The Best Method to Reduce Invoice Appeals and Increase your Firm’s Cash Flow
Tanner Jones, your host and Vice President of Business Development at Consultwebs, welcomes you to another episode of the LAWsome Podcast by Consultwebs.
In today’s episode, Tanner is accompanied by Andre Wouansi, a corporate tax advisor and CEO at ALB, Accurate Legal Billing. His mission is to improve law firm cash flow by billing efficiently and accurately.
Key Takeaways:
[0:19] Introduction.
[1:06] How invoice payments work.
[2:27] One of the biggest pain points in a law firm business.
[3:27] Causes that affect a law firm’s payment process.
[7:32] Business consequences when opting out of newer technology.
[10:33] Small steps law firms can take to cut down billing errors.
[14:14] The future of billing automation.
[18:38] Possible cons of firms opting for AI.
[24:44] Technology is only speeding up.
[27:12] Metrics to measure with AI-powered billings.
[35:30] Ending thoughts.
[39:20] Best way to contact Andre Wouansi.
Best way to contact Andre Wouansi:
Email: elw@accuratelegalbilling.com
Phone: 516-279-1615 (Ext: 101)
Discover More About the Podcast and Consultwebs:
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Learn more about Consultwebs at the links below.
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Consultwebs
8601 Six Forks Rd #400, Raleigh, NC 27615
(800) 872-6590
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Tweetables and Quotes:
“One of the biggest pain points of law firms is the payment and collection. According to a survey, 60% responded reported over 60 days of payment delays.” @consultwebs
“We have to remember since the early 90s, the legal industry, when it came to billing, changed a lot. Thus creating an imbalance between law firms and e-billing vendors. That generates a big gap between the two parties when they’re supposed to work together.” @consultwebs
“Law firms still lack to adapt to technology and that is the biggest killer because it delays payments and causes more invoice appeals.” @consultwebs
“Through a firm’s billing survey, 70% of firms said they’re losing 20% or more with their invoices being rejected or reduced by e-billing companies.” @consultwebs
“Technology is not going anywhere, it’s here to stay. If law firms come on board, they’ll be in business. Big companies today are using AI tools to generate a substantial amount of money.” @consultwebs
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There are many paths to success in a law firm. I’ve emphasized on this podcast that growing your practice is a good place to start. Having your own clients gives you a sense of ownership that is hard to achieve when you are just servicing firm clients. If you have your own book of business, there is more opportunity to focus on the work you enjoy and the clients you like. 