With over $500 million dollars in claims processed for restoration contractors since OCS’ inception and a current rate of 15,000+ claims a year, we’re uniquely qualified to talk about trends we’re seeing across the industry when it comes to claims billing. Let’s go over a few that we highlighted in our recent C&R Lunch ‘N Learn webinar on Oct. 24th on How Restoration Contractors Can Get Paid Faster and More Fairly.
Data highlights:
- Contractor job volumes are down ~20% in 2024
- Program vendors have the most challenging pricing dynamics, with average invoice amounts considerably higher for independent contractors
- Settlement rates obviously vary by carrier, but a trend on lower settlement rates for invoices that include custom pricing and O&P is continuing – though it’s important to note that settlement amounts on custom invoices are higher
- Industry surveys indicate the average days to pay is ~50 days, though data we’ve collected indicate it may be slightly longer
If you want to get more in-depth on these trends, and also get best practices and advice on your people, processes, and systems for claims billing, you can watch the C&R webinar here and check out the great content on the Resources page of our website at oneclaimsolution.com.
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