – over 6,000 arbitration claims initiated and collected – and we know when to file and which approach best leads to success case-by-case. Companies lose millions of subrogation recoveries each year simply because they don’t use arbitration correctly. Arbitration preparation and filing is a highly-specialized skill that offers significant recoveries on disputed claims as well as providing protection from third-party counterclaims. Because arbitration activity fluctuates, outsourcing this function to Praxis helps our clients convert an inefficient internal fixed cost into a variable cost commensurate with this ever-changing volume.