As corporate legal and claims departments look to improve efficiencies, the bill review process is likely one of the first places they’ll tackle. Because, while bill review is obviously essential, it also has a tendency to be time-consuming, error-prone, and inefficient. It’s a cost-driver, not a revenue-driver.
Artificial intelligence (AI) is here to help. With AI and its adjunct technologies—machine learning and natural language processing—corporate legal and insurance claims teams can significantly improve the efficiency and accuracy of their bill review processes.
AI: Vitally important for efficiency
Indeed, AI is quickly becoming vitally important to cost-conscious law departments. According to a LawGeex study, 71% of law departments say that they are closely looking at AI to help them increase productivity without increasing headcount.
As AI adoption increases, corporate attorneys and insurance claims professionals will undoubtedly have questions about how AI can impact efficiencies throughout their organizations—including in the billing process. For them, we have developed a new whitepaper: Artificial Intelligence in Legal Bill Review.
In this paper, we delve deep into how organizations can use AI to improve legal bill review processes and deliver exceptional ROI. We specifically outline how AI can help address several core challenges that our customers face every day, including:
- Ensuring and improving billing guideline compliance
- Driving operational efficiencies
- Managing costs
- Handling invoice appeals
We also discuss the benefits that AI brings to the legal table, including the ability to develop stronger relationships with law firm partners and much more.
The human aspect
But AI is just part of the equation. While AI can sort through information, assess data, identify areas of non-compliance and other billing errors, and make actionable recommendations, it becomes significantly more effective when paired with human knowledge and expertise. Software can help save time and discover things that claims managers and attorneys might not see, yet at the end of the day, it’s up to people to make billing adjustments.
In fact, AI isn’t “coming for your job,” it’s “coming to make your job better.” For managers and attorneys, it alleviates the burden of having to manage invoice review, line-by-line, and gives them hours back in their days. They can use those hours to focus on providing more strategic value to their organizations.;
Artificial Intelligence in Legal Bill Review also addresses the importance of human expert review in legal invoicing. The AI can analyze millions of invoices at a very high rate, but it’s human experts who make the final decisions based on the information at hand. Their findings can then be fed back into the system, effectively making it “smarter” and increasing the accuracy of future bill review processes.
AI in legal bill review is here today
AI is no longer science fiction or a gleam in a scientist’s eye. It’s here today and is a key part of our LegalVIEW® BillAnalyzer solution. LegalVIEW BillAnalyzer uses AI to scan and process invoices in seconds, and a panel of human experts to identify non-compliance and other potential issues. On average, companies using LegalVIEW BillAnalyzer have experienced up to 10% savings in costs associated with legal bill review.
Want to learn more about AI and legal bill review? Check our blog frequently for posts on AI, machine learning, predictive analytics, and more. And be sure to download our Artificial Intelligence in Legal Bill Review whitepaper today.