Does your business struggle to itemize and compile financial figures resulting from outstanding, unreported, and unpaid medical or prescription drug claims? Watkins Ross specializes in calculating Incurred But Not Reported, or IBNR, reserves and liability. Our IBNR calculation strategies include claim triangle or lag methodology, detailed and transparent views into historical payment patterns, and consideration of IBNR-impacting factors like plan updates, provider network changes, and external factors such as extreme weather and workplace shutdowns. IBNR calculations play a vital role in determining the financial health of your employer-sponsored health plans and IBNR end-of-year reports reveal outstanding accounts receivable liabilities. Interested in learning more information about IBNR calculations and reporting requirements? Visit our Watkins Ross IBNR blog articles to learn more about IBNR reserves and how the proper calculations can reduce your liabilities and provide vital insight into the health and wellness of your health plans. Ready to partner with a professional to complete your IBNR calculations? Reach out to the experienced Watkins Ross actuarial team here.
Discover the inherent weakness of using the completion factor approach to calculate IBNR reserves in healthcare finance and how to avoid costly mistakes.