LegalVIEW® BillAnalyzer for Insurance Claims Defense
Claims executives continue to increase their scrutiny of litigation practices to tightly manage loss adjustment expense ratios. Legal invoice review is a vital component of legal cost control and predictability, as it uncovers non-compliance with billing guidelines and exposes cost “leaks.”
To safeguard the management of your legal spend, LegalVIEW BillAnalyzer uses a combination of sophisticated machine learning to analyze millions of line items and look for hidden patterns, an expansive database to benchmark invoices against, and a team of experienced legal professionals to perform reviews and handle the appeals process. As a result, there is reduced burden on in-house staff, improved collaboration with outside counsel, and an average cost savings of up to 10% of legal spend.
Unlike most services that only review and adjust invoice line items, Wolters Kluwer’s ELM Solutions LegalVIEW BillAnalyzer provides valuable metrics that clearly illustrate:
- Firm or timekeeper-specific billing practices.
- Guideline violations and their related cost.
- Adjustments to non-compliant invoice line items.
- Compliance results segmented by the results you want to see (e.g., matter type, timekeeper role, specific timekeeper, claims manager, etc.)
- Up to 20% compliance improvement over time.
- Firm and timekeeper non-compliance and compliance rankings.
Elements of LegalVIEW BillAnalyzer:
- Spend and matter management platform (e-billing): Start with a solid foundation to provide visibility, alerts, and tracking of work by outside counsel. This allows for transparency and helps streamline the review and approval process to ensure timely and accurate payment for the work performed.
- Rules engine: Underlying component of spend management platform where billing guidelines are implemented for automated review.
- Expert billing analysis: A repeatable process by experienced legal professionals that allows for detailed review of each line item to pinpoint potential adjustments and compliance issues, and if necessary, rectify appeals process.
- Business Intelligence capabilities: Best-in-class business intelligence tools and analytics, such as dashboards for law firm activities, help clients better examine their matter and spend data to manage their claims department or litigation program.
- Machine learning: An analytical application developed using big data mining techniques and technology plus information garnered through our expert reviewers that can identify and bring to the forefront complicated compliance issues
LegalVIEW BillAnalyzer combines technology and expert legal analysis to drive client value.
- Drives law firm compliance and consistency with well-defined billing guidelines.
- Improves relationship and collaboration with outside counsel by removing the friction that comes from focusing on billing issues.
- Frees up claims professionals to focus on litigated claims and high-value work.
- Provides cost management on legal bill spend with the ability to bring law firm and lawyer compliance issues to • the forefront faster.
- Delivers law firm performance metrics and reporting for actionable insights.
- Refines guidelines through a consultative approach, fostering communication to shorten the life of claims and reduce allocated expenses.