Aderant Launches New Matter Reconciliation Module for BillBlast
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Insights
With the advent of the Matter Reconciliation module for BillBlast, law firms are poised to experience a significant shift in their billing operations. The automation of matter-related data acquisition and reconciliation is not just a matter of convenience; it's a transformative approach that could potentially streamline the entire billing cycle. By reducing human intervention, the likelihood of errors due to missing or invalid data is significantly diminished. This has a direct impact on a firm's bottom line through improved collection realization rates and reduced administrative overhead.
The legal industry has been historically slow in adopting new technologies, but this innovation represents a substantial leap forward. Law firms that embrace this technology may gain a competitive edge by offering more reliable and efficient billing services to their clients. This is particularly relevant in an environment where clients are increasingly scrutinizing legal expenses and demanding greater transparency and accuracy in billing.
From a financial perspective, the Matter Reconciliation module by Aderant has the potential to positively impact law firms' profitability. Billing errors are not only costly in terms of time spent correcting them but also can lead to delayed payments and decreased cash flow. By minimizing delays in bill delivery and reducing the administrative resources required for matter setup and reconciliation, law firms could see an increase in their realization rates. This means that a higher percentage of billable work is likely to be collected as revenue, which is crucial for the financial health of these firms.
Additionally, the reduction in billing errors and improved efficiency might also contribute to client satisfaction and retention, which are key factors in a firm's growth and market share. In the long-term, firms that invest in such technologies could see a reduction in operational costs and an increase in scalability, allowing them to handle a larger volume of cases without a proportional increase in administrative staff.
Implementing the Matter Reconciliation module also has significant implications for risk management within law firms. Errors in billing can lead to disputes with clients, damage to the firm's reputation and in some cases, may even result in legal action. By automating the reconciliation process, the risks associated with manual data entry and the potential for oversight are greatly reduced. Furthermore, minimizing risks related to missing or incorrect conflict checks is crucial for maintaining compliance and ethical standards within the legal profession.
By ensuring that the firm's internal matter setup aligns with the eBill vendor portal site, the platform mitigates the risk of billing disputes and enhances the firm's compliance posture. In an industry where the accuracy of billing practices is under increasing scrutiny, the ability to demonstrate a robust and error-free billing process can be a significant differentiator for law firms.
Innovative Billing Technology Eliminates Costly Errors, Paving the Way for More Efficient, Seamlessly Automated Billing for Law Firms
One of the top reasons law firms have billing errors is due to missing or invalid data. These errors can be a challenge when firms are making submissions to vendor websites for clients that require eBilling. Law firms must reconcile their firm’s internal matter setup to the eBill vendor portal site before bills can be successfully set up for payment. Vendors and clients both require specific methods, which makes this process more manual and complex.
Despite these challenges, firms must ensure these processes are proactively completed during the matter intake phase to prevent billing delays and to increase collection realization.
Answering these challenges, the centralized billing matter management from BillBlast helps law firms manage client/matter setup requirements more efficiently. The platform also automates and streamlines manual processes that require matter intake specialists, billers and eBillers, or legal assistants to reconcile the firm’s internal matter setup to the eBill vendor portal site setup.
The platform effectively addresses these concerns by minimizing:
- Delays in bill delivery by preventing errors related to missing matters on vendor sites.
- Realization rates due to stale, outdated billing.
- Administrative resources required to manage matter setup on vendors’ websites and in the firm’s financial system.
- Risks related to missing or incorrect conflict checks.
“When it comes to a law firm’s financial welfare, nothing is more important than having an efficient, effective billing process that brings revenue into the firm quickly without friction,” said Candy Sharpe, Senior Director, Time and Billing Applications at Aderant. “The new Matter Reconciliation module and Centralized Billing Matter Management platform within BillBlast represent innovation in the legal billing arena, eliminating errors, and complexities by automating tedious manual processes.”
Aderant will be demonstrating both the BillBlast Matter Reconciliation module and Centralized Billing Matter Management platform and its many other products at ALM’s Legalweek NY conference from January 29 - February 1 at the New York Hilton Midtown (Booth #1312).
For more information about BillBlast, visit: https://www.aderant.com/solutions-billblast/.
About Aderant®
Aderant is dedicated to helping law firms run a better business. As a leading global provider of business management and practice-of-law solutions, the world’s best firms rely on Aderant to keep their businesses moving forward and inspire innovation. At Aderant, the “A” is more than just a letter. It represents how we fulfill our foundational purpose, serving our clients. Aderant operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500 and Fortune 1000. The company is headquartered in
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Christy Burke, Burke & Company PR
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Source: Aderant
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