How Do I Get More Work From TPA's?

Im not in the business of telling restorers that they should or should not be on a TPA, I am in the company of helping them be more profitable. Here are my top ways to boost TPA profitability and ensure your company has the leverage it needs to dictate the tone of the relationship

I spent five years working for TPAs, and what I am about to speak on comes from personal experience. I began to see patterns emerging in how restoration companies could significantly increase their workload and client base by making a few strategic adjustments. From improving communication and building strong relationships to understanding the nuances of TPA requirements, these insights can help any restoration business thrive in a competitive market. In this blog post, I’ll share the key strategies I’ve observed that can help restoration companies get more work through TPAs.

The most important thing you need to know is that TPAs see you as a number on the screen, not as a business or a professional in this field. You are a data point, and that is what we can use to our advantage. You are given work based off of the grading system in place, so let’s look at how we can get better SLAs, which will land us more jobs.

The most effective strategy to increase your TPA work involves improving your grades or Service Level Agreements (SLAs). TPAs closely monitor specific metrics, with the primary focus being how quickly you complete estimates from the time they are assigned. Meeting these deadlines is vital if you aim to maximize your job opportunities.

Utilizing Xactanalysis for Improved Performance

Xactanalysis provides a wealth of detailed information about each job, down to individual document counts. However, the two most critical columns to focus on are:

Date Received: The date you received the job.

Estimate Submit Date: The date you submitted the estimate.

TPAs expect submissions within 5.99 days, though officially it’s under five days. To achieve this, you can use basic Excel functions to streamline and track your progress.

Step-by-Step Guide

Calculate the Current Date

To start, you need a reference for the current date. In Excel, this is easily achieved using the =NOW() formula. Here’s how you can do it:

• Open your Excel spreadsheet where you’re tracking your TPA jobs.

• Select a blank cell where you want the current date to appear.

• Type =NOW() and press Enter.

This cell will now display the current date and time, automatically updating each time you open the spreadsheet. This helps ensure you’re always working with the most up-to-date information, crucial for tracking your submission timelines accurately.

Track Estimate Submission Time

The next step is to calculate how long each job has been open. This involves subtracting the “Date Received” from the “Estimate Submit Date”. Excel’s DATEDIF function is perfect for this task. Here’s how you do it:

• Ensure you have columns labeled “Date Received” and “Estimate Submit Date” in your spreadsheet.

• In a new column, label it “Days Open” or something similar.

• In the first cell under this new column, type =DATEDIF([Date Received Cell], [Estimate Submit Date Cell], "d") and press Enter. For example, if your “Date Received” is in cell A2 and “Estimate Submit Date” is in cell B2, you would type =DATEDIF(A2, B2, "d").

This formula calculates the number of days between the date you received the job and the date you submitted the estimate. Copy this formula down the column to apply it to all your rows.

Benefits of Tracking Estimate Submission Time

Tracking how long it takes to submit estimates has several advantages:

Improved SLA Compliance: Staying within the submission window boosts your SLA scores.

Increased Job Opportunities: Meeting deadlines consistently can lead to more job assignments from TPAs.

Enhanced Visual Management: Conditional formatting helps you visualize and manage your workflow efficiently.

Practical Tips for Using Xactanalysis Effectively

Leverage Automated Alerts

Set up automated alerts within Xactanalysis to notify you of approaching deadlines. This proactive approach ensures that no job falls through the cracks.

Regularly Review Metrics

Schedule regular reviews of your performance metrics to identify trends and areas for improvement. Consistent monitoring allows you to make data-driven decisions that enhance your efficiency and compliance.

Train Your Team

Ensure that your entire team understands the importance of meeting SLAs and how to use Xactanalysis effectively. Training sessions can improve overall performance and ensure that everyone is aligned with your goals.

Use Templates

Create templates for common types of estimates to speed up the submission process. Templates can reduce the time spent on each job and help maintain consistency in your estimates.

Understanding TPAs and Their Expectations

TPAs, or Third-Party Administrators, act as intermediaries between insurance carriers and restoration companies. They manage claims on behalf of insurers, and their primary goal is to ensure that claims are handled efficiently and cost-effectively. This means that TPAs are particularly focused on metrics and performance indicators that can demonstrate a restoration company’s ability to deliver timely and high-quality work.

Key Metrics Monitored by TPAs

To better understand how to improve your SLA scores, it’s important to know what specific metrics TPAs monitor. These typically include:

Response Time: How quickly you respond to an assignment.

Estimate Turnaround Time: The time taken to complete and submit an estimate.

Job Completion Time: The total time taken to complete the job from start to finish.

Customer Satisfaction Scores: Feedback and ratings from customers regarding the quality of work and service provided.

By focusing on these metrics and ensuring that you consistently meet or exceed the expectations, you can significantly improve your SLA scores and increase the likelihood of receiving more job assignments from TPAs.

Improving Communication and Building Relationships

In addition to meeting performance metrics, improving communication and building strong relationships with TPAs can also play a crucial role in securing more jobs. Here are some strategies to help you build better relationships with TPAs:

Be Proactive in Your Communication

Reach out to the TPA regularly to provide updates on the status of your assignments. This can help build trust and demonstrate that you are committed to delivering high-quality work.

Address Issues Promptly

If there are any issues or delays with a job, communicate them to the TPA as soon as possible. Providing timely and honest updates can help mitigate any potential negative impact on your SLA scores.

Seek Feedback and Act on It

Ask for feedback from the TPA on your performance and take the necessary steps to address any areas for improvement. Demonstrating a willingness to learn and improve can help strengthen your relationship with the TPA.

Practical Tips for Streamlining Your Workflow

To consistently meet SLA requirements and improve your performance metrics, it’s essential to have efficient processes in place. Here are some practical tips to help streamline your workflow:

Standardize Your Processes

Develop standardized processes for common tasks such as responding to assignments, completing estimates, and submitting documentation. This can help ensure consistency and reduce the time taken to complete each task.

Use Technology to Your Advantage

Leverage technology tools such as project management software, scheduling apps, and communication platforms to streamline your workflow and improve efficiency.

Train Your Team

Invest in training for your team to ensure that everyone understands the importance of meeting SLA requirements and is equipped with the skills and knowledge needed to perform their tasks effectively.

Leveraging Data for Continuous Improvement

To continuously improve your performance and SLA scores, it’s important to regularly review and analyze your data. Here are some tips for leveraging data to drive continuous improvement:

Monitor Key Metrics

Regularly monitor key performance metrics such as response time, estimate turnaround time, and job completion time. Use this data to identify trends and areas for improvement.

Conduct Root Cause Analysis

If you identify any performance issues, conduct a root cause analysis to determine the underlying factors contributing to the problem. This can help you develop targeted strategies to address the issue and prevent it from recurring.

Implement Process Improvements

Based on your data analysis and root cause analysis, implement process improvements to address any identified issues and enhance your overall performance.

Conclusion

By implementing the strategies and tips outlined in this guide, you can significantly improve your SLA scores and increase your job assignments from TPAs. From understanding the key metrics monitored by TPAs and improving communication to streamlining your workflow and leveraging data for continuous improvement, these strategies can help you thrive in the competitive restoration industry.

If you need further assistance or personalized advice, don’t hesitate to reach out to Matt Gregory at Apex Era Inc. We are committed to helping you succeed in the restoration industry.

Boost your restoration business by enhancing your TPA performance metrics with Xactanalysis today! Leverage the power of data and efficient tracking to stay ahead in the competitive restoration market. Let’s work together to turn your restoration company into a top performer with TPAs.

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