New Service Combines Technology, Expertise, and Machine Learning
Wolters Kluwer’s ELM Solutions, the global market leader in transformational, technology-based solutions for legal management, today launches LegalVIEW® BillAnalyzer to help corporate legal departments and insurance claims organizations of all sizes 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 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 codifies hundreds of pages of legal service agreements and analyzes millions of lines of invoices, looking for hidden patterns to flag potential violations. 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.
- 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.
- Cost management, as invoices are benchmarked against the LegalVIEW® database of over $82 billion in legal spend, providing visibility to rate and resource planning opportunities. LegalVIEW BillAnalyzer utilizes this database to provide analytics, dashboards and insights.
- Integration with the industry’s best-in-class e-billing platforms including TyMetrix® 360°, Passport® and Passport® Pro. Legal bill review is also available to legal departments utilizing other e-billing platforms.
- Outside counsel relationship management. Our attorneys will work directly with outside counsel to manage the negotiation and billing appeals process. Our team will onboard, educate and advise the outside counsel of best practices to ensure compliance.
“This newest customer driven offering is a natural extension of our best in class Passport and TyMetrix 360º platforms and further demonstrates how we collaborate and innovate with our clients to create solutions to solve their challenges, while saving them time and money. Our consultative approach and expertise with clients regarding best-in-class billing processes make LegalVIEW BillAnalyzer a logical next step for our business,” noted Glenn Paredes, executive vice president and general manager, ELM Solutions. “With more than 85,000 law firm connections using our solutions today, we are uniquely positioned to help corporate legal departments better manage and have meaningful conversations with their law firms. LegalVIEW BillAnalyzer fundamentally streamlines and improves the billing and appeals process in order to accelerate timely payment for law firms.”
It is not unusual for large corporate legal and insurance claims departments to process millions of dollars in legal expenses each month. Because these departments may have hundreds of firms to manage, often the quality of invoicing is inconsistent and may be non-compliant with agreed-upon guidelines, resulting in significant additional expense for the legal department. Further, the need to review and appeal thousands of monthly invoice line items can be a burden on in-house staff resources.
Ranked as one of the world’s largest legal service organizations with over 180 years of legal expertise, Wolters Kluwer’s ELM Solutions leverages a deep understanding of customer needs to transform the Enterprise Legal Management experience and help corporate legal departments and insurance claims organizations make better business decisions. More information about LegalVIEW BillAnalyzer, Passport, Passport Pro, TyMetrix 360º, and related offerings is available at the ELM Solutions website.
Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer which provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments. The division’s prominent brands include: AuthenticWeb™, Bankers Systems®, BizFilings®, Capital Changes, CASH Suite™, CT Corporation, CT Lien Solutions, ComplianceOne®, Corsearch, Expere®, GainsKeeper®, LegalVIEW®, OneSumX®, Passport®, TyMetrix® 360º, Uniform Forms™, VMP® Mortgage Solutions and Wiz®.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.