I have seen the future and now know a revolutionary new cash flow enhancing business strategy practiced by leading companies.
Dealing with insurance companies is always challenging. I was once advised to celebrate when things work rather than fret when they did not. Dealing with two of them recently has been impossible. Two companies with 60 percent of my business have claim processing systems that have gone kaputt. Nine of ten claims are processing incorrectly if they process at all. Hours have been spent on the phone trying to get this corrected wihtout success.
I can guarantee that the cost for my staff to be on the phone is higher than the cost for the off-shored insurance company representative.
When they finally admit fault and move to correct a claim we are told it will be 30 to 45 business days to be paid. We have gone from being paid in two weeks to being paid in two and half months.
What is the revolutionary, new, cash-flow-enhancing business plan? Stop paying your vendors. Send them a note. “Your invoice was not processed correctly. We will reprocess it and pay you in six months.”
You might get evicted. You might get sued. But the business plan is working extremely well for some people.