Welcome to our “Friday Feature” series: a space to highlight exceptional features unique to Aderant products. Check back every Friday as we introduce new ways to improve your firm’s efficiency and ease of operations.
This Friday, Aderant Product Manager Candy Sharpe discusses the Analytics feature available within BillBlast.
What is the BillBlast Analytics feature?
Available to users of BillBlast, Aderant’s legal eBilling solution, Analytics supplies insight into every invoice without requiring the user to interact with multiple client spend management systems, enabling more transparency and saving time with dashboard modules. The feature provides a single dashboard for your cross-functional teams to view bill statuses, payment status, client reductions, appeal analysis, rejection reasoning, and more. With Analytics, you can harness your data to address issues where they originate via training programs for timekeepers or process improvements in areas like matter intake or outside counsel guideline review. The data is readily available to your firm’s administrative teams driving those programs and improvements.
The Analytics interactive dashboards provide a combination of charts and grids which allow users to easily identify benchmarks and know where and when an action is needed. With the ability to further drill down into the data, users can go directly to the source of any bottlenecks, without the requirement of excessive data extractions to analyse issues. The intuitive functionality of the dashboards empowers non-technical users to perform an on-demand analysis of that data.
The BillBlast Analytics feature offers a suite of dashboards firms can include as part of their subscription. Each supplies a unique view into the respective business challenges, enabling insight into business processes and revenue that is not available from existing financial system reporting.
What problem does the Analytics feature address for Aderant clients?
Since eBilling data rapidly changes and has a significant impact on a firm’s bottom line, firms cannot afford to drive their business decisions based solely on what was happening within their past years of billing. They also need to understand what is happening in the present as well as how that compares to past experiences.
The BillBlast Analytics feature removes the burden of trying to collect, assemble, and present operational statistics; instead of focusing on data collection, firms can focus on improving processes and making better decisions.
What is the overall impact of the Analytics feature on the legal industry as a whole?
BillBlast Analytics provides a holistic look into billing realisation, so that firm executives can easily identify trends and uncover problems that will allow for improvement to their financial bottom line.
Without the ability to uncover the bottlenecks and understand behaviours resulting in non-payment, client relationships would be negatively impacted and the billing “bleeding” related to rejections, deductions, and write-offs would be unstoppable.
Law firms must establish metrics through which they can measure their billing performance in order to identify patterns. Clients are using this same data to compare their counsel’s ability to comply with provided billing guidelines and leveraging that data as part of an ongoing evaluation process. To ensure the longevity of client relationships, it is critical for law firms to understand how they are performing from a client’s perspective.
