Legal Spend Management

Let Quovant Help You Further Mitigate Your Risky Business

By April 25, 2017 December 3rd, 2019 No Comments
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Psst — can we talk for a minute?  I’m talking to all of you that work in corporate legal or risk departments that are utilizing a legal spend management (“LSM”) or legal bill review program.  Hopefully by now, you are taking full advantage of its services.  And if you invested in a quality LSM program (wink wink) then you should be experiencing custom invoice processing and review of your outside counsel invoices, line entry categorization for each fee and cost line reviewed, tailored business intelligence reporting, and personalized consultation services all available for you to better understand, manage, and optimize your legal spend strategy.  But now what – do you find yourself wondering what else Quovant does that can help you?  If so, then read on.

In addition to our legal spend management tools, those of us at Quovant work closely with other organizations to ensure our clients have access to the support they need when executing their litigation and risk management strategies.  Our main goal is to reduce the costs associated with your legal matters, but we realize there are other components to consider while striving to eliminate your liability.  Quovant also knows all cases are not created equal.  Each is comprised of its own unique set of facts that can require a customized approach to be put in place.  So, for those of you that work in professional claims management arenas or corporate legal departments that have to control many moving parts to ensure successful outcomes, Quovant can help.

We work side-by-side with Law Firms to make the invoice processing as effortless as possible.  We provide your firms the necessary information on invoice submission and the review process to ensure your outside counsel is comfortable with the process and can continue to receive timely payments.  Moreover, we offer training webinars for new law firms as well as existing law firms in need of ongoing education.  Quovant also offers online litigation management tools for your law firms billing on your cases, helping them effectively increase their administration of your matters.  If your firm has a question about submitting invoices through us, let us answer them, so you can focus on managing your matters.  These Quovant services have been established specifically to help our clients protect the attorney/client relationship with their firms and ease any potential burden that is brought on when using a LSM program.

You may already know that we provide services that are different than those of a Third Party Administrator, but did you know we collaborate with your TPAs, adjusters, and risk managers to help reduce your costs and identify your trouble areas?  While your TPA focuses on claims processing and claims management from a medical cost mind frame, Quovant assists in driving down the legal billing on the claim, allowing the TPA to remain in control of the claim administration.  Together we bring our clients a reduction in claim costs while increasing visibility into the total cost of the claim.  We can integrate certain data elements captured by your TPA into our database and then create reports to help you identify areas where costs can be reduced or policy changes may need to be revised.  Our collaboration allows for actionable reporting that can directly impact your bottom line.

Quovant also partners with Structured Settlement Brokers and Claim Settlement Administrators.  These groups bring exciting claims solutions to the table that can increase your likelihood of settling an open claim.  Whether the claim was recently opened or has been on your books for a while, they can assist with maximizing your settlement expenditures and reducing your number of open claims.  They have proven success in assisting their clients close more claims, in-turn reducing total spend.  As those are two key objectives for most of our clients, Quovant want to connect you with them so you can also benefit from their strategic approach.

Quovant understands that reducing your legal spend is important, but how you do that is often just as important.  Our service is likely only one component of that end goal, which is why we collaborate with others to help you resolve your issues and save money while doing so.

Mené Jividen

Author Mené Jividen

Mené Jividen is a Client Account Manager at Quovant. Pulling from her legal education and business experience, she helps her clients resolve problems and optimize their legal spend strategy through analytics and consultation. She loves learning of the issues her clients face so she can work on turning them into improved service offerings from Quovant. If she’s away from her desk, you can probably find her chasing her two littles, traveling to a new place, baking or searching for a new elephant to add to her collection. If none of the above applies, she is likely enjoying a new adventure with her husband.

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