Wolter Kluwer’s ELM Solutions team members Troy Stark, Alyza Tarmohamed, and Jeffrey Solomon were joined by Jennifer Carsley from International Paper to talk about how LegalVIEW® BillAnalyzer helps improve bill review and law firm relationships. They also focused on the change management steps that can ensure a smooth transition into using the service.
The team began by talking about the results that clients using BillAnalyzer have seen. Because the spend under review in BillAnalyzer has grown exponentially since it was launched in 2018, there is a lot of data available to demonstrate the results that companies can expect. Typically, when a legal or claims department begins using BillAnalyzer, they gain additional cost savings of up to 10%, and billing guideline compliance improvements of up to 20%, over traditional bill review.
International Paper’s legal department decided to implement BillAnalyzer because they were asked to save money. Jennifer said that since attorneys were conducting bill review, the process was expensive. This made bill review a strong candidate for process changes that could generate the savings they were looking for.
Combining Technology and Expertise
BillAnalyzer's great outcomes are made possible by its unique combination of innovative artificial intelligence (AI) technology and expert bill review specialists. BillAnalyzer uses an AI engine and machine learning algorithms that leverage client data along with the LegalVIEW database that houses over $130 billion in invoice data. After the AI engine flags the line items most likely to need adjustment, experienced invoice reviewers focus on those areas when conducting bill review. Their results are then fed back into the AI to further improve its results. It’s a virtuous cycle in which expert review increases AI accuracy and the improved AI increases bill review performance.
The Wolters Kluwer leaders and analysts responsible for conducting BillAnalyzer reviews make a formidable team. The bill review leadership team has an average of over 19 years of legal experience and 155 combined years of experience, with expertise in banking, IP, M&A, regulatory compliance, and many other areas. There are 60 dedicated professional reviewers on the team with an average of 13 years of legal experience. Many are attorneys and paralegals, and all have undergone 200 hours of BillAnalyzer training.
Meanwhile, the data science team that developed and maintains the AI engine are experts in modeling and statistics, big data analysis, and operational analytics, as well as the AI and machine learning technology that are at the heart of BillAnalyzer. They have an average of 16 years of STEM-focused education at institutions including Princeton, Northwestern, and NYU. Like their bill review counterparts, this team also have broad industry expertise in financial services, business services, health care, and manufacturing.
Success through Exceptional Change Management
When implementing a program like BillAnalyzer, change management is critical to success. The presenters explained that’s why the BillAnalyzer team leads every client through best practice processes that include communication support and pre- and post-go-live training. The key is to make sure the transition is smooth and simple for client teams as well as their law firms.
Law firms are a very important part of that change management approach. There is a myth among some who do not conduct strict invoice reviews that doing so can harm firm relationships. Jennifer mentioned that International Paper attorneys had this concern. However, as the presenters made clear, the focus that BillAnalyzer puts on enforcement of guidelines can actually improve these relationships. It helps firms understand client billing guidelines and, over time, results in law firms better understanding and managing to expectations around billing.
Between the client-side communication, onboarding, and training, and the law firm education and support, BillAnalyzer implementations allow everyone involved to smoothly transition to a bill review model that fosters collaboration and delivers results. Over time, as client needs evolve, the ELM Solutions team team flexibly adapts and proactively prepares both client and law firm staff for any changes.
The exceptional expertise and experience of the BillAnalyzer team, combined with advanced AI technology that improves over time, drive better business outcomes than traditional bill review is capable of. Click to learn more about how it works and the savings your organization could realize.