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Benchmarking to Gain Competitive Insight into Billing Performance
Aderant®, a leading global provider of business software to law firms, announced today that Cole, Scott & Kissane P.A. has selected Aderant Intelligence: Benchmarking, a new cloud-based data analytics offering which provides unprecedented insight into law firm revenue realization and billing efficiency.
Exclusively available to Aderant BillBlast clients, Benchmarking measures how an individual law firm is performing regarding billing realization and offers comparisons to the overall market.
CSK specializes in insurance defense law, a high-volume, metrics-oriented practice area, and processes a substantial 90% of its bills electronically through BillBlast, Aderant’s eBilling solution. By implementing Benchmarking to supplement BillBlast, CSK can now identify areas of excess reductions and proactively address them, improve billing realization, and ultimately compare its own billing performance with that of its peers.
To start, CSK will focus on analyzing client and matter-related data, including how long it takes to close a case, with the intention of accelerating their WIP-to-cash realization. The firm will then be able to compare both internal and client-related billing metrics against those of competing firms.
“CSK is an existing Aderant customer and when we first heard about the new Aderant Intelligence: Benchmarking solution, we saw immediate value,” said Ed Aguero, MBA and Chief Financial Officer at CSK. “Benchmarking is ideal for driving proactivity internally as well as for our clients by exposing how well our firm is performing across many areas. The insight Benchmarking provides will enable us to bill more accurately and completely, address revenue leakage, and reveal previously hidden issues that prompt bill reductions from clients. We realized a quick return on investment (ROI) with BillBlast, paying for itself within 9 months, and we anticipate a similarly fast ROI with Benchmarking. CSK felt a sense of urgency to be early adopters of Benchmarking, recognizing that within 1-2 years, many of our peer firms will be leveraging these tools for their own advantages.”
“We are excited to work with CSK to make Benchmarking a valuable resource for the firm,” commented Trey Ruello, Senior Director of Strategic Initiatives at Aderant. “Benchmarking clients have access to firm specific, user-friendly dashboards which visually represent the firm’s billing performance, down to client-level granularity, and show comparative data of how the firm stacks up against its peers. Benchmarking also flags areas for improvement such as revenue leakage, reductions, delays in payment, and opportunities for improved adherence to client-provided billing guidelines.”
Aderant President & CEO Chris Cartrett noted, “Benchmarking is the first initiative of our recently launched Aderant Intelligence group. Leveraging the power of actionable data, Aderant Intelligence: Benchmarking effectively expands Aderant’s reach beyond the productivity and workflow software applications where we have historically excelled. Aderant Intelligence has other offerings currently in development, and we look forward to expanding these R&D endeavors to meet the needs of law firms across the globe.”
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