Have you ever considered the damage a single bad assignment can do to your funeral home?
One scenario in particular paints the picture:
A funeral home called us stressed, confused, and in desperate need of help.
The funeral home had recently accepted an insurance assignment. The initial verification phone call with the insurance company went smoothly, and the funeral home was confident they would receive funding. The funeral director shared the good news with the family and moved forward, planning a beautiful service to honor the family’s loved one.
However, weeks after the service, the insurance company called back and said, “Sorry, we won’t be able to fund this policy.”
All out of options, the funeral home had to reach out to the family and explain that they now owed thousands of dollars for a service that had already taken place. The family stopped returning calls and refused to pay, leaving the funeral home on the hook for the entire bill.
That one assignment cost the funeral home $20,000. After this experience, the funeral home owner was sure they would no longer accept insurance policies as payment. And who could blame them?
The truth is that your funeral home probably can’t afford the fallout of not being paid for your time and services. But that doesn’t mean your families don’t rely on insurance assignments to pay for funerals.
So, how can you protect your business and families from the effects of a bad assignment?
By using the right insurance assignment partner.
The key to avoiding worst-case assignments
You’re an expert in serving families, not processing insurance assignments. Between everything you’re responsible for each day, you don’t have time to manage complicated insurance paperwork and follow up with insurance companies.
But there’s good news: You don’t have to do it all on your own.
The right insurance assignment partner will take on the risks and headaches associated with insurance assignments so you can continue focusing on providing excellent service to families.
Keep reading to find out the 3 ways an insurance assignment company can help you avoid worst-case assignments.
1. Catch red flags early
All too often, policies come with hidden red flags that put your funeral home at risk.
If you’re not an insurance expert, it’s easy to miss the warning signs buried in a policy. Your time is better spent serving families than combing through paperwork and chasing down details with insurance companies.
The right insurance assignment partner will analyze and verify every policy for you (100% risk free!) so you can have peace of mind when accepting an assignment.
2. Protect your cash flow
Your funeral home depends on steady, reliable funding so you can continue serving families for generations to come. But if you accept even one bad assignment, your funeral home could take a heavy hit.
Partnering with an insurance assignment company removes the financial risk from your funeral home. If a funeral funding company decides to take on a policy, and the policy doesn’t get funded, they’ll take the financial hit, not you. By then, your funeral home will have already been funded and your cash flow intact.
Most funding companies charge a small, one-time processing fee, which is a small price to pay for peace of mind from red flags.
3. Build more trust with families
Your business depends on the trust you build with families. The last thing you want to do is call a family to ask for payment weeks after a funeral has already taken place.
Partnering with an insurance assignment company helps make sure families never feel blindsided by unexpected bills.
And with the right partner handling the details, you can focus on serving families with confidence, knowing the funding is being taken care of behind the scenes.
Protect your business and families with the right partner
You’ve seen how one bad assignment can damage your cash flow, strain relationships with families, and leave you questioning whether it’s worth accepting insurance policies at all.
But it doesn’t have to be that way.
With Claimcheck, you don’t have to carry that risk alone. Our team of experts works behind the scenes to:
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Catch red flags before they turn into funding problems
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Protect your cash flow from unfunded policies
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Help you build more trust with families by avoiding surprise bills
When you partner with Claimcheck, you can confidently accept insurance assignments without gambling your funeral home’s bottom line.
Request a demo today and see how our process works from start to finish.