Under increased pressure to control legal spend, corporate legal and claims departments must identify new and creative ways to manage costs and improve operational efficiency. The TyMetrix® 360° Fast Pay Discount Module helps our clients to do this by improving the invoice review process and automating the management of the discount agreements that they establish with law firms and other vendors. Setting up these types of discount agreements facilitates operational efficiency and drives cost savings. The module automatically tracks, manages, and monitors discount agreements to ensure that clients receive the full value of each arrangement.
Key features of the TyMetrix 360° Fast Pay Discount Module include:
- The ability to track, manage, and monitor discount agreements automatically across all vendors and law firms to ensure that cost savings opportunities can be fully realized
- At-a-glance views, which offer visibility into invoice discount expirations and track the number of days until a discount will expire
- Alerts and notifications that can be set up as reminders to enable better cash flow management for both law firms and corporations
- The flexibility to set and apply different discount rates for each law firm or vendor, as well as at the practice-area level, which supports tight financial controls
- Easy-to-view invoice summaries that provide transparency into all of the fee line items that have been adjusted by the discount amount