Introduction

Enhancing the Profitability of Law Firms with Highly Streamlined and Automated Invoice Line Item Verification using AI Predictive Analysis.

The Customer

A specialized invoice processing services provider for law firms, the company helped law firms prepare invoices that meet their clients’ SLAs, billing and litigation management guidelines. The services provided not just improved profitability for the law firms, but also ensured minimum internal resource utilization.

The Challenge

Law firms are often confronted with the challenge of getting paid on time for their services. Keeping up with multiple time keeping and billing systems (with each system being serviced based on separate SLAs) and other e-billing guidelines posed several challenges.

• Different input formats followed by multiple e-billers meant it was a challenge for the law firms to generate the invoices in their clients’ required formats.
• Lack of an automated process to validate the invoice particulars resulted in frequent invoice rejections.
• Challenging to track payment details, early payment discounts, invoice compliance according to the law firms’ standards, etc.
• Complexities as a result of different time and billing software used by each e-biller.
• Tedious and time-consuming manual processing of high volumes of invoices.
• Human errors owing to laborious and fallible manual processing, where line items needing rectification went correct.
• Revenue losses stemming from missed rate reductions by the invoice verification associates.

The Requirement

The need of the hour was to address the current shortcomings in their service.

• Develop a seamless platform that supports multiple invoice formats as input.
• Standardize the invoices submitted by various law firms and deliver them to clients in their preferred formats.
• Automate the invoice review process and provide manual verification at specific stages, as required.
• Automatically tag line items that require rate reduction, so that the invoice verification associates can quickly identify them.
• Automatically generate a report if there is any inconsistency between AI-generated report and any manual processing.
• Streamline the invoice approval workflow that involves law firms.
• Ensure the application developed is robust and scalable enough to handle increasing volumes of invoices.

The Solution

With a simplified, easy to use web based application, Zlabs helped deliver smarter and faster invoice processing. The AI-enabled predictive analysis system helps to resolve issues in invoice line items quickly.

• The platform supported multiple invoice formats handled by legacy payer systems.
• Created automated invoice processing, which also helped identify non-compliant invoices.
• Streamlined SLA and compliance management.
• AI predictive analysis to automatically tag the line items in the invoice and help manual reviewers quickly identify the line items requiring rate reduction.
• Manual reviewing tool and workflow to process invoices on behalf of the law firms.
• Internal workflow to manage the distribution of invoices.
• Seamless integration to multiple Time and Billing and Payer systems.
• The system was able to produce reports ranging from detailed to turnaround time and ROI.

The Benefits

• Better invoice line items tagging using AI predictive analysis system.
• Faster and improved payments from the payers.
• Improved the visibility for law firms in grabbing early payment discounts.
• Better control over invoice processing due to automated workflows and integrations.
• Integration with multiple e-biller systems to capture and track payment details in one place.
• Generate highly compliant invoices at a faster pace.
• Helped law firms overcome the burden of unnecessary overheads of invoice preparation.
• Streamlined workflows for handling appeals, document management, SLA management, and budget tracking.