What is the Cost of Claims Management Software?
Published by Matthew Markham on Jan 30, 2020
Are you an insurance company looking to save the most money? One of the issues many insurance companies have is they find they are often overpaying lawyers during the settlement of insurance claims. Software can help you by reviewing legal bills and automatically processing them. Our LSG Mercury Claims Management™ software (formerly known as Advocator System™), for example, has saved our clients over $500 million in the last 15 years. It’s not part of a broader suite of software products, but it’s the right tool if you’re focused on claims management and legal billing software. So, how much does it cost?
Cost of our Claims Management Software
If you are looking into matter management software for your company, look no further than LSG. We are different from our competitors with our approach to pricing, for a starter. The cost for our processed claims is only $2.50 per claim, or $1 million per year, whichever is less. Many other claims management software companies, such as Wolters Kluwer and Thomson Reuters cost a fair bit more than that, and we’d be happy to get you a custom quote. In fact, most of the LSG competitors cost upwards of $5 million a year, but you find that out at the end of your discussion. We’re sharing it here because we’re one of the few private and family-owned businesses left in claims management.
Customers Come First
In addition to being cost-effective, our customers also love that LSG is a private company, and family owned, unlike many of our competitors. For this reason, our customers come first, instead of the shareholders. We price based on value provided, not on needing to ensure we’re always making more for our investors. We make sure that all of our customers get the most benefits out of our services.
We are also differentiated in our services and products. With LSG’s Mercury Claims Management, customers get an automated bill review and manual bill review. We will guarantee an improvement over your inhouse team. The combination of machine learning driven automation, based on our proprietary 15-year-young invoice database, and manual bill review experts generate cost savings alpha. If we can’t beat your cost-savings rate by at least 2x, we’ll drop our price. That’s a guarantee.
Lastly, we know that our customers need their security and privacy. For this reason, we offer security and database hosting with our services. This allows you to back up your claims and other documents, have a secure firewall, data encryption, and protection for other personal information, too.
With Mercury Claims Management™ software, our customers receive many benefits including the following:
- Control over claim processing
- Better budgeting and planning
- Case and document management
- 6-11% in savings per matter
- Reduction in litigation days of 50%+
- AI-Driven automated bill review
- Manual bill review
- Powerful reporting
- Data analytics
- Claim and payment feeds
- And more…
If you are looking to get the most benefits out of the matter management software your company uses, LSG has just what you need. With all these benefits and the privacy our software provides, you won’t need to worry about data being breached or stolen, we are an ISO 27001 certified company.
Our Elephant in the Room
The only downside to LSG is that our company is fully focused on legal invoicing software products. This means we won’t be able to provide any software outside of the legal technology field of focus: legal billing software, legal bill review and claims management software are our areas of focus. Thomson Reuters, Wolters Kluwer, and some other matter management software companies might be able to offer a broader suite of software products than we can.
With this being said, these companies do charge a lot more and they don’t tend to innovate, every dollar they spend on a better product is not a dollar to their shareholders. If you want to work with a claims management software company that feels closer to home, LSG is looking to partner with your business.
If you are in need of cost-effective and high quality claims management software that has saved our clients an average of 6-11% per invoice and brought litigation days down from an average of 160 to 75, reach out to us here so we can see if we’re a fit.