Worker’s Compensation Premium Recovery
Over 70% of companies are overpaying their workers’ compensation insurance premiums. Our review is provided on a contingency fee basis so if we can’t find savings there is no cost to the client. We go back 5-7 years and look for overpayments. We do not sell P & C we go in the past and recover overpaid workers comp premiums. It’s a win-win for both you and your client as you are paid on a percentage of the recovered dollars.
Workers’ compensation premiums are a significant company expense. In fact workers comp is often the third most expensive line item in a company’s P & L. Our Work Comp Premium Audit program evaluates up to the last seven years of a company’s policies and premium calculations to determine if the correct amount of premiums had been charged.
Our audit team has over fifty years of combined experience in workers’ compensation premium matters. The system that determines these premiums is extremely complicated involving many components and entities including rating bureaus, insurance company underwriters and insurance agents. When it comes to establishing appropriate classifications with hundreds of unique business classifications, there is a significant opportunity for a lower rated classification to be applied as they are constantly changing, open to interpretation and are typically determined by insurance company underwriters and rating bureaus. All aspects of the client’s workers’ comp premiums are reviewed including:
- experience ratings (ex-mods)
- payroll audits
- applicable discounts
Many of our recoveries are a result of improperly calculated experience ratings and/or the erroneous application of experience ratings.
Most companies do not realize that the workers’ compensation insurance company’s payroll auditor that performs the annual audit is not there to determine if your client has been overcharged (that auditor is either an employee or contractor of the insurance company to conduct the audit).
Our professional auditors are familiar with individual states insurance statutes along with rating bureau rules and regulations that affect how workers’ compensation premiums are computed.
Upon completion of our analysis, a written report is provided to the client documenting the overcharges, including supporting documentation needed to recover the overcharges. We will even do the collections as we do all the services.
Waste disposal is necessary. Everyone needs it and just about every business in America has a waste bill. Approximately 80% of companies overpay in their waste expenses. Our Waste Management Audit Service lowers monthly expenses for solid waste, medical waste, and recycling disposables by finding errors, overcharges and other cost reduction opportunities without switching their current vendor.We simply evaluate the client’s invoices, service agreements, equipment, current service levels, and pricing structure. We have a team of experts in this field with many years of experience. This program yields high savings for your client. We believe that it’s important to keep long-term relationships with clients; instead of evaluating their expense once, we continually evaluate and monitor their expenses for three years, providing you residual income throughout the term.
Wireless (cell phone) Audits
These have significant demand given the extensive business use of smartphones and tablets on cellular networks. Invoices from wireless companies often include overcharges and unnecessary fees. When is the last time you looked at your cell phone bill and understood the fees and various charges? Most companies do not have the time or detailed wireless knowledge necessary to correct them and therefore simply pay the presented bill.
Our Wireless Audit Program reduces the client’s wireless bills for 24 months and we do not switch carriers. The review addresses errors, overages, and other fees to optimize the client’s account with their existing carrier. This program pays a residual to the advisor monthly.
Credit Card Processing Audits
We do NOT switch merchant providers like everyone else. We keep the client with their current processor. Merchant Account Audits is one of our very popular services because almost every company has a merchant account. Why? Because business owners are not aware that there are over a 1000 different fees that make up their interchange rates. We audit’s a clients bill and like the other expense reduction services we only bill on savings and monitor their waste bill every month in moving forward. Businesses acknowledge that processing credit cards is a substantial monthly expense. Business owners are solicited daily with telephone calls by sales agents trying to switch and save their merchant services processor with the promise of lower costs. Most businesses have tried switching their processor for lower fees only to find that within six months they are back paying at the same level they were with the previous carrier.
The merchant processing industry is intentionally complex. Businesses are presented confusing monthly statements. There are literally a thousand different fees that make up interchange rates, no company an be on top of a thousand different fees. Which includes various and ever-changing payment processing fees, discount rates, transaction fees, and surcharges to name a few. Without an informed and unbiased insight, a business can easily fall victim to unfair pricing and pay larger than necessary fees to process credit card payments.
We act as a third party auditing agency that reviews and audits the business’ merchant account, and lowers their credit card processing costs by eliminating overcharges. We analyze the business’ account, and then working with the merchant services provider we lower the processing fees. To insure the business’ fees do not rise we carefully monitor their account every month for three years and constantly recover any overcharges. After providing merchant statements, your client will receive a professional 11 point audit report within three business days outlining exactly where we will reduce their fees and in addition, your client will receive a report every month automatically.
Our credit card audit and subsequent payment optimization solutions, on average, save businesses over 21% on processing fees.
This program has nearly 100% success rate in identifying savings, if we find no savings, there is no fee.
Advisors earn a residual monthly income for at least three years with this program.
Parcel Shipping Audits
Most companies are unaware that they are often overcharged for shipping services. Companies receive their monthly bill consisting of hundreds of pages of shipping invoices and have difficulty attempting to review for errors. Our Parcel Audit Program audits a company’s parcel costs via their primary carriers; usually FedEx and UPS.
Objective decisions require objective data, and with our solution, that’s where it all starts. We connect our trusted and proven cloud-based software to your client’s parcel accounts in minutes, importing their electronic invoices from your client’s carrier and extracting critical data to help identify savings opportunities. With this data in hand, you’re clients are able to make objective decisions about their parcel shipping costs—and we’re able to request refunds to recoup those costs.
The process is quick, simple, and requires no work on your clients part—and since your client is only billed based on a percentage of refunds secured, it’s no risk to your client. Your client has access to your online carrier account, we’re able to easily and quickly connect our proprietary software, automatically importing invoices and identifying possible refunds based on a multi-point audit including late deliveries, invalid surcharges, incorrect dimensional and weight charges, and more.
Recouping parcel costs isn’t about placing blame—it’s about holding parcel carriers accountable to their promises. And that’s how Data helps your client. Our process is so simple that we’ll be auditing your client’s invoices by end of day.
In addition to the savings generated by the refunds, clients save, on average, 11% of their annual FedEx/UPS spend through our optimization without switching or changing a thing.
We find clients monthly savings, and you get paid monthly for the life of the client. This program is a month-to-month engagement however it is so highly effective that it has over a 90% client retention rate.
Unclaimed Property Recovery
Unclaimed Property assets are abandoned funds or dormant accounts that were with financial institutions or companies but belonged to another company that they once did business with. When there has been no correspondence or business dealings with the rightful property owner for more than two years, by law, the holder of the asset will escheat it to a federal, state or local agency. There is over $58 BILLION being held by agencies across the US, and we have a team that not only specializes in researching where their money is located, but claiming it and getting it back to our clients. We work on a contingency basis, and once a client is onboarded via a fee agreement and some authority documentation, our team handles the entire process. The only time or effort needed from the client is to cash the checks or watch their bank accounts grow when we ACH or wire the money!