Subrogation Outsourcing
Companies that outsource subrogation efforts, either in part or complete, begin to realize solutions to immediate problems, such as too much fixed overhead. We provide the services that unearths hidden revenue streams and other results to form the basis of a plan to resolve those issues and push the company forward. By outsourcing with Praxis, you enable the company to redirect energy and resources into the core business, while receiving other benefits such as:
  • Savings on headcount and training costs.
  • Feedback to help improve frontline claim operation.
  • Preservation of evidence and collection of police reports.
  • Near-immediate reduction in fixed costs by converting fixed expenses to a variable cost structure.
  • Transfer ULAE from expense cost to loss cost.
Closed File Review
Companies looking to increase net income turn to Praxis to uncover overlooked or hidden subrogation potential, and retrieve these assets from closed files. We have built a reputation based on the ability to find and recover these assets, therefore increasing the company’s profitability, through our “Subro Closed File Review.” Adjusters have many responsibilities during the claims cycle — from determining coverage to calculating damages — and subrogation can often take a backseat to these important functions. Also, when carriers don’t establish subrogation objectives for their claims adjusters, the adjusters will, understandably, tend to focus on more heavily-weighted objectives. Instead, let our claims department handle it and see success on both fronts.
Subrogation Funding
Realize income on otherwise unrealizable assets. Many companies fall behind on achieving internal claims recovery goals, and Praxis is here to help. By selling blocks of subrogation claims to us, companies can receive payment, providing revenue where once there was none. Purchase prices are negotiated against the immediate cash that can be generated, giving you the ability to increase net income, provide cash flow flexibility and have more money up front when you need it. This process typically takes less than thirty days to facilitate. Plus, you avoid the costs of administration responsibilities and expenses, offering even greater value. Whether it's property, workers' compensation, collision damage, no-fault or all of the above, Praxis Subrogation Funding will acquire your existing, pending and future subrogation and add dollars to your balance sheet.
Arbitration
Praxis is able to generate millions of dollars each year through arbitration management. We have the experience — over 6,000 arbitration claims initiated and millions of dollars collected — and we know when to file and what the process requires to be successful. Companies lose millions of dollars each year in collectable subrogation potential simply because they don't use arbitration correctly. Arbitration is a highly-specialized skill, and one that offers the opportunity for significant recoveries on disputed claims, as well as prevent payout on third-party counter claims. Because the number of arbitrations to file, or respond to, can fluctuate, outsourcing converts the fixed cost of internal staff to a variable cost.