The first essential step in cost containment is to analyse the spend of your organization; staff, software, vendors, and other areas of expenditure. You're looking for redundancies and inefficiencies.
The second step, once you're recognized areas of improvement, is to begin containing these costs. Remove unnecessary software, halt ineffective 3rd party initiatives, and look for alternative vendors.
The third step in cost containment is simple. Review the results and figure out where the bulk of your improvement originated from, then do regular analysis with the goal of repeating the process.
Bilr functions as a cost containment solution for law firms through improving revenues by 6-11%. This is done by Bilr ensuring the capture of all billable hours and invoice errors.
Bilr makes it easier to record time through the use of voice, reducing the loss of time and thereby improving revenues for law firms.
Bilr utilizes machine learning to analyze your invoices before sending them to clients, ensuring SLA and billing guideline compliance.
Bilr integrates with all of your third-party software, increasing efficiency and making it possible to replace outdated human-manual processes.
In our legal billing software, Bilr, we dedicate sections of the platform to data analytics, gamification and overall increases in billing compliance. Clients tend to challenge legal invoices, and so it's important to have legal billing guidelines baked into your invoicing software, to earn you the additional 6-11% of revenues that are otherwise lost or reduced via client disputes. With Bilr, every invoice goes out the door "clean."
Absolutely. Bilr ensures compliant legal spend, and every percent of saved revenues drops to your bottom line, a disproportionate increase. For example, with an 8% increase revenues, law firms with a 25% gross margin can see a 30%+ margin increase through improved billing practices. Bilr enacts these changes for your law firm with real time billing compliance, machine learning and gamification.