Legal Bill Review: AI & Software Can Save 6-11% on Your Legal Invoices
What is legal bill review?
Legal bill review
(LBR) is the process of analyzing legal bills and invoices to ensure there are no billing errors present. In simple terms, legal bill review ensures companies aren't overpaying for legal services, and that all billing is compliant with guidelines agreed to by both parties and general best practices.
Why is Outsourced Legal Bill Review Important?
LBR can be closely coupled with claims management software by outsourcing to empower manual review with technology backing.
There are a variety of best practices for legal bill review
, from ensuring the appropriate title of legal professional is working on a given task to ensuring only appropriate travel time is included in a bill to clients.
This may not sound like an exciting topic, but it is important.
As just one example, LSG's Legal Bill Review
and claims management software saved a large insurance company $487 million over the last four years, or ~$122 million per year, in legal expenses.
$487 million over four years, or ~$122 million per year, in cost savings by utilizing LSG's outsourced legal bill review and claims management software - 1 insurance/TPA client.
How do Legal Bill Review Experts Create Legal Invoice Savings?
LSG utilizes a best-in-class team of legal bill review experts combined with an insurance claims processing software to spot billing errors, and areas where clients are being overcharged.
Our last client saw savings of 12%, which consisted of 8% of in-house guidelines, plus a 4% alpha generated by LSG's proprietary billing guidelines that follow global best practices.
We focus on applying the best practices of SaaS to legal bill review and claims management, industries that are overdue disruption. More importantly, we don't just say we are a partner, we also act accordingly. For example, we're the only flat cost, per invoice legal bill review and claims management provider, and it's a big part of how we've thrived as one of the only private, and non-private equity-backed, companies - Gary Markham, Chairman & Founder, LSG
In this software, we utilize machine learning (a form of artificial intelligence) to help spot areas of an invoice that are not compliant with billing guidelines, based on a large proprietary invoice database we've gathered over the past 15 years.
If you'd like to learn more about the difference between artificial intelligence and machine learning as it applies to cost containment, check out our sister companies article on the topic here
Every invoice is checked by our team of attorney and technology experts, who verify the software's findings. If a verification occurs, the invoice (or line item) is added to our database, and incorporated into future decisions by the software to approve/deny invoice line items and invoices.
How can companies find out more?
We are at capacity for Q1 2020 clients, but those interested in learning about legal bill review and claims management can find LSG thought leadership here
Those interested in cost containment strategies utilizing technology can also apply to our LinkedIn group here
If you're interested in featuring in LSG thought leadership, or you'd like to inquire about our legal bill review or claims management services, you can reach out to me personally at firstname.lastname@example.org, and we can explore whether there's a potential fit between our organizations.
Subscribe to get your daily round-up of top tech stories!