Precision and accountability are non-negotiable when it comes to compliance, but meeting these high standards doesn’t have to be a headache.
Carrier audits are a necessary part of insurance defense law. Precision and accountability are non-negotiable when it comes to compliance, but meeting these high standards doesn’t have to be a headache.
A LPMS (Legal Practice Management System) removes the guesswork, equipping law firms with the tools to meet stringent audit requirements confidently. In this blog post, we’ll discuss how your firm can leverage an LPMS to improve audit readiness.
Build Custom Templates to Align with Carrier Guidelines
Every insurance carrier has its own set of guidelines, and navigating them can feel overwhelming. Fortunately, LPMS like CARET legal simplifies the compliance process with fully customizable invoice templates that can be tailored to each specific carrier.
- Flexible Template Creation: Whether it’s formatting guidelines, hourly rate caps, or prohibited tasks, invoices can be crafted to meet the needs of every carrier.
- Reusable Templates: Save these templates for repeat clients or cases, creating a reliable system that lets firms get it right the first time, every time.
- Reduce Errors Through Standardization: Standardizing invoice structures minimizes the risk of overlooked details or formatting mistakes that lead to rejections.
Leverage LEDES Billing Support
LEDES billing is an often dreaded process within law firms, and for good reason. Detailed timekeeping, appropriate code usage, and strict adherence to client requirements can be a substantial drain on administrative resources. However, advanced legal billing tools like CARET Legal let firms streamline their LEDES billing to get paid faster, without the stress.
- Simplify Compliance with LEDES Formats: CARET Legal fully supports LEDES billing, making it easy to comply with carrier-required formats without relying on external tools.
- Pre-Built LEDES Code Mapping: Automatically map time entries and activities to the correct LEDES codes, eliminating guesswork and reducing the risk of disputes.
- Export in Carrier-Approved Formats: When it’s time to submit, invoices are ready in carrier-approved formats. No third-party tools or workarounds are needed, just hit export and you’re good to go!
Prepare for Audits with Robust Reporting Features
Carrier audits often feel like a spotlight on your firm’s inner workings – when you’re not prepared for them it can be a stressful experience. Here’s how CARET Legal can help your firm better prepare for audits:
- Customizable Reporting: Generate reports tailored to carrier requests, including summaries of time spent, expense breakdowns, and matter-specific activity logs.
- Simplified Data Retrieval: With all your data centralized and easy to retrieve, you’ll never waste time frantically hunting for information again.
Improve Time Tracking to Meet Carrier Standards
Accurate time tracking isn’t just a best practice – it’s a stringent requirement in insurance defense. CARET Legal’s intuitive time entry system encourages detailed, real-time task logging. Attorneys can break down their activities into granular entries, avoiding vague descriptions or block billing that carriers often reject.
Time entries can be directly linked to pre-approved LEDES codes or carrier-specific requirements, keeping compliance ingrained in every step of the process.
Practical Steps to Get Started with CARET Legal
Getting started with CARET Legal is simple. These steps will help your firm streamline processes, improve accuracy, and tackle carrier requirements with confidence.
Step 1: Build Carrier-Specific Templates
Build and save templates tailored to your most frequent carriers, incorporating their unique guidelines. Reuse these templates for each submission, so you can send invoices off knowing they’re correct and consistent.
Step 2: Train Attorneys on Time Entry Best Practices
Provide attorneys with training on how to log time in detail and align entries with LEDES codes. This will help proactively avoid errors and save time fixing them.
Step 3: Use Pre-Bill Reviews to Validate Compliance
The last thing your firm needs is carriers having to tell you when you’ve made a mistake. Use CARET Legal’s pre-bill review tools to catch errors or omissions before invoice submission.
Step 4: Leverage Reporting for Audit Preparation
Gone are the days of scrambling to find important data last minute. Use CARET Legal’s customizable reporting tools to generate comprehensive reports that keep you prepared for any audit scenario.
Pass Audits, No Problem
Carrier audits require a combination of precision, transparency, and consistency – all of which can be achieved with the right LPMS. CARET Legal simplifies the process, giving firms confidence in their compliance workflows.
To see how CARET Legal can reduce invoice rejections and streamline compliance, book a personalized demo today.
