Organizations like the County of Los Angeles often have multiple systems managing legal risk and claims. Having a digital Enterprise Legal Management system can save time while streamlining data administration, encouraging accessibility and collaboration across departments while significantly improving efficiencies and outcomes.
Just two years ago, the County of Los Angeles had three disparate systems managing risk data — two claims administration systems and a stand-alone risk management system. Using a web of paper files and spreadsheets, significant manual labor was required to document all claims. The process was time consuming, and it was difficult to obtain a holistic view of risk.
When L.A. County needed to analyze their risk data, it was nearly impossible to determine their true liability without synergy between the teams. Each team had siloed data that didn’t dovetail with the others, which made it challenging to collaborate.
Lack of integration and the ability to innovate prompted the County to begin its search for a single, comprehensive technology solution that would track all risks, including legal data and claims.
Ventiv’s Enterprise Legal Management (ELM) was the solution.
ELM, also known as legal matter management, is designed to improve accountability, transparency and predictability when managing legal risks. In a single system, ELM allows claims administrators and the organization’s legal team to manage the full lifecycle of a claim, including related legal issues. When a claim goes into litigation, any legal information is tied directly to the claim, providing support with document management, correspondence, reporting and outside counsel.
Consider the transformative benefits of a single-platform solution
A claim followed by legal action generates a web of data to manage and rising costs. When your organization works with outside legal counsel, it relinquishes a certain amount of control – control that you can’t always afford to give up.
By streamlining processes with a single-platform solution that manages claims data efficiently, ELM provides your organization with more oversight over growing legal costs, like it did for L.A. County. A digital ELM solution offers your organization the ability to:
- Track complex legal matters from beginning to end. Claims and the legal matters associated with them often involve a lot of data. Unfortunately, departments may operate so independently that information isn’t shared across the business, and that’s where problems arise. With a one-stop-shop technology solution, claims and legal departments work together on a project with transparency and security in real time.
- Manage the financial side of the business. When there’s just one information repository, it’s easier to keep all the financial information. Not only does a technology solution make it possible to streamline invoice management and ensure budget compliance, but it also integrates seamlessly with third-party legal billing services and even reduces costs with improved access to information.
- Build a stronger relationship with outside counsel. Even if you have an in-house legal team, all it takes is several claims and cases and you’ll need to engage outside counsel. A technology backbone for legal data makes it possible for everyone to access relevant information, creating opportunities for both in-house staff and outside teams to share notes and other documentation, improving collaboration and achieving transparency.
- Identify high-cost claims and avoid litigation with predictive analytics. Predictive analytics makes use of existing data to identify claims that are likely to become costly before they happen. By flagging these claims early, your organization can take steps to mitigate them before they become problems, even avoiding litigation in the long run.
Major process efficiencies gained with ELM can help private corporations and public entities like L.A. County see greater accessibility and collaboration across departments, significantly improved capacity to handle ever-increasing claim volumes, and develop a unified perspective to identify and mitigate risk on a massive scale.
Select the right single-platform technology solution for your business
When it comes to ELM software, “comprehensive” is the goal. Look for these key features when selecting a digital ELM solution:
Budgets and invoicing. When legal financials can be set up directly in the ELM system, everything else falls into place, from tracking and approving invoices and payments to negotiating fee reductions. It’s even easier when the financial information integrates seamlessly with the customer’s e-billing provider of choice.
Discovery tools. Legal proceedings require many steps and documents that can be challenging to monitor. An ELM that allows organizations to track and define workflows for depositions, subpoenas and other legal discoveries simplifies the process.
Legal calendar. The process of arranging appointments and other coordination challenges can be streamlined when the ELM system integrates with Microsoft Outlook or another readily available calendar across businesses and industries.
Best-of-breed communications tools. Make sure the ELM has everything your employees and legal team needs to do their jobs well. Look for commonly used, market-leading communication tools, including notes, diary, document imaging and workflows, integrated email and correspondence options.
Real-time data availability. A cloud-based system that updates in real time means claims adjusters and legal counsel have access to each new piece of information immediately – based on a system of permissions customized by the customer, of course.
Streamlined systems administration. When the ELM is completely integrated into your claims administration software, only one administrator is needed for both systems – and the two systems run seamlessly.
Next Steps
Legal risks are not just complicated, they can be costly too. Streamlining your information and communications so you can stay on top of them is crucial for your business and your team. That’s where a technology solution like ELM can offer critical support and marked improvement for your bottom line.
For more information on Enterprise Legal Management (ELM) software and the ways it can support your team, discover how the County of Los Angeles is integrating ELM with their complex risk and claims processes.
