NovaData Solutions Inc. Introduces an Automated IICRC-Based Approach to Evaluating Equipment Usage Costs on Property Emergency Service Invoices
By Anthony Troy, CEO/CTO and Emily Stucky, Technical Product Manager
In the demanding realm of facilities and risk management, property owners and their insurers are tasked with ensuring the effectiveness and efficiency of their cost containment strategies. A significant concern frequently voiced is the exposure to overcharges in emergency mitigation service invoices. This concern motivates our team at NovaData Solutions to expand the scope of our audits to identify for our clients’ billing anomalies that may have previously gone unnoticed.
Specifically, we are being asked to address the reasonableness of equipment usage and charges. Are there too many pieces of equipment? Were the pieces of equipment utilized for the correct length of time? Did the emergency mitigation company adhere to industry standards? How can I answer all these questions to ensure that my invoice is accurate?
At NovaData Solutions, we understand the challenges faced by facility and risk managers, insurance companies, and their property claim professionals. That’s why we are excited to unveil our most recent innovative solution, the Equipment Usage Reasonability Audit.
Historically, assessing equipment usage has been a purely manual task – – the process was labor intensive, susceptible to human mistakes, and often neglected. When these types of reviews were undertaken, the process, if performed in a comprehensive way, was costly. However, leveraging technology advancement and robust data analytics, we’re pleased to offer a cutting-edge alternative that revolutionizes the equipment auditing process.
Our Equipment Usage Reasonability Audit leverages a combination of sophisticated techniques that combines IICRC S500 standards, spatial analysis, and equipment capacity assessment. Rich datasets and a parameterized platform allow for comprehensive insights into equipment utilization and costs.
The new audit is seamlessly integrated into the Rest-Assured(R) platform and is executed automatically, so it leverages all the core benefits of the platform including heavy automation, audit consistency, operational scale and a data-driven approach. By leveraging cutting-edge technology, we eliminate manual errors, reduce audit time, and provide real-time insights into equipment utilization.
We strive for fair, unbiased, and data-driven “reasonability” assessments that drive meaningful and productive discussions during negotiation of restoration invoices. We expect this tool to be extremely useful in avoiding unnecessary equipment expenditures and achieving a fast and fair resolution of a disputed invoice.
At NovaData Solutions, we’re committed to empowering our clients with innovative solutions that transform their operations. Our Equipment Usage Reasonability Audit is another tool for them to automate their audit practices, reduce costs, and quickly assess equipment utilization charges.
Join us in embracing the future of auditing, with our Rest-Assured® platform.
Contact us today to learn more about our Equipment Usage Reasonability Audit and how it can benefit your organization. Together, let’s unlock the full potential of your property management and cost control practices.
