SOURCE: Wolters Kluwer Corporate Legal Services

Wolters Kluwer Corporate Legal Services

August 14, 2014 07:00 ET

TyMetrix 360 Enhanced to Meet Growing Needs of Insurance Claims Industry

Optimized Control of Billing Processes and Strategic Panel Management Capabilities Deliver Better Cost Controls and Greater Operational Efficiencies

HARTFORD, CT--(Marketwired - Aug 14, 2014) - Datacert|TyMetrix, the global leader in Enterprise Legal Management, announced today a significant number of enhancements to TyMetrix® 360°, which are designed to provide insurance claims departments and third-party administrators (TPAs) with greater control and enforcement of consistent, repeatable processes for handling claims, including strategic panel management capabilities.

The insurance claims industry continues to face challenges mitigating risk, controlling costs, and streamlining efficiencies, while still delivering quality customer experiences. These new enhancements will help to address these challenges by providing the technology needed to increase claims handler productivity, ensure compliance with internal policies, and create a more data-driven process around the selection and assignment of outside counsel.

"As pressures mount on insurance claims departments to deliver exceptional operational and business performance, the need for better cost control and improved budget predictability is taking a front seat and technology is playing an increasingly important and strategic role," said Jim Tallman, executive vice president and general manager of Datacert|TyMetrix. "With these enhancements, we are proud to say that TyMetrix 360° is meeting the sophisticated needs of the insurance industry and delivering the technology and innovation to help clients improve business performance on multiple dimensions."

Key enhancements to TyMetrix 360° include:

  • Smarter Panel Management: Clients can now leverage advanced panel management capabilities to ensure that the right claims are being assigned to the right firms based on their organization's specific litigation management guidelines. TyMetrix 360° provides an automated panel assignment engine that tracks, manages, and drives claims to the appropriate, pre-approved panel counsel, helping claims departments to eliminate panel assignment errors and reduce legal costs.
  • Third-Party Bill Review: New, streamlined bill review routing ensures that claims are handled quickly and efficiently from start to finish. With third-party bill review an outside bill review service provider takes a closer look at all invoices before they ever reach busy claims handlers. This enables accurate, reliable, and consistent processes for invoice review while freeing up claims handlers' time to focus on high-value work such as case management and matter resolution.
  • Fast-Pay Discounts: Many claims departments negotiate discounts with external legal providers should they pay invoices in a timely manner. This "fast-pay discount" can represent significant savings, but it is not always easy to manage this process. Claims departments can now easily identify claims that are subject to fast-pay discounting and track the time remaining before the discount expires. This also benefits law firms by allowing them to achieve faster payment and improved cash flow.
  • Budget Control and Predictability: Diligent budget management and forecasting is a key component to improving claims litigation efficiency. TyMetrix 360° now includes controls to monitor budgets at the phase level or down to the level of specific litigation activities to ensure that each is being billed as expected. Tracking actual spend at a more granular level better enables real-time insights into potential budget overruns. As budgets erode for a given claim, the system will send automated alerts to trigger a strategy review and re-setting of the budget if necessary. This proactive approach allows for better cost predictability and accountability. 

About Datacert|TyMetrix

Datacert|TyMetrix, formed in 2014 by the merging of the two Enterprise Legal Management (ELM) leaders, is a global technology innovator and the premier provider of software and services that empower corporate legal, compliance, risk, and insurance claims departments, as well as law firms to operate with greater efficiency, collaborate more effectively, and gain the insight required to meet their strategic objectives. The company's core offerings include Passport®, its patented ELM technology platform, TyMetrix® 360°, the leading SaaS-based ELM software solution, and LegalVIEW®, the world's largest permission-based, contributory data warehouse of legal performance data, with over $55B-worth of legal spend data. These solutions are used by Fortune® 500 and Fortune Global 500 corporations and over 10,000 law firms and legal service providers around the world, including 100 percent of both the AmLaw 200 and AmLaw Global 100 firms. Datacert|TyMetrix, which is a business of Wolters Kluwer, has offices throughout North America, EMEA, and Asia Pacific, clients in over 190 countries, and more than 33,000 legal service provider connections to its e-billing network. Wolters Kluwer, a market-leading global information services company, had 2013 annual revenues of EUR 3.6 billion ($4.7 billion), employs approximately 19,000 people worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. 

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