The control of transactional costs is one of four common goals for any third-party administrator (TPA) responsible for trust administration. The other three include the accuracy of the data, ensuring fairness and consistency in handling every claim, and the prompt resolution of all claims. The TPA has to ensure efficiency in the settlement process to ensure that any settlement fund assets are not wasted on unnecessary administrative costs.
The Benefits of Engaging a Qualified Third-Party Administrator
It is critical that a TPA be experienced as an administrator to ensure not only the smooth administration of the post-settlement process, but to set reasonable expectations as to how the process will work and help guide the law firms through the settlement process, which can be somewhat complex. Settlement administration, especially of large volumes of cases, is actually more complex than what most law firms can typically handle in the confines of a law practice.
Key Responsibilities of a Qualified TPA
In addition to claim processing, settlement administrative solutions can involve a wide range of additional responsibilities, including:
- settlement onboarding
- notice and engagement
- designing a valuation model
- claimant data collection
- lien resolution
- disbursement of funds
Given the breadth of responsibilities, it often makes sense to retain an experienced, qualified TPA to take over these tasks, ensuring that the claimants are served fairly and efficiently and avoiding unnecessary management or overhead costs.
The Importance of Data Quality and Understanding
The fundamental underlying premise is that a TPA is only as efficient as the data and documentation submitted by settlement members or law firms allow. The quality of the data is linked to the submitting parties’ understanding of the terms and conditions of the settlement process. That understanding is a shared responsibility between the TPA and the law firms in order to ensure minimal transaction costs.
Verus offers comprehensive settlement administration solutions designed to optimize your litigation support efforts. By partnering with Verus, you can:
- Reduce administrative burdens
- Enhance efficiency and accuracy
- Mitigate risk and ensure compliance
- Improve claimant satisfaction
Contact Verus today to learn more about how our expertise can benefit your mass tort law firm.
Common Challenges in Claim Administration
The barriers to efficient claim administration include claim volume fluctuations, inconsistency in claim submissions from different law firm electronic formats, tight timelines due to case management orders or trust document requirements, and communication bottlenecks between the TPA and the law firms.
Partner with an Experienced TPA for Expert Litigation Support
Partner with Verus to ensure seamless, fair, and efficient settlement administration. With decades of experience in trust and settlement administration, we provide expert guidance, advanced technology solutions, and unmatched efficiency. Contact us today to learn how we can support your class action firm’s success.
