If you’ve searched around our website, have an insurance claim, or most likely both, you’ve stumbled upon the term “subrogation.” While it’s popped up several times, you may not understand it quite yet. Here’s a quick lesson on what subrogation is, how it can help you recover expenses, and why Vengroff Williams is the best choice in helping you do so.
What you need to know beforehand
Before we dive in, it’s essential to keep in mind that while subrogation happens across all types of insurance and situations. In this case, Vengroff Williams works with health insurance subrogation. So with that in mind, let’s take a closer look at what that is.
People often get hurt or sick due to something entirely out of their control, and sometimes those illnesses and injuries can be caused by a third party. When this does happen, the injured or ill person’s health insurance will pay for the medical bills, understanding that if the third party has to pay the same accounts, their health insurance will be reimbursed.
This can happen by the health insurance company pursuing reimbursement directly from the third party or refund to the patient’s health plan if the patient receives funds from the third-party payer.
So what is subrogation?
Health insurance subrogation is a process that allows insurance plans to move the liability associated with healthcare expenses to the third party, allowing their patients to maintain their health insurance plan’s premium levels.
Surprisingly, healthcare subrogation is pretty underutilized. However, when used, the expenses you recover go back toward your plan to cover future medical costs and are amounts that won’t need to be collected from plan members in the future.
When people utilize subrogation, the reported expense recoveries for many insurance carriers and third-party administrators average between $3 and $5 per plan member per year. Subrogation specialists report recoveries of about $15 per member per year. However, we do things a little differently than the other guys.
Why you should choose Vengroff Williams
We firmly believe excellence goes far beyond a dollar value alone. Our services are backed by empathy, the latest technology, continuity, and advocacy.
We never lose sight that a subrogation claim is about a person who has been affected by the incident. One of your employees, or a dependent, has experienced a trauma. They need to be met with kindness and patience, which we are more than ready and prepared to do.
We are continually utilizing the latest data analytics and modern technology, which allows us to considerately pair our industry experts with the powerful resources they need to help those who come to us. This means you see maximum results with us every time.
Continuity is another big part of subrogation claims. It is not uncommon for some claims to remain active for years before settling. Sticking with you over the long haul means we’re there to help you every step of the way. It also ensures your organization is positioned to benefit.
We’re advocating for you. That’s why we make sure to have the best people in the industry. Vengroff Williams employs a skilled staff of attorneys and paralegals who are experienced in managing every health plan subrogation stage.
So, if you’re ready to work with us or learn more about how you can benefit from subrogation, reach out! You can give us a call at 1-844-588-8079 or shoot us an email at email@example.com.