Invoice Auditing
Invoice Audit is an AI Insurance service that leverages advanced large language models to meticulously evaluate invoices for any discrepancies or breaches of service agreements between Claims Managers and the firms submitting those invoices.
Key features
The Invoice Audit product has several key features, some of which are:
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Invoice parsing: Invoice Audit employs sophisticated natural language processing techniques to accurately extract and interpret data from invoices, including line items, charges, and other relevant details.
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Rules-based evaluation: Users can define custom rules and criteria to guide the invoice evaluation. These rules can specify which fees should not be charged, ensuring that invoices adhere to the agreed-upon service agreements.
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Automated discrepancy detection: Invoice Audit automatically identifies and highlights discrepancies when fees are miscalculated, including sums of line items across the invoice.
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Validation and adjustment: Users can easily validate the results of the invoice audit by comparing the system’s findings with their assessments. They can adjust the invoice audit settings to refine the evaluation process and achieve optimal results if necessary.
Invoice Audit use cases
The Invoice Audit service can be used for different scenarios, including:
- Identifying and flagging invoices that contain charges for services not covered in the service agreement.
- Detecting duplicate or inflated charges within invoices.
- Ensuring compliance with contractual terms and conditions related to invoice submission and payment.
Setting up Invoice Audit
Follow these steps to get started with the Invoice Audit service:
- Go to your company settings by clicking your company name in the sidebar and selecting the Company tab.
- Click the Edit button at the top right of the section and insert your rules.
While inserting your rules, we recommend following these best practices:
- Use a vocabulary that’s industry standard. Using company-specific terminology will likely cause issues with AI determining definitions and flagging inappropriate fees.
- Explain your rules like you’re instructing an intern unfamiliar with most of your internal practices.
- Rules should be broad. Artificial Intelligence has less efficacy when the rules are too specific and context-rich. Invoice Audit should be used to find potential violations. For example:
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Do not use: “We will only pay for up to 4 hours of document filing.”
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Do use: “We will not pay for document filing.”**
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Validation and fine-tuning
To validate your rules, upload an invoice by following these steps:
- In the sidebar, click the Financials tab to open the Financials page.
- Under the Transactions section, click New Transaction and choose ALAE from the options.
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On the New Transaction page, upload your invoice using one of the following methods:
a. Drag and drop a file from your desktop or Outlook email.
b. Click Upload File(s) in the top-right corner to select your file.
c. Return to the Financials page, click the Forwarded Invoices tab, copy the email address, and forward the invoice to that address.
Review results
After uploading an invoice, the platform will parse the data and automatically fill in as many fields as possible. Your results will look like this:
In the Itemizations section, you’ll see each item on the invoice, categorized by two icons: a flag and a wand. They represent:
- A flag indicates a violation detected by our auditing system. Clicking the flag shows the predicted violation.
- A wand means the itemization was parsed, evaluated, and found to be compliant with the rules.
Fine-tuning your audit rules:
You should fine-tune your rules for better accuracy in Invoice Audit evaluations. Adjust the wording of your regulations and reprocess invoices to identify the best phrasing for detecting violations.
Reach out to support for help!
The quickest way to get support is to use the chat window at the bottom right corner of the screen. Otherwise, we can always be reached by email: support@aiinsurance.io