There is a difference between data mining to generate accident questionnaires and data matching, which compares potential claims against databases of existing liability claims and lawsuits. While we utilize both processes, our claim data submissions to ISO enable us to identify cases without having to rely on members for timely responses and truthfulness – and we can do so with claim data from any claim system!
Contact Robert A. Marcino, Esq. at rmarcino@srpsubro.com for more information. If you are currently managing recoveries in-house or working with another vendor, ask yourself these questions:
- What percentage of completed accident questionnaires are opened as a potential
recovery case versus not? - How many new “potential” cases are identified each month? And of those, how many actually result in a recovery within 18 months?
- How many “closed without recovery” cases do you record each month or in a given year?
- What is the ratio of open / active inventory dollars versus dollars recovered on a monthly basis?
- At what percentage of the lien are the actual recovery cases being settled?
- What is the ratio of open, or active, cases where the plan member is represented by an
attorney to those where the member is not? - How many open, or active, cases where the member is not represented by an attorney
have been open for greater than one year? - Are you very aware of the number of active and closed cases and recoveries being made?
If so, through what methods? - Does your subrogation firm track the policy limits available in your cases?
- What contingent fees are you paying to your current subrogation vendor?
- What revenue are you, the claim payor, earning on recoveries?
SRP offers a $1,000 payment to any TPA for answering this list of questions. Contact us to qualify.