As we reflect on our July 4th celebrations here in the USA, it’s important to remember the benefits of the freedom we all enjoy. Independence is not just of value to our great nation, but it is a critical asset in many professional industries as well, including the risk and insurance industry.
In the high-stakes world of property restoration, where every day and every dollar matters, performing unbiased and accurate invoice audits is critical to a successful claim outcome. Traditional manual audits, while useful, often fall prey to human error, biases, and prolonged turnaround times. Enter NovaData Solutions’ Rest-Assured® platform—a beacon of independence, speed, and precision in invoice auditing.
Speed and Accuracy: A Dual Advantage
Time is of the essence in property restoration claim payments. Delays in invoice processing can draw out property claim settlements several months and increase the threat of property liens. Rest-Assured® uniquely solves this by delivering detailed audit reports within 48 hours of invoice submission.
The speed is the result of a proprietary combination of Artificial Intelligence and Intelligent Automation that quickly and accurately captures the data off of the PDF of any invoice format into audit-ready digital form. This step alone could shave weeks off of a manual review. The intelligent automation ensures that overcharges and discrepancies that may elude even the most seasoned auditor are easily identified and quantified. Optimally, an undisputed amount can be paid quickly, and the adjuster can utilize the report to address the remaining issues with the contractor.
The Imperative of Independence in Invoice Auditing
Independence in auditing isn’t just a best practice; it’s a necessity. When human auditors are too close to the entities they’re evaluating, the risk of conscious or unconscious bias increases. Such biases can lead to overlooked discrepancies, inflated costs, and strained relationships between insurers, adjusters, and restoration firms. An independent audit ensures that evaluations are based primarily on data and industry standards, fostering trust and transparency among all stakeholders.
Assuring Independence with Innovation
NovaData Solutions’ Rest-Assured® platform epitomizes the fusion of independence and technological prowess. Designed to operate autonomously, it eliminates the pitfalls of manual audits by leveraging artificial intelligence and consistent parameters to scrutinize invoices against established industry benchmarks. This ensures that every audit is free from external influences, delivering unbiased and objective results.
Real-World Impact: Tangible Benefits
The efficacy of Rest-Assured® isn’t just theoretical. In a notable case, a multi-family apartment complex suffered a significant fire loss requiring $11M in property restoration services. The claim adjustment was daunting due to the complexity of the claim. Utilizing Rest-Assured®, we were able to take extremely complex and poorly formatted invoices and process them efficiently and effectively, working closely with the adjuster, we expedited an audit report revealing $1,867,965 in potential issues representing 17% of the invoice total. The top findings including missing equipment term discounts, labor rate overcharges and excessive overtime charges.
Embracing the Future of Invoice Auditing
As property claim adjusting evolves, so too must its invoice auditing practices. Embracing independent, technology-driven solutions like Rest-Assured® not only streamlines the invoice review workflow but also fortifies trust among stakeholders. In an era where accuracy, speed, and impartiality are paramount, Rest-Assured® stands apart as a beacon of independence in invoice auditing.
