A School Board Insurance Trust Case Study
In the wake of the devastating Hurricane Ian that swept through the region, a School Board Insurance Trust found itself grappling with extensive damages across multiple educational facilities. With the urgency to restore these institutions, the trust engaged five restoration companies to undertake the mammoth task of recovery. In the aftermath, 64 invoices were submitted to cover the restoration costs, amounting to a staggering $65 million.
Challenge
Recognizing the magnitude of the invoices and the complexity of the restoration efforts, the trust faced the daunting task of verifying the accuracy and legitimacy of these invoiced amounts. Given the sheer volume and the urgency to restore the educational infrastructure promptly, manual scrutiny of each invoice was both time-consuming and prone to human error.
Solution
To streamline the invoice processing and ensure cost efficiency, the trust turned to the Rest-Assured™ automated restoration invoice processing platform, from NovaData Solutions. This cutting-edge solution was designed to analyze, compare, and validate the submitted invoices against predefined benchmarks and industry standards.
Outcome
Rest-Assured was quickly able to yield astonishing revelations during the audit phase. Upon thorough scrutiny, it was discovered that 36% of the invoices contained overcharges, which translated to a potential savings opportunity of $23.7 million. The platform flagged discrepancies, inaccuracies, and inflated charges that would have otherwise gone unnoticed in a manual inspection.
- 5 restoration companies reviewed
- 64 invoices submitted totaling $65M
- Audit revealed 36% overcharges – potential savings of $23.7M
The use of the Rest-Assured platform not only resulted in substantial cost savings but also expedited the auditing process significantly. It allowed the trust to swiftly rectify billing errors, negotiate more effectively with restoration companies, and ensure a fair and accurate settlement of invoices.
This case study highlights the transformative impact of leveraging technology in invoice processing within the context of a school board insurance trust. By embracing automation, the trust not only mitigated potential financial losses but also established a robust system for future disaster recovery endeavors, ensuring transparency, accuracy, and fiscal prudence in managing restoration costs.
