Our vendors are submitting invoices before services are complete. We need a way to mitigate fraud by validating assignments are completed before processing invoices.
VIP Software™ has built-in triggers that only allow one invoice per assignment, generating an invoice only when the assignment is completed. Fraud by vendors is eliminated allowing carriers to operate within compliance standards.
“The system only allows our vendors to create an invoice once the assignment has been completed in Symbility. Now we pay our invoices with confidence knowing the assignment has been completed and is not a duplicate. VIP gave us control and confidence back in our processing system.”
We need a solution for data exchange. When our IA Firms use 1099 employees who have public email accounts it doesn’t allow us to secure insured’s private information from correspondence.
VIP Software™ offers compliance security by maintaining control of the policy holder data exchange between the carrier and the vendor in a secure environment.
“All claims invoicing correspondence now goes through VIP’s software which is secure, and we no longer worry about data breach on public servers like Gmail or Microsoft. It also means if a 1099 employee leaves, we do not have to worry about our insured’s sensitive information being in their email for later access. With VIP we meet compliance requirements.”
Previously we had to manually review every invoice to audit against fee schedules. Ultimately, many of those invoices were paid without being audited because of time and staff restraints. Realizing the cost of paying invoices without auditing and the possibility of compliance with our reinsurer, we needed to find a solution.
VIP Software™ manages all fee schedules and contracts in a single platform, automatically applying the appropriate vendor agreement to the corresponding claim/invoice.
“Now, I only have to look at ones (invoices) flagged with exceptions, which allows me to process thousands in less than 60 minutes.”
When Covid hit we had 1,000s of checks sitting on a printer in a payment processing center and vendors upset because they were waiting for payments.
VIP Software™ consolidates multiple payments into one check, automatically allocating one check payment to multiple claims for multiple vendors. Payments are formatted to prepare them for STP (Straight Through Processing) making it easy to transition to ACH payments.
“With VIP, our payments are processed easily and via ACH, this reduced our payment time tremendously and our vendors are much happier with the speed of our processing. It also means no matter what our new normal looks like, we are prepared to be remote or in the office.”
Our data sources were siloed leaving a lack of transparency around our vendor’s performance. We needed to be able to see how each vendor was performing to make good decisions.
VIP Software™ is a centralized platform that captures all data elements about vendor performance, KPIs, and SLAs, meaning better insight for our clients.
"Through VIP Analytics we have been able to standardize vendor pricing and reduce our vendor agreements by more than 4%!”