What does success look like at your funeral home?
Is it a more consistent cash flow? Maybe it’s increasing efficiency or improving service to families.
All of these are great pictures of success for a funeral home. But the real question is, how can you achieve these goals to strengthen your business?
Here’s an asset you can use to your advantage that might surprise you: Insurance assignments.
Keep reading to discover 5 ways insurance assignments can lead to funeral home success (plus strategies to make them happen today!).
#1: Improve your cash flow.
Okay, we know what you might be thinking, “Improve my cash flow with insurance assignments?! Waiting to get funded from insurance companies normally slows it down.”
We understand. When life insurance assignments pile up, you could wait weeks or months to get paid for your services. However, there are some best practices around processing insurance assignments that will increase your cash flow, such as offering assignments upfront to families or collaborating with an insurance assignment company to avoid policies with red flags.
Find strategies to boost your cash flow using life insurance assignments here.
#2: Free up your staff’s time.
Insurance assignments have the reputation of taking up way too much time…if you process them in-house. It doesn’t have to be this way!
With a funeral funding partner, you can eliminate the stress of processing assignments on your own and still offer families a way to pay with life insurance assignments. Plus, you’ll get funded quicker! See how in this blog.
#3: Improve efficiency.
Imagine how efficient you’d be if your funeral funding company, preneed company, and software system all worked together. Your funeral home would run like a well-oiled machine!
This can be a reality at your funeral home when you work with an insurance assignment company that partners with your other services. Find ways to improve your efficiency here.
#4: Increase profitability.
According to data from a recent study, more families are opting for cost-effective options such as direct cremation because they believe they cannot afford a traditional funeral. This belief results in lower average funeral costs for your funeral home and decreased profitability.
Discover three ways your funeral home can boost profitability by partnering with an insurance assignment processing company in this blog.
#5: Provide more funding options to families.
As a caring funeral professional, you may think it seems insensitive to bring up the subject of funeral costs or budgets first. However, discussing financial options upfront gives families a better idea of what they can afford before they make selections for the service.
If a family wants to pay with a life insurance assignment but is unsure, be prepared to introduce them to the process so they feel comfortable getting the funds they need.
See the best way to start the funeral funding conversation with your families here.
Achieve success with Claimcheck.
By using an insurance assignment processing partner, you can increase your cash flow and profitability, improve efficiency, save time, and give families the payment options they need.
At Claimcheck, we prioritize taking care of you, your staff, and your funeral home’s finances. With our 100% risk-free verification process, you can leave financial worries behind and concentrate on providing great service to families.
Request a demo of Claimcheck today to discover how we can best serve your business.