Published in CFO Tech Outlook, December 01, 2020
Before founding Accurate Legal Billing (ALB) in 2018, serial entrepreneur Andre Wouansi was one of the owners at a global e-billing company, where his company saved more than a billion dollars for some of the largest insurance companies, third-party administrators (TPAs), and self-insured companies in the US, UK and Canada. “Over the years, I have seen e-billing vendors penalize law firms for non-compliance with the billing guidelines of insurance companies, TPAs, and self-insured corporations,” informs Wouansi, founder and CEO of ALB. The law firms were running in circles, wasting budget can be set up the same way as in any e-billing vendor’s system and verified in seconds. What’s more, ALB 1.0 constantly provides attorneys and the billing team case budget updates, closing the gaps between the law firm’s budgets and the e-billing vendors.
While ALB 1.0 requires human intervention to a certain degree, the company’s recent addition ALB 2.0, a time entry cleansing platform, is completely managed by AI. Introduced early this year, ALB 2.0 allows law firms to connect with various time entry systems and view the compliant and non-compliant entries in prior too much time and effort (on the two-directional operational workflow) in addressing the objections raised by the e-billing vendors. Wouansi set out on a mission to turn the corner for law firms through ALB. Backed by comprehensive knowledge, an innate understanding of billing guidelines, and hands-on experience, ALB comes across as the lifeboat for law firms drowning in losses due to billing compliance issues. The company offers AI-based billing management platforms that guide law firms to do away with repeated feeding of the information that the e-billing vendors would require on an ongoing basis.
ALB’s cloud-based platforms while preparing and submitting invoices to e-billing vendors’ systems. In the event of non-compliance, ALB 2.0 tells the timekeeper or billing team what needs to be done in order to achieve the required compliance.
ALB’s clients can take advantage of all these features without changing their organizational workflow, culture, existing time entry or billing platform.
To enhance the value of its offerings, ALB’s platforms can integrate with diverse third-party practice management applications including but not limited to Tabs3, Elite, 3E, Clio, Prolaw, Aderant, and address the fundamental problems in compliance, nipping them in the bud. ALB 1.0, an automated bill review platform, provides personalized reviews and suggestions on what is required when the attorney is entering the details of their time. This ensures the generation of an error-free invoice that is fully compliant with the clients’ unique service level agreements (SLAs). Thanks to the game changer ALB 1.0, the attorney’s or the firm’s billing team no longer requires to familiarise itself with their clients’ billing guidelines. The platform solves another important classical problem: tracking the legal budget on the e-billing vendors’ systems. The legal Intapp. Law firms using one or more of these applications can further immensely benefit from ALB. Besides, ALB also provides metrics for the firms’ billing managers and managing partners to help them with in-house training for improved organizational efficiency.
Highlighting the case of an Am Law 200 firm that benefited tremendously from ALB 2.0, Wouansi says, “One of our New Jersey-based clients, with over 400 in-house attorneys, eliminated over 20 percent reduction on their invoices.” ALB 2.0 helped them achieve greater profit margins and improve efficiency and accountability. In another case, a California-based law firm had experienced a reduction of 10.4 percent (close to a million dollars of reduction) in 2018. In 2019 they collaborated with ALB who saved them more than $750,000.
Riding on the back of its clients’ successes so far, ALB aims to take its value to new clients across regions. The company has plans to enhance the capabilities of its platforms as part of its continuous improvement strategy.