Wolters Kluwer’s ELM Solutions, has launched LegalVIEW BillAnalyzer to help corporate legal departments and insurance claims organizations to more efficiently manage their incoming legal invoices and improve cost management. The LegalVIEW BillAnalyzer service manages the entire invoicing review process through a combination of advanced technology, machine learning and expertise to ensure outside firm compliance with billing guidelines, while offering clients an average cost savings of 6 to 9 percent in legal fees, the company claims.
The LegalVIEW BillAnalyzer offering provides “consistency and accuracy across all invoices plus continuous improvement through the use of supervised machine learning and natural language processing.” LegalVIEW BillAnalyzer effectively codifies hundreds of pages of legal service agreements and analyzes millions of lines of invoices, looking for hidden patterns to flag potential violations, the company explains. With machine learning, self-learning models are built and regularly improved and enhanced using a combination of input from ELM Solutions’ proprietary LegalVIEW® database, the client’s billing history and guidelines and input from a team of expert bill reviewers.
The new offering also provides “detailed, expert driven invoice review for billing guideline compliance and reduced complexity.” Experienced, highly trained legal professionals based in the U.S. perform reviews of invoices down to the line-item to pinpoint adjustments and compliance issues, and if necessary, rectify disputes via the appeals process, Wolters Kluwer adds.
Other functionality includes cost management, as invoices are benchmarked against the LegalVIEW® database of more than $82 billion in legal spend, providing visibility to rate and resource planning opportunities. LegalVIEW BillAnalyzer utilizes this database to provide analytics, dashboards and insights.