Pittsburgh, PA (PRWEB) September 15, 2008
eBillingHub®, the world leader in simplifying electronic billing for law firms, today announced the public release of "The True Cost of Electronic Billing: A Real World Case Study" available on their website. This case study illustrates the electronic billing process of a US-based, AmLaw 200 law firm, and their subsequent implementation and success with the eBillingHub Software as a Service (SaaS) solution.
"For law firms, the transformation to electronic billing is unavoidable. We have found that firms who are proactive and take an intelligent approach when implementing an electronic billing solution, utilize good people, processes and especially innovative technology which result in productivity improvements and costs savings," said Greg Coticchia, CEO eBillingHub.
With those goals in mind, this AmLaw 200 firm took a careful look at its electronic billing processes and analyzed the related costs which were significantly higher than they had realized.
•Staff costs -- the complexity combined with the raw number of electronic bills meant the firm needed 6 employees to handle billing.
•Diary to cash -- it took the firm a month to upload invoices, resulting in an average "across the board" delay of seven days.
•Billable time spent on collecting -- perhaps the most costly part of electronic billing is the time spent by partners on billing and collection issues.
•Write-offs and realization -- despite the significant time spent on billing and collections, some invoices were still not approved within 60 days.
Understanding the "entire" cost of electronic billing, the firm instantly investigated solutions to minimize these costs. Their research determined that electronic billing costs could be diminished with a tool that simplified and accelerated the invoice upload process, and provide a dashboard that delivered visibility into invoice status. Their requirements for this tool were:
-Easy to use
-Support for LEDES98
-Template driven approach to preparation of eBills
-Integration with leading time and billing systems
-The ability to perform a prebill submission and get access to all potential submissions errors
-Central visibility into the status of all eBills across all clients
-No additional hardware purchases
The firm's research and requirements led them to the eBillingHub. By choosing eBillingHub, the firm selected a solution that provides unlimited uploads of invoices, furnishes a single interface that works across all electronic billing systems, automatically processes all invoices and, uploads them to the appropriate system. With eBillingHub, a month's worth of invoices can be uploaded in hours -- reducing the seven day reduction in diary-to-cash -- and because manual processes are now automated, the firm's rejection rate decreased from more than 30% to approximately 5%.
Additionally, the eBillingHub dashboard tracks invoice status, including reasons for rejections in a single place. With this information easily available, the firm has lowered the number of invoices that require a partner's time from hundreds to less than 20; almost zero invoices are written off due to billing problems.
By making the firm's electronic billing process easier to employ and by providing transparency into the process, installation of the eBilling Hub solved the most pressing problem of increasing costs. Overall the firm has achieved positive financial benefit of an astonishing $1.9million per year by implementing the eBilling Hub. Click here for a free copy of "The True Cost of Electronic Billing: A Real World Case Study", http://www.ebillinghub.com.
Initially released in 2004, eBillingHub uses a service-oriented architecture and Web services standards for its integration with practice management systems such as Thomson Reuters Elite and ProLaw, ADERANT and RainMaker. With hundreds of customers and service providers using eBillingHub and its LEDES Toolkit™, the eBillingHub is considered the de facto standard for electronic billing for law firms of all sizes.
eBillingHub delivers simplified electronic billing for law firms worldwide, making it possible for firms to eliminate costs and improve cash flow as they grow their electronic billing volume. The company's patent-pending technology, delivered as Software as a Service (SaaS) provides a comprehensive and collaborative approach for preparing, tracking, submitting and managing the electronic billing process. Unlike tools used by law firms to create LEDES invoice files, the eBillingHub simplifies the electronic billing process by integrating a law firm's time and billing software with multiple electronic billing vendors, which are often specified by a firm's clients. For more information, please visit http://www.ebillinghub.com
Editor's Note: The correct usage of the eBillingHub company or product name is with a lowercase 'e' and uppercase 'B' and 'H'. eBillingHub® is a registered trademark and the LEDES Toolkit™ is a trademark of IGD Systems, d/b/a the eBillingHub. All other trademarks mentioned herein are the protected properties of their respective owners.
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