We posted previously about the value that dedicated bill review experts and advanced machine learning can bring to the bill review process. In this post, I’ll show exactly where that value comes from by explaining the LegalVIEW® BillAnalyzer Proof of Concept (POC), a customized report available at no charge to any corporate legal or claims defense organization considering the ELM Solutions’ BillAnalyzer service. This is a great way to understand the results you can realistically expect from BillAnalyzer because it is based on your department’s actual invoices and review history.
The POC begins when you provide a sample of your department’s recent e-billing data, usually one month’s worth, and the billing guidelines against which your law firms’ and service providers’ invoices are compared. This information provides a baseline understanding of how much value your current invoice review process is adding and enables ELM Solutions to demonstrate exactly how BillAnalyzer would manage your invoices.
ELM Solutions takes that information and utilizes it in a five-step process:
- Examination: Our team of expert billing analysts reviews the billing guidelines to understand exactly what you expect of outside counsel and other service providers.
- Segmentation: The team develops a template that separates the billing guideline provisions into logical groupings used by our advanced machine learning technology.
- Rules: Next, they create common rules that BillAnalyzer consistently applies to all invoices, ensuring standard, easily understood adjustment reasoning language.
Machine Learning: BillAnalyzer uses vast stores of invoice and matter information to intelligently rank line items according to the probability that they will require adjustment.
- Review: Finally, the team applies the billing guidelines via the templates and rules they have developed exactly as they would as part of a BillAnalyzer service engagement.
Within ten days, ELM Solutions delivers a report that provides an estimate of the savings BillAnalyzer would have secured on the included invoices, with every adjustment recorded. Our staff explains exactly how the BillAnalyzer process differs from your existing invoice review practices, answering any questions you may have. This includes describing how our analysts and appeals mediator work directly with your outside counsel during the appeals process, easing your organization’s relationship management burden.
The POC process has allowed ELM Solutions to demonstrate very significant opportunities for savings. Across all POCs executed to date, results show an average potential savings of 10.1% in adjustments on the submitted invoice totals. This is a significantly higher percentage than most in-house review processes can achieve. In some cases, BillAnalyzer analysts even found as much as 20% in potential adjustments. Because in-house reviewers tend to be busy with additional responsibilities and lack BillAnalyzer’s machine learning capabilities, the potential adjustments found across all POCs represents an average of 10.5 times more than adjustments taken as part of the clients’ current processes.
POCs also include a sample dashboard that provides insight into the reasons for the identified potential adjustments. In recent completed POC’s, the most common issue is a vague description of work performed, which makes it impossible for a reviewer to be certain that the charge is reasonable.
An analysis of billing guidelines is an ongoing part of the BillAnalyzer service. Because our analysts have an expert-level understanding of billing guidelines across industries, they are able to suggest billing guideline changes that help clients better meet their business goals. This starts during the POC when the team uses the information provided to begin this analysis, laying the foundation for further improvements to client results over time.
The POC process is a reliable method for determining the level of ROI each particular company could expect after implementing ELM Solution’s LegalVIEW BillAnalyzer solution. It provides factual, easily understood information that can help you build a business case for senior management on exactly how you can improve legal operations while saving money. What more proof could there be?
Click here to learn how LegalVIEW BillAnalyzer can help your organization run more efficiently while improving outside counsel relationships and better managing legal costs.