470. The 2 KPIs That Prove You're Not a Mill — and the Medical Strategy Hitting 60%+ Policy Limits | Thaddeus Wendt, Feller & Wendt

You're scaling up.

You're over 100 staff members.

And you mentioned it.

You're like, hey, I'm piling head on right where the competition is.

And I love that.

We're right where the money's flooding in, Arizona.

You got Utah that they just had their ABS.

I think it was like a sandbox.

Are you thinking more like compete on the B2C or, hey, let's be the ones that can collect and litigate because we've got so many marketers coming around there? Or is it basically just build a great business and lead on both ends?

And it's all of that.

I'd say, though, the last is probably the most primate, you know, the primacy for us as far as what we're looking at.

It's the primary focus.

We were really intentional about, look, we want to grow.

We've been a midsize firm intentionally, strategically for a long time.

Because we didn't want to be the big mill.

And again, no offense to the big mills.

I think they have their place and their need.

But we've never wanted to be that.

And so we even decided as a group, we're going to scale up.

But how do we do it and make sure that we're not just burning and churning cases? Because we've got to feed the marketing beast.

And our marketing base is crazy.

We just approved a 1.68 million marketing budget for quarter two.

Well, we did that a couple of weeks ago in our quarterly, but we did a couple of things.

We identified two KPIs that really keep us from, as long as we can maintain our goals on those and targets, we don't think we're a mill.

The first one is what percentage of cases do we settle for policy limits? And our target is above 60%, which we have, there's been one quarter since we've started where we were under and we were at like 57%, but we've stay 60 or higher.

You're scaling up.

You're over 100 staff members.

And you mentioned it.

You're like, hey, I'm piling head on right where the competition is.

And I love that.

We're right where the money's flooding in, Arizona.

You got Utah that they just had their ABS.

I think it was like a sandbox.

Are you thinking more like compete on the B2C or, hey, let's be the ones that can collect and litigate because we've got so many marketers coming around there? Or is it basically just build a great business and lead on both ends?

And it's all of that.

I'd say, though, the last is probably the most primate, you know, the primacy for us as far as what we're looking at.

It's the primary focus.

We were really intentional about, look, we want to grow.

We've been a midsize firm intentionally, strategically for a long time.

Because we didn't want to be the big mill.

And again, no offense to the big mills.

I think they have their place and their need.

But we've never wanted to be that.

And so we even decided as a group, we're going to scale up.

But how do we do it and make sure that we're not just burning and churning cases? Because we've got to feed the marketing beast.

And our marketing base is crazy.

We just approved a 1.68 million marketing budget for quarter two.

Well, we did that a couple of weeks ago in our quarterly, but we did a couple of things.

We identified two KPIs that really keep us from, as long as we can maintain our goals on those and targets, we don't think we're a mill.

The first one is what percentage of cases do we settle for policy limits? And our target is above 60%, which we have, there's been one quarter since we've started where we were under and we were at like 57%, but we've stay 60 or higher.